I recently took out a personal loan for $2000 and used 2007 Camry as collateral. we decided to?

... trade the car in for a new 2015 impala- I m not sure if this is illegal or if I can now use my new car as collateral on the same loan instead? or

... trade the car in for a new 2015 impala- I m not sure if this is illegal or if I can now use my new car as collateral on the same loan instead?

or:... trade the car in for a new 2015 impala- I m not sure if this is illegal or if I can now use my new car as collateral on the same loan instead?

Tags:personal,2000,2007,