Please suggest best place to get loan using car

[PurpleMonkey]

I want to help my brother out of his debt so I decided to borrow a loan using my car. Looking for a 12 month (1 year) term as I can pay that back then my brother pays me back slowly no problem. Any suggestions? Contact?

I found a place (PFS in the Toronto SUN) but they are so fussy - want employment info, credit check, PUT A GPS IN MY CAR, like WTF?????

Another place wanted about 300 BI-WEEKLY for a $5K Loan, that's like over 56% per YEAR!!! But the good part is nothing is checked, just the car (proof it's paid off) and a void check and off you go with the loan in 30 minutes.
This one is good but the interest is off the charts, anyone know anything like this but LOWER interest rate?

 

[rama putri]

LMAO Hmmm ... your brother, eh? The one with the overdrawn chequing account, right? I know some people on Vegas that have a slightly better rate than those you've contacted.

Seriously, if you can't get a loan from your bank (that is you should have good credit and your brother bad credit, right?), you shouldn't be seeking more credit. Tell 'your brother' to seek credit counselling and go on an austerity plan. Trust me, this is good advice.

 

[PurpleMonkey]

LMAO Hmmm ... your brother, eh? The one with the overdrawn chequing account, right? I know some people on Vegas that have a slightly better rate than those you've contacted.

Seriously, if you can't get a loan from your bank (that is you should have good credit and your brother bad credit, right?), you shouldn't be seeking more credit. Tell 'your brother' to seek credit counselling and go on an austerity plan. Trust me, this is good advice.

Yeah my brother has the overdrawn chequing account. Seriously I hate going into the bank for a loan, I did that once with TD and I vowed NEVER EVER to do it again. I got the loan of 15K and paid it back in a year. When I applied they acted like I am begging for food or something (plenty of questions, lots of proof, wait and see wait and see....) eventhough I have my own catering business, my SUV is paid off, my credit score is over 700 WTF do they want????? So if I ever want to borrow fast I want convenience, 20%, 30% I don't care, just in and out. Honestly I only own one credit card and that is strictly for my business. I hate having credit cards after my bad experiences during university...I learned my lessons early = NO MORE DEALINGS WITH BANKS (except for renewal mortgages)

And by the way rama putri, it is "my brother", not me. We are truly polar opposites in terms of life but he is much more spiritual and philosophical than me even though he lacks finance and family (bachelor at 32).


Anyway, any suggestions for the loan using car?

 

[landscaper]

Hit the bank for a short term loan interest rate will be much better, if they don't want to play go across the street and talk to the competion, the void check place can be a problem depending on the people who give you the loan, I have a family member that got into something like that and the place took out more per month than they should have multiple withdrawals larger amounts. We had to change the account and I had to discuss things with the gentlemen involved.

 

[PurpleMonkey]

Hit the bank for a short term loan interest rate will be much better, if they don't want to play go across the street and talk to the competion, the void check place can be a problem depending on the people who give you the loan, I have a family member that got into something like that and the place took out more per month than they should have multiple withdrawals larger amounts. We had to change the account and I had to discuss things with the gentlemen involved.

Holysh*t really?? Yeah, I too am suspicious of those places, that is why I asked you guys if you know any good places.

I might end up going to the bank for a short term loan afterall, but if they give me any BS I will leave.

 

[rama putri]

I learned my lessons early = NO MORE DEALINGS WITH BANKS

So you would rather deal with loan sharks? OK, it's your dime.

Anyway, any suggestions for the loan using car?

That would be no.

 

[PurpleMonkey]

What about a line of credit? Then sell his ass on Church St.

LMAO, I'll let him know!!!!! GOOD IDEA!

 

[LazMan]

I believe title-loans (which is what you're asking for) are illegal in Ontario.

If you have such good credit, and but hate banks, goto a Credit Union - get a line of credit or personal loan. The application process is similar, but they tend to be more friendly. The reason the application is in depth, is because they are GIVING YOU THEIR MONEY! They want to have some degree of comfort they will get it back without chasing your ass...

Oh, and let your brother lay in the bed he made... Only way some people learn lessons is the hard way.

Laz

 

[big dogie]

Be prepared if you do this to hate your brother because he will not pay you back. Just over a year ago I let my best friend use my credit card, he was to make the monthly payment and pay off the card in a couple of months. In the first year he didn['t make 5 payments, said he forgot (my credit score has gone down because of it) and a few months ago he came into some money triple what he owes my card and didn't pay my card off hell he never made a payment since........ now I haven't heard from him in 2 months I guess it now has cost our friendship too....... don't do it....

b d

 

[hairyfucker]

you gotta let your brother grow up. give him advice, show him the way, do all kind os thing but DO NOT take on his debt (responsibility).

if i remember correctly it is only $2500 (or was it $5200), either way it is mouse nuts. if her still has some credit just have him apply for a new credit card and get a cash advance or have him git his own loan and have him pay it off.

DO NOT do it for him.

 

[Hard Idle]

I believe title-loans (which is what you're asking for) are illegal in Ontario..

Laz

That must be recent. I heard of someone who lost a car that was used as collateral. I don't know if it was arranged as a loan or if the guy actually signed the car over and took cash (somewhat more than the car would sell for) with the goal of buying the car back at that inflated price once he had gotten return on the investment he was making. The deadline came and went and after a couple of months of the loan being overdue, the lender re-sold the car. Cops said they couldn't seize it back from a third party because he seemed to sell it voluntarily.

 

[PurpleMonkey]

Thanks everyone for your input on this matter. I think I'll take your advice for now.....LET HIM SINK!!!! No, really, I think I will wait it out and see what his creditors (the collection agency) says to him first and if they've worked out a 3-4 year repayment plan for a lower amount than he owes.

Thanks a lot guys, conclusion...as the soup nazi in Seinfeld says..."NO LOAN!!!!"

 

[LazMan]

That must be recent. I heard of someone who lost a car that was used as collateral. I don't know if it was arranged as a loan or if the guy actually signed the car over and took cash (somewhat more than the car would sell for) with the goal of buying the car back at that inflated price once he had gotten return on the investment he was making. The deadline came and went and after a couple of months of the loan being overdue, the lender re-sold the car. Cops said they couldn't seize it back from a third party because he seemed to sell it voluntarily.

It's all in the wording - using an asset (such as a car) as security, is perfectly legal; but actually borrowing money AGAINST the car, isn't...

Laz