I am trying to get a secured loan against my 2001 Limited Toyota Sequoia with 145K miles. Kessler Fed Credit Union who I have banked with for years told me that the car value was $9680.00 however, I didn't have enough to get the loan? Ok not sure why they told my lender this - but I own the car outright. I then tried to borrow $5000 against my title, and they still denied this! ARGH! My Equifax score is currently 628 and TU is 664. The reason for the secured installment loan is to pay down my credit card balances.
I am a member of Pentagon Fed. Credit Union, but they may say the same thing too due to the age of the auto, and they pull EQ also.
I have a fabulous job for many years (18+) with a contracting company here on the coast.
Could someone suggest something? PLEASE!!
The age of the vehicle, plus the amount of miles, will make this a daunting task. Probably a signature loan would be easier to obtain.
When I have deals like this, I always have to call-in a favor for an approval.
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Tried for the signature loan but they wouldn't do it since I just had my keesler credit card limit increased. I don't have a relationship with another bank and not really wanting another inquiry pulled. Where do you suggest I try? As stated, my TU score is currently highest. The car is in great condition. Where could I try for a signature loan?
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Also I tried the signature loan with Keesler and the girl coded it wrong as consolidation and it was denied. Can't reapply for 6 months.
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I have several relationships established over the years, where I can ask the credit analyst for a favor. One is a local bank, limited to the the southeast USA in only a few states, and the others are 2 credit unions.
The will do signature loans or automotive loans.
In your situation, since you need a direct loan, my advice is not so good.
But here is a bump for ya.