Hello, all!
I'm in a little bit of a bind. I was just laid off and I need $2800 to pay my mortgage on-time. If not, I won't be able to refinance for around 18 months. I don't have anyone to borrow the money from and the lenders said credit reporting is automatic and can't defer.
I have money coming in, but it won't arrive until April 2nd – 5th.
I have a 2005 Lexus GX 470 that's paid off and I was wondering if and how I could use it to obtain a loan? If so, how? (I have 0 experience with loans). I literally only need the loan for 2 weeks tops.
Any suggestions?
Can I use my truck as collateral to get a loan?
byu/ss3walkman inpersonalfinance
Posted by ss3walkman
8 Comments
My mortgage allows me to pay by the 16th and it doesn’t count as late. See if yours has a grace period like that.
Even if you could, I doubt the car is worth enough that anyone would loan you $2800 with it as collateral.
You can look into a title loan but they are awful, generally bordering on usurious and charge interest by the day with a hefty origination fee.
You’ll have much better luck calling your mortgage provider and asking for a forbearance.
Interest will still accrue, but deferring payments for a month or 3 might be really helpful.
No one worth getting a loan through is going to take a 20 year old car as collateral.
Maybe one main financial.
Maybe a credit union but over 100k miles probably won’t help.
Call your mortgage company and ask about options. Most likely they will let you just pay it a week or two late.
Most mortgages are “due” on the first but not late until the 15th. I get paid on the 5th and have paid my last 3 mortgages on the 5/6th for years and have never been late.