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ORCR of your car as a collateral for your loan.
#1
Is it good to use my car ORCR as a collateral for my loan?
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#2
What is an ORCR?
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#3
Sorry. I thought it's an universal abbreviation. ORCR mean Official Receipt and Certificate of Registration. It is like a land title that signifies your ownership on a particular land.
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#4
What do you mean is it good? I don't think you have any other choice, how would you otherwise prove the car is yours if you don't provide the registration certificate?
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#5
I was about to ask the same question after reading the thread but then I saw your definition. I think it all depends on how urgent the loan is needed, the amount of the loan can also play a role on deciding if using your car's Original certificate of registration as collateral for loan is fair enough or not.

Take for instance, am getting late on a final payment for a mortgage on my house and taking a loan happens to be the only option or choice am faced with, using my car's ORCR won't be a bad idea. Same goes for any situation as big or even more than the instance I just made. Smaller situations won't really need a huge decision like that of the topic.
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#6
Unless you can afford the possibility of having your car repoed for possible non payment I would not go for this. It just seems like something that would be a bad deal and one that might not work out very well. You should do what you feel comfortable with though.
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#7
(01-06-2018, 12:16 PM)JB Fernandez Wrote: Sorry. I thought it's an universal abbreviation. ORCR mean Official Receipt and Certificate of Registration. It is like a land title that signifies your ownership on a particular land.

Got it. That’s what we call in the US “Title”, hense Title loans. If you have the title to your car you can get a title loan. The lender would hold the title (literally a government issue piece of paper that states you own the car) and when you pay the loan back you get your title back.
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#8
It is actually fine to use ORCR as collateral. As we all know ORCR is like a land title for vehicles. Some loan companies accept this. Just like land title this is just an assurance to them that you are going to pay your debt or else they are going to chase after you vehicle.
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#9
(01-06-2018, 05:25 PM)kgord Wrote: Unless you can afford the possibility of having your car repoed for possible non payment I would not go for this. It just seems like something that would be a bad deal and one that might not work out very well. You should do what you feel comfortable with though.

Very true I must say. I was making the same point in my previous comment. It really isn't a good idea using your car's ORCR for a loan, only if you're faced with no other option. I would find it hard to make such decision if I was in that position.
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#10
Yes, I mean someone has a post on here about titile loans and they rank next to Payday loans as the second worst loan type you can get. Why mess with this when there are many other more suitable types of loans you can get.
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