Tom asked in Business & FinanceCredit · 1 decade ago

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.


2 Answers

  • 1 decade ago
    Favorite 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 better

    Source(s): xperience
  • 4 years ago


    Source(s): Super Fast Car Loans :
Still have questions? Get your answers by asking now.