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Do Banks Accept Cars As A Collateral? - Business - Nairaland

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Do Banks Accept Cars As A Collateral? by Nobody: 12:39pm On Mar 01, 2021
I need a loan of N50k from my bank (Gtbank). I'd like to know if they accept cars as collateral?.
Or are there any other banks that accepts cars as a collateral?

It's a clean car. Nissan tiida 2007 model. Pic attached.

I'd appreciate any ideas.

Re: Do Banks Accept Cars As A Collateral? by lilvicky68(m): 12:42pm On Mar 01, 2021
50k Is too small na for the car..I'm not sure they accept cars sha
Re: Do Banks Accept Cars As A Collateral? by Nobody: 12:49pm On Mar 01, 2021
lilvicky68:
50k Is too small na for the car..I'm not sure they accept cars sha
I know bro. But I don't own a landed property so I'm opting to use my car as collateral.

Anyway, thanks for the response.
Re: Do Banks Accept Cars As A Collateral? by Nobody: 12:50pm On Mar 01, 2021
Hey guys, I'd appreciate any info I get.
Re: Do Banks Accept Cars As A Collateral? by whisp3r(m): 12:53pm On Mar 01, 2021
Benzoway:
Hey guys, I'd appreciate any info I get.

Why not borrow from money lending apps
Re: Do Banks Accept Cars As A Collateral? by Kriss216: 12:54pm On Mar 01, 2021
Benzoway:

I know bro. But I don't own a landed property so I'm opting to use my car as collateral.

Anyway, thanks for the response.
We keep telling guys, assets over liabilities any day any time twice on Mondays.
Re: Do Banks Accept Cars As A Collateral? by Nobody: 12:57pm On Mar 01, 2021
whisp3r:


Why not borrow from money lending apps
Tried a few but they've turned me down because I'm not a salary earner. I think their acceptance rate reduced drastically since covid started.
Re: Do Banks Accept Cars As A Collateral? by Nobody: 1:02pm On Mar 01, 2021
Kriss216:

We keep telling guys, assets over liabilities any day any time twice on Mondays.
Lol, yeah I get it. Never thought I'd be needing a loan.
Re: Do Banks Accept Cars As A Collateral? by Angiestarlette: 1:16pm On Mar 01, 2021
I know a loan company that can give you even if you are not a salary earner... I don't know if that helps
Re: Do Banks Accept Cars As A Collateral? by Nobody: 1:55pm On Mar 01, 2021
Angiestarlette:
I know a loan company that can give you even if you are not a salary earner... I don't know if that helps
Can you please tell me?. I'm located in jos, I don't know if location could be an issue.
Re: Do Banks Accept Cars As A Collateral? by Angiestarlette: 2:19pm On Mar 01, 2021
It's in lagos ooo and you must be physically present at their office
Re: Do Banks Accept Cars As A Collateral? by Nobody: 2:51pm On Mar 01, 2021
Angiestarlette:
It's in lagos ooo and you must be physically present at their office
Oh, ok. Is it LAPO? I think LAPO has a branch here in jos.

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