Using my GN to get a loan...

[86GN-862+2]

So, I thought I'd consolidate some debt by getting a loan with my car as collateral. Talked to the loan officer at my local credit union and after 3 days they gave me a response. Their interest rate at just over 12%, the loan amount around $12k so I thought- not good but not bad either. Well, I thought about it for another day and called them back. They now want me to get the car appraised which will run $50-$100 out of pocket. My question is that if the car shows blue book at that amount, why the need to appraise It? In a non TB' owner's opinion, the car will be worth much less so his opinion will "cost" me if I did that. Plus since I am not selling my car, I am not keeping the receipts on the upgrades. I think I'll pass on the loan. Not in a bind just thought that would help my finances some. My car needs paint badly so that would probably be about 30% hit on it's value. Any thoughts?

 

[SS_Sean]

Find another bank. My credit union went on blue book value. No appraisal necessary.

 

[SilverBulletGN]

Find another bank. My credit union went on blue book value. No appraisal necessary.

I had a loan a year ago from my credit union and I had no problem. So check another bank. Try not to have to spend extra on an appraisal.