Replying to Avatar Nate

Ignorant question: why would I put down a collateral value worth twice my loan principle?

Wouldn't it make more sense to just sell the collateral needed? The sales taxes are similar to the loan APR, and you'd KYC yourself either way
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Troy 4mo ago

If the collateral isn't a registered vehicle, or real estate, don't report the sale. You can't be forced to operate in public instead of private.

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Nate 4mo ago

If you sell more than $10k at a time the bank will notify IRS and youll be expected to report on your tax return