Most passenger car makes and models can be used as collateral for a personal loan. To qualify, your car must be:
- Less than 20 years old
- A personal car (no business or commercial vehicles)
- Insured
- Registered in the name(s) matching your application, with all fees and taxes paid, in the state which you currently reside
- Have a "clean" title (no salvage titles)
- Free of any liens or lease obligations
Vehicles that do not qualify include motorcycles, ATVs, RVs, and commercial vehicles, such as the following:
- International
- Western Star
- Peterbilt
- Volvo Commercial
- Mack
- Sterling Truck
- Kenworth
- Freightliner