Question: Borrow using car

[PurpleMonkey]

I came across an advertisement stating that I can borrow money using my car - must be paid off though. Does anyone have any experience or recommendation on this? I need to make some late payments and fast!

 

[RTRD]

The interest rate...

I came across an advertisement stating that I can borrow money using my car - must be paid off though. Does anyone have any experience or recommendation on this? I need to make some late payments and fast!

...will be outrageous. And they will give you pennies on the dollar regarding the value of your car.

Not worth it, IMHO....the same habits that got you in this position will get you in trouble with this loan as well...and then you will have no car to go to work in...

 

[DATYdude]

Call your current creditors before you do anything stupid like this.

If you're stuck they would rather make a reasonable plan with you than take it further and further. People make this mistake all the time, not calling their creditors BEFORE the trouble gets bad.

Creditors, utilities etc... do not take offence when they aren't paid, they expect it, but when they don't know the situation and don't know that you intend to pay, then they start cutting off service, calling collection agencies etc...

Make the calls.

 

[bobistheowl]

I read the thread title, and was reminded of Borat.

 

[LazMan]

It's called a 'title loan' - you put up the title of your car, they give you a fraction of it's value, and a hefty interest rate.

You have to have clear title on the car (no loans outstanding, etc), and a few other conditions need to be met. It's a step further down the road, beyond payday advance places...

Depending on where you are at, it may not be legal (to the best of my knowledge, title loans are no legal in Ontario)

Laz