Using Auto Loans to Finance Other Needs
If you have a clear title to your car, boat or other asset, you have a financial asset that you may have overlooked so far. Because of the fact that mortgage interest rates appear to be ticking upward, now is an excellent time to purchase a home. However, if you lack the down payment that many conventional lenders want, you may have a harder time getting approval. If you owe the government some taxes, they can bring such unpleasant consequences as a lien against you. If you are thinking about applying for a zero-down of “flex” down payment arrangement with a lender, you may need some creative financial help as well.
So how can Amansad Financial solve your problem using the title to your car?
We have access to a lender who is willing to finance vehicles, boats and other assets to help you free up some cash for such needs as these. Is your car newer than 2007? Is your car an antique, or at least a collectible? Is the title to a semi truck, or a boat, or another asset with similar value? Then the title can end up saving the day for you.
Here’s how it works. You call Amansad Financial and talk to one of our staff about the asset that you would like to convert into some cash. Our lender sends out an appraiser to view what you have in mind as collateral and then gives you a lending decision. If you disagree with the appraisal, you’re not obligated to take the loan. However, if you agree to the appraisal and the terms of the loan, just exchange the title for your funds. As long as you maintain the payments on time, just as with any other car note, you will get the title back when you have fulfilled the terms of the loan.
You might be wondering why you should finance a car just to finish a home down payment or pay off some tax liabilities. If you can get a mortgage approval before financing rates start climbing again, you can save yourself thousands of dollars, or even tens of thousands, over the span of a 30-year mortgage. This means that even if you have to borrow to get the down payment in hand, it can be worth it, even if it means paying interest on that loan as well over a couple of years. When it comes to tax liabilities, if you owe the government in arrears, they can come after any of your assets. If you already have a home, the government can place a lien on it. The same goes for your car or other significant assets. You can even have your wages garnished if you do not pay your taxes in a timely manner. You definitely do not want any of these consequences, so it’s better to pay some interest on a car note to get the government off your case.
Why does the car have to be newer than 2007?
The car is the collateral on your loan. This means that if you default on your loan, the lender gets to take your car and sell it to recover the amount of your loan. Cars that are older than 2007 generally do not have enough value to make that sort of loan worthwhile, because the resale value of a car of that age is unpredictable. An exception, of course, is an antique car or a car that has been deemed collectible. Because there is enough interest in those sorts of cars to make them valuable if you have to sell them, our lender will work on you with putting that loan together.
What about large trucks and boats? P One of the most exciting things about this lender is the flexibility about the asset types that you can use. The tightening regulations around issuing mortgages has kept many deserving people from being able to finance home purchases. This sort of loan can give you access to down payment funding. While you definitely want to make sure you can meet the terms of this loan before taking it, if you have the money to do it, it can get you where you want to go as far as purchasing a new home, or solving other issues that need a quick infusion of cash. Give Amansad Financial a call today to get started!