I have never done this but I remember my neighbor doing this. He borrowed a certain amount of money into his companion and in exchange, he gave his vehicle as a collateral so its like a loan. He borrowed money and gave his vehicle as a collateral. Now the money he got has been used in gambling so that he can pay his debts. Unfortunately, he lost in that gamble but luckily he got the vehicle already since he payed his companion but the debts are still there .