Building credit by using my car to loan money from bank???
I am kind of new in US and going to build a credit history.
I bought used car by cash from the first owner.
What if I loan the money from the bank by using my car as an assurance;
1- that will make me become a fourth owner when I paid it already?
[ first- me- bank - me]
2- does this make any sense?
I got the secured card already, just trying to build credit from installment loan.
Please give me your advice. Thanks in advance.
- 1 decade agoFavorite Answer
no bank will take a used car as a assurance .... to build a good credit history get a secure visa of 1000 n b punctual n generous on ur payments ... they will give u a loan in 6 months to a year .... n dont ask for a loan from visa ... ask for a credit line from the bank ... its a lot betterSource(s): xperience