Turning A Note Into Money
i have had a cadillac for 6 months that i couldnt sell until a family man came along and offered me $500 a month total one year of $6000. we drew up a contract and got it notrized . OK, how can i take this note an change it into $$ by grtting it upfront ? is there a way to take a auto loan aginst it.? how can i put this thing to work for me ? any advice would help.
You can cross collateralize the note for loans that you would like to get. Or you can sell the note. Although you wouldnt get much based on it being an automobile, and a short term. You would also need the credit score of the borrower.
It is an asset, so you could trade with someone, like a plot of land, the equity in there home, etc etc. The sky is the limit, but it is a movable asset so the risk factor is high. I would suggest cross collateralizing, or trading for a more secure asset like land, even raw, as you will get more for it.
Good Luck,
Kyle