---- Robert Stevens <mtbiker62@GMAIL.COM> wrote:
> In a message dated 1/26/2014 2:04:52 P.M. Eastern Standard Time,
> mcneely4@COX.NET writes:
>
> Hmmm  ...... .   I'm surprised one can get a loan for any vehicle that
> old, mileage or no.
>
> It's done all the time.....as long as it's secured against real-value-property
> that the bank can, therefore, hold title to until the loan is paid off.

So, if I want to buy a VW camper, 1990 year, 110k miles, I can offer the bank my 2012 Toyota Prius as collateral?  Sure, some banks would make that loan without the camper even being mentioned.  Some do not make mortgages that way, but only for the purpose of purchase.  But in either case, with mention of the intended use of the money or not, the Toyota secures the loan, and the camper is just the borrower's use of the money.  The bank could not care less about the borrower buying the camper, except some more conservative banks might have a question about the borrower's common sense, and hold it against him.
>
> bob

--
David McNeely