How to use Escrow

[shadow77]

Hi guys,

I was wanting to get a loan for 5btc's and was trying to read up on how to use the Escrow services. The only question I have is how would I use the services if I would like to use my vehicle as collateral? I'm 100% confident I will have the loan paid off within 3 months but I just wanted to know how escrow would work. Also can you only use you vehicle as collateral if it's paid off?

[Vod]

Hi guys,

I was wanting to get a loan for 5btc's and was trying to read up on how to use the Escrow services. The only question I have is how would I use the services if I would like to use my vehicle as collateral? I'm 100% confident I will have the loan paid off within 3 months but I just wanted to know how escrow would work. Also can you only use you vehicle as collateral if it's paid off?

If you have a lien on your vehicle already, you cannot use it as collateral.

It depends on the agreement you make with the lender.  Some lenders (if they live close to you) might allow you to continue driving the vehicle until you pay off the loan.   Others may require that you give the car to a third party escrow (again, near you) and the escrow holds it until you pay back the loan.

[shadow77]

Hi guys,

I was wanting to get a loan for 5btc's and was trying to read up on how to use the Escrow services. The only question I have is how would I use the services if I would like to use my vehicle as collateral? I'm 100% confident I will have the loan paid off within 3 months but I just wanted to know how escrow would work. Also can you only use you vehicle as collateral if it's paid off?

If you have a lien on your vehicle already, you cannot use it as collateral.

It depends on the agreement you make with the lender.  Some lenders (if they live close to you) might allow you to continue driving the vehicle until you pay off the loan.   Others may require that you give the car to a third party escrow (again, near you) and the escrow holds it until you pay back the loan.

What would you guys say is a decent collateral for a 5btc loan?

[Vod]

What would you guys say is a decent collateral for a 5btc loan?

Something you have (altcoins?) that the lender holds onto and can easily be resold for around $3,400 should you not pay back.

[shadow77]

What would you guys say is a decent collateral for a 5btc loan?

Something you have (altcoins?) that the lender holds onto and can easily be resold for around $3,400 should you not pay back.

Okay that makes sense, my friend is looking to get the 5btc loan, I was looking to get around 10-15btc and was going to see if I could use my car title as collateral.

[iamahappyminer]

I was going to ask the same question but luckily I've found this thread!
Thanks a lot to Vod ))

[E.exchanger]

huh how will escrow work in loans you have to have a collateral and if you are giving your car then the one paying you should be in your area to pick it up plus the value of collateral has to greater then the loaned BTC  .