My car will be payed off nov. 08. My question is, is there any way that I can take a loan out on it, and how?

Right now, no. After the car is paid off, yes (if you are at least 18 years old). You can get a secured loan from a loan office or title pawn using the car as collateral. I do not recommend doing that, however...I've seen too many people get into trouble and end up losing their car and filing bankruptcy. The interest rates are ridiculous, also. You end up paying a lot more money back to them than your car is worth.

Always be careful using personal property as a way to get a loan, because if anything happens and you can't pay the loan back, you lose your property and your credit is ruined.

If you are simply needing to develop credit, you can get a secured credit card by opening a savings account at www.orchardbank.com. If you are needing to take a loan out on your car because you need the money, I strongly suggest that you make absolutely sure that you have a way to pay the loan off before doing that. It would be terrible to have paid off your car only to have it repossessed shortly after.

Good luck!

You can't take out a loan on your car like a home equity loan, but you can apply for a loan and put your car up as collateral.

yes, you can...it would be a collateralized personal loan. Your bank should be able to cut such a loan. Please note that you will not be able to get a loan for 100% of the value of the car, it will be more like 60-75% of the value of the car and the bank may also have requirements on the age of the vehicle.

You can take out a car title loan.

if its a decent car go to the bank and ask them to refinance it to where you can get some money for it

You can, but those kind of loans are a really bad idea. You should only do it if it is an ABSOLUTE EMERGENCY, and you have NO OTHER OPTIONS. However, you can come up with cash by selling your and getting a cheaper car, or selling some of your belongings. Avoid credit card debt, it's a really bad deal.

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