Trying to get a secured loan, but can't

What is the name of your state? California

My girlfriend has bad credit, but she wants to get a secured loan by using her car as collateral. The car, a '97 Eclipse, is valued at $7500. She wants a $6000 loan. We tried two banks already, and they both declined her because of derogatory comments on te credit report.

I don't want to and will not CO-SIGN. Is there a surefire way or place for her to get a loan?

Thanks...

1) a 97 Eclipse isn't worth $7500...or even $6000, so getting a loan based on that isn't realistic.

2) If her credit is bad, she's not likely going to be able to get that large a loan from any source...at least not at a decent interest rate.

3) You're right not to co-sign the loan. These message boards are full of people who have been burned by co-signing for friends, family etc. When things go wrong, you'll be stuck paying off that loan.

[racer72]

Current wholesale value of a 97 Elipse is $1800 to $2200. That is what the bank valued it at. Except as collatoral for the purchase of the vehicle, automobiles make terrible collatoral property. One accident and the collatoral is worth nothing. Banks know this too.

[HomeGuru]

If the lenders are real conservative, they may value the car at around $1500 but because of the poor credit of the applicant, they are not willing to loan money no matter what the vlaue of the car. Additionally, even if the applicant had excellent credit, the lenders do not give 100% financing on used cars.