u/kylec00per

Not sure if this is the right place to ask this, but i currently have a 2013 bmw 535xi that is giving me some issues in the head, i think it's camshaft related. So i'm getting ready to tear into it but not sure if it will be an easy fix. I've gotten offers for secured loans and thought about taking one out and using the car as collateral, i was already approved for a 22,000 secured loan with the car. Now i owe around 15,000 in previous loans and CC's (around 11k loans, 4k ccs) Now here's where my questions come in;

1.Is it legal to get a secured loan with a car that has mechanical issues? Don't want to get hemmed up in that process if its not.

2.Would i be better off just trying to get a new car loan now and then trying for a consolidation loan after, or get the consolidation loan to try and boost my credit (640 currently), while also having some more liquid cash for a down payment, and try and wait out the newer car for another month?

I'm figuring the consolidation loan isn't much more than the debt i already have, so debt to income will be about the same. Also, my credit usage would drop to 0, boosting my credit into the low 700s if not higher. Just trying to weigh my options and get some other input on what path would be best. I was already preapproved for an auto loan and pre approved for the consolidation loan, I just dont wan't to get one and not be able to get the other if i need it.