personal secured installment loans

[Anonymous]

In another area of the board, somebody suggested a Personal Secured Installment Loan.

Can anyone tell me more about this? I would really rather not use my home as the security - could my car, which will be paid off in December, work?

Thanks!

[Junejer]

If the bank accepts it, sure. What is the car's value? How much are you looking to borrow? Purpose? Etc.

[Anonymous]

The car will be worth not much more than $3,000 in December, when it becomes 100% mine.It's a 2003 Chevy Cavalier - low miles - no mechanical problems, exterior would be fair but no rust, interior excellent.

Credit card debt  would be the purpose.

I would assume that I could not use car as security until I own it - otherwise both creditors would be using the car for security.

Thoughts? Thanks.

[Junejer]

You could, but you would have to refi what you currently owe and then add your CC debt to it, if the car value will support that amount.