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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
loan for a bike
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[QUOTE="biglou, post: 691469"] If you own your vehicle outright, and have a bank account, you should be able to get a secured loan against your vehicle, provided you have full coverage insurance on it. There will be some title work as they will want their name listed as a lien holder in case of loss. After you pay off your loan, they return your title (in Missouri) along with a lien release that show they have no interest in the vehicle. These types of secured loans should be at a much lower interest rate than an unsecured, or "signature", loan. It amounts to borrowing from yourself since you are borrowing against the equity in your vehicle. They will probably only loan you a certain percentage of the vehicle's value, however. Something around 80% is fairly common, I think. Of course, this is all contingent upon you having decent credit. Regardless, I would steer clear of the title loan places. They're approving any and all comers for a reason-good credit not required. ie: highest interest rates allowed by law. Granted, if necessary, it may be a way of rebuilding damaged credit, but that is the only reason I would look into a situation like that. Another plus is having a small town local bank where they know you. It does have its advantages. :thumb: [/QUOTE]
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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
loan for a bike
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