What Kind of Car are you Driving???

Is your car paid off?

Or, if it's a newer vehicle, is the remaining loan lower than the value?

Or is the remaining value the same, but the current rates are way better??


These are just three scenarios where your car could help you out. Depending on the value, mileage, and age of your vehicle, even if you have it paid in full, you might be able to refinance or get a loan off of your car/suv/truck/van/RV/Boat....

My bank doesn't do them, so you might want to start directly with your local credit union. Even if you don't have an account with them, find one close/convenient to you and approach them about it.

Credit Unions WANT customers! I don't "get" the difference but credit unions seem WAY more eager for customers. And their rates are WAY better.

So, I have a 2006 Jeep Grand Cherokee. I think it was initally $27k. Now, she is paid in full.

I am close to the end of being able to refinance this car. So, I can't remember the exact details but both the age of the vehicle and the mileage were a factor -after a certain point, they can't do them at all.
So, I'm working on this now. *I* don't qualify but my sweetie said he would co-sign (is he a keeper, or what?!).

But hey, if I/he can get this loan, then that will be about $5000 that I can use to pay bills!

Now, out of that $5k, I will give him 3-6 months of payments on the loan that he can hold so that he knows that they are covered.

Don't be stupid and get that cash out and not plan for at least a few months! (of course, you should be planning for ALL months and how to pay off this loan! especially if you are involving a co-signer!)

So, the "advice" here is:

• if you have an asset that you can refinance, check with your local credit union
• shop around for the lowest rates, but beware of having your credit report pulled too many times (it lowers your overall credit rating)
• if your CU says "no", ask a relative to co-sign
• if you get the loan, immediately pull aside at least 3-6 months payments. Put them in ingdirect.com. you can't get at the money immediately (so, no impulse buying) and you get good interest and have a safety net.