# Auto Financing 101 - and Loans in General

**URL:** <https://forums.speedlife.net/t/auto-financing-101-and-loans-in-general/40895>\
**Category:** NYSpeed Off Topic\
**Created:** [December 28, 2007, 10:44am UTC](https://forums.speedlife.net/t/auto-financing-101-and-loans-in-general/40895 "2007-12-28T10:44:41Z")\
**Posts on this page:** 1\
**Showing post:** 14

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**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\
**Post date:** [December 28, 2007, 11:11am UTC](https://forums.speedlife.net/t/auto-financing-101-and-loans-in-general/40895/14 "2007-12-28T11:11:00Z")

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And just a note on

> You gotta remember that (outside of the patriot act compliance) all the lender is doing is lending you money & using the title lien as collateral. So long as the value supports the lien amount (LTV), they don’t care.  
> If you were applying for a $5k loan on a $195k exotic, then you may have a few questions. But only a few.

The other part of this that is important is that in order to get them to rlease the funds (and cut a check to whomever), you must provide an insurance binder. You will be unable to insure a car that is defunct. So thinking you can get a $28k KBB loan on a toasted STi that has been scrapped won’t exactly work 😉 The fraud charges you’ll face won’t be fun.

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