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Eric
Eric, Financial Manager
Category: Finance
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Experience:  Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
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I have poor credit. I own a 1988 Porsche 911 Carrera Targa.

Customer Question

I have poor credit. I own a 1988 Porsche 911 Carrera Targa. I would like to get financing on it so I would have money to pay off some credit cards.
Submitted: 5 years ago.
Category: Finance
Expert:  Karla replied 5 years ago.
Hello and thank you for using Just Answer.

I would suggest that you take the title to your Porsche to your bank or credit union to see if they will do a personal loan using the title of the car as collateral. You are going to have problems because of the age of the vehicle and the credit risk you pose having poor credit. You must also remember, that if a bank or credit union agrees to this type of financing, you will be required to carry full coverage insurance on your Porsche.

Would it be possible to sell the Porsche, buy a basic inexpensive model of something else and then use the remainder to pay off your credit cards?

You could inquire into a title loan company, but you will pay an excessive interest rate and probably not get the money you need.

The other option you may want to look into is bankruptcy.

If I have adequately answered your question, please accept my answer, otherwise please let me know if there is anything else I can help you with.
Expert:  Eric replied 5 years ago.

I appreciate the opportunity to help!

While I do agree with the previous answer given, I would not recommend even thinking about bankruptcy at this time. You did not provide any detail as to how much debt you have, but you are on the right track. Consolidate debt and get rid of the credit cards (at least all but one). Make this a learning experience on what not to do with credit cards.

You can get an idea of what the car is worth at:

www.nadaguides.com

If its worth about $20k (depending on condition and mileage) a bank may only lend up to 75% of that value. maybe less because of age. A bank loan will depend on your credit history, of course. If the local bank or credit union won't do the loan, then look to a finance company. Terms will not be as good, but are a bit negotiable.

Do a google search for finance companies in your area...

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