Turning cars into cash Bangkok Post
The car equity loan lets the borrower continue using the mortgaged vehicle. This differs from pawned assets, which are kept by a pawnshop until their redemption.
The similarity is that the loan is aimed at assisting people who have assets but are in urgent need of money.
Car owners can use a vehicle registration book as collateral with creditors, get an amount of money (up to 70-80% of the car's present value) and repay it over a negotiated period, between 12 and 72 months. The payoff includes the principal and interest.
The flat interest rate may vary depending on the creditor, repayment ability of the borrower, type of vehicle, vehicle age and usage purposes.
A low interest rate of 3.5% to 4.0% may be charged on newer cars (one to three years old) with a short instalment period of not more than 36 months. Higher interest is required for older cars, as well as lengthier terms: 60 or even 72 months.
Although car title loans have been offered by loan brokers for a long time, their popularity has been increasing in recent years among commercial banks, heightening market competition and allowing consumers easier access to loans. Normally approvals are made within three days of application.
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Whats a good AUto company to refinance with Bad credit?
6 months ago i refinanced a truck under my name only for my sister and im struggling every month with her to give me payments i dont want to mess up my credit so i want to refinance under her name and she had bad credit and i already tried capitol one but they denied her...what else can i do ...any info ...i know it was a bad decision on my part ....
If she is not paying you as agreed then maybe you need to make some hard decisions. I don't think you will have any luck refinancing the car in her name so here are some options. Have her take the car to a dealership to trade it in where they advertise for secondary financing. She will need some money down which you may need to help with in order to get yourself out from under this thing. Another option is to sell the car for what you can get out of it. You did a favor that is not being fulfilled & now it sounds like your credit is affected. Take charge of the situation.
http://www.leaseguide.com/Articles/bad-credit.htm
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