Question about getting a small loan

I'm looking at getting a $1k dollar loan from my credit union. Can I use my car as collateral? Mainly, I want to build some credit because i don't have any at the moment. I also need some of the money for new suspension parts for my car. Anybody know if this is possible?

[HAL9000]

Depends on the age of the car... it's gotta be worth their while to take as collateral.

[glc]

They won't even want to touch your title for $1000, their paperwork costs aren't worth it.

[mattg2k4]

I would talk to a loan officer at the credit union, he/she will best know what you can or can't use as collateral.

[mbossman2]

$1 - 2k loans usually fall into the "signature" loan category. Unless you have the credit of atilla the hun, your signature is the only collateral you'll need, especially if you have any deposit accounts with the credit union.
If you don't have credit, get a parent of relative to cosign with you.

As it was pointed out in a prior post, if will cost the bank more money to file the lien paperworj than they'll make on the loan.

[Quintz]

the easiest way to build credit, is to start small and work to larger amounts. Being in loans myself, banks look for 3 things, ability to pay, willing to pay, and stability to pay. Meaning,that your pmt will be less then 10% of your income, if you have been working at the same job for 1 or more years (2 would be preferable), live in the same home for the same amount of time, and then show that you do pay your bills on time, you won't have a prob. Ask your bank if they have a credit card that you can start out with, hey if it's 500$, that would be a good start, then make small purchases with it and pay them off realatively quickly. Be very carefull though, it's way easy to get over board with credit, try to put it to a zero balance at least every 4-6 months, and if you can't, DO NOT put anything else on it till you can. This will build your credit quickly. And remember, if you get turned down, you didn't need it then, so don't be discouraged.

oh, BTW, welcome to pcmech