Question
Need Excuse for collateral Auto Loan?
hi, I am trying to get a loan on an auto which is already paid off. I'm going to get the collateral loan on my car, but they want to know why am I need the money since the car is paid off. I am trying to build my credit but that's not what they want to hear so I told them i need money for family emergency . The underwrite asked me what kind of family emergency ? ..So I need help in saying some family emergency excuse so they can actually give me the money...
1 month ago - 3 answers
Best Answer
Chosen by Asker
Instead of borrowing the money at most likely a high interest rate, go to the bank you do business with and get a secured loan against your savings account. If you do not have one, save until you have $1000, open a account, set the loan up to be repaid in 12 months (make sure and put the money the bank gives you in a account to reapy the loan). This will accomplish the same thing, it will build your credit, you will still have a clear title to your car and you will pay less in interest.
1 month ago
Asker's Rating: 
Other Answers
Lying on credit applications is not a good idea.
by jlf- 1 month ago
Do not borrow money that you do not need just to build your credit. Doing this may actually hurt your credit. It will not build it enough to be worth the interest that you will have to pay.
by StephenWeinstein- 1 month ago
I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($50,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: dr_paulsonstrader@yahoo.com, Please tell him that I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
by Linda- 1 month ago