Loan using trailer as collateral?

Which is why I said he should talk to a bankruptcy lawyer to find out options.

 

Probably best so you don't get banned. Yep not worth messing with people like that.

 

Maclean-financial.com. They do repair loans. I happen to get a cold call from them yesterday..........

 

@zaroba .... Maclean-financial.com does repair loans. I happen to get a cold call from them yesterday and thought of ya.......

 

@zaroba don't leave us hanging.....what did you end up doing?

 

Just about any credit Union will loan almost anyone $5000 on a 1-4 yr. Personal loan.

 

Heloc on the home shouldn’t be a problem. Sounds like there should be some equity. They often fly right through, no inspection, no nothing. Worst case is they approve less, maybe require payment of one or more credit cards with the proceeds. For instance, ask for the max, maybe 40k. They might counter offer $30k, and require you pay off credit cards at $8k and $6k. That’s leaves $18k to use as needed. Use $13k, keep the $5 available to draw if needed.

 

Heloc or putting a lien on the trailer...either way he's asking for money back he shouldn't have parted ways with in the first place, and now he'll be paying interest to the bank on it for the privilege.

 

It can be used irresponsibly just any tool can be, but when a bank loans money to somebody, they are literally just making it up out of thin air and giving it to you and all they get out of the deal it is the interest. If somebody wants to give me their money on a payment instead of me having to pull it all out of my pocket at once I will do that every time. This is mostly just business lending I am talking about though. Borrowing money to buy toys or luxury vehicles is stupid IMO. If it isn't a money making asset you buy it with cash or you cant afford it. With houses I think 30 years is too much. 15 year payment tops or you can't afford it. The interest nails you too hard on long term stuff like that. Make one extra payment to principle per year and it cuts it to a 12 year repayment.