Car as collateral for a bank loan?

  • Thread starter Thread starter Roy B
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Roy B

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can i use my paid off 97 sierra as collateral for a loan? my dad says it has to be less than 10 years old.. which its not.. is that true?
 
The only way to know is to ask the lender. But a 12 year old truck isn't going to hold much collateral strength. Whatever you are buying has to be worth less than the Sierra.
 
I dont think thats true. What if you had a 1932 Ford Model T in mint condition woth 50k? You think the bank would not accept that as collateral? I highly doubt it. Depends on how much the loan is. I dont think a 97 truck has a great amount of blue book value to it unless its in great shape. You'd just have to ask what the bank what their policy is.
 
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