want to use my 2001 f350 diesel title to secure a loan

[Anonymous]

So I am trying to rebuild my credit and want a car loan in my credit, but don't want to buy another car. Anyone have any ideas on where I can find a bank that would give a loan (they can have the title) for a small amount? Probably like $2000 or $2500 for 18 month term?
Truck has about 210k miles on it. Value is $4k to $5k. Maybe more.

My score is low 600 like around 640. Have collections, but have 4 auto loans in past with good history.

Thanks for your input!!!

[Creditaddict]

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@Anonymous wrote:
So I am trying to rebuild my credit and want a car loan in my credit, but don't want to buy another car. Anyone have any ideas on where I can find a bank that would give a loan (they can have the title) for a small amount? Probably like $2000 or $2500 for 18 month term?
Truck has about 210k miles on it. Value is $4k to $5k. Maybe more.

My score is low 600 like around 640. Have collections, but have 4 auto loans in past with good history.

Thanks for your input!!!

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I never suggest taking a loan out that you don't need for the purpose of rebuilding credit... especially if you have good auto history but bad credit history and don't need a new auto.

[SunriseEarth]

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@Creditaddict wrote:

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@Anonymous wrote:
So I am trying to rebuild my credit and want a car loan in my credit, but don't want to buy another car. Anyone have any ideas on where I can find a bank that would give a loan (they can have the title) for a small amount? Probably like $2000 or $2500 for 18 month term?
Truck has about 210k miles on it. Value is $4k to $5k. Maybe more.

My score is low 600 like around 640. Have collections, but have 4 auto loans in past with good history.

Thanks for your input!!!

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I never suggest taking a loan out that you don't need for the purpose of rebuilding credit... especially if you have good auto history but bad credit history and don't need a new auto.

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+1.   Don't do it!!   OP, if you need to spend money to improve credit, get a secured CC!

[StartingOver10]

Agree with everyone above.

An auto loan isn't really going to help your score anyway.

If you want to improve your credit, get some revolving cc's. At least one or two. Look at the rebuilding forum for details. The auto loan is an installment loan and it only is worth 10% of your score. Revolving accounts make up most of your score.

[Anonymous]

This feedback is contradictory to what I've read in the rebuilding section of this forum.  That revolving cc will only raise your score so far without have a variety of types of credit you can only get so far.  

that auto loan and mortgages are important.

[Gunnar419]

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@Anonymous wrote:

This feedback is contradictory to what I've read in the rebuilding section of this forum.  That revolving cc will only raise your score so far without have a variety of types of credit you can only get so far.  

that auto loan and mortgages are important.

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Plenty of us have scores in the high 700s or 800s without mortgages or auto loans. Yes, variety of loan types helps, but usually in a relatively minor way.

I agree that getting an auto loan just for scoring purposes isn't the best move and also note that getting a loan on a 13 year old vehicle is iffy. There's also the fact that many, many people have reported that when they make the last payment on an auto loan they lose more points than they gained in the first place even though the account is still showing on their reports.