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Can you get a loan against a van with a lein already on it?

We have a 2007 Honda Odessy that has a lien against it from my MIL. Can we get a loan and use the van as collaterial for the loan even though it has a lien against it? We are going to use the loan to pay her off so and pay off a couple of other bills.

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Asked by mom2savannah731 at 6:25 PM on Mar. 10, 2010 in Money & Work

Level 4 (30 Credits)
Answers (2)
  • I don't think so.

    Answer by mommymeg03 at 6:52 PM on Mar. 10, 2010

  • so essentially your getting a loan to pay off the loan on the van. yeah i don't think you can do that. if anyone could it would be your mil with the van but not you as your secondary lien holder and she would have to be paid first which is what your trying to do but they wouldn't grant you the loan to do so. although i have no facts to this but think i heard this somewhere.

    Answer by melody77 at 7:06 PM on Mar. 10, 2010

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