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Can I get a secured loan against my vehicle?

I want to use my car as collateral for a loan to pay down credit card debt. Is this possible?

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Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, you can use your vehicle as collateral for a secured loan, but only if you own the vehicle outright or have positive equity in it.
  • If you own the vehicle: You can get a loan based on its actual cash value. As long as it’s less than 10 years old and has less than 100,000 miles on it, lenders should approve you.
  • If your vehicle is financed: you’ll need to have positive equity. This means your car is worth more than what you owe on the loan.
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