WHAT IS AN AUTO EQUITY LOAN?

Quick Access to Cash: These loans can be processed quickly, giving you access to funds when you need them.

An Auto Equity Loan, also known as a car title loan or pink slip, is a secured type of loan where you can borrow money using your vehicle as collateral. This means that while the lender temporarily holds the title of your car, you can still drive your vehicle during the loan term. Unlike traditional auto loans, which are mainly used to buy a new car, auto equity loans allow you to borrow money considering the resale value of your vehicle. They're a great option if you have a car with enough equity and need fast money.

Car title loans are often popular among people with poor or no credit history because they don’t typically require a credit check. Instead, the value of your car and your ability to repay are the primary factors considered during the approval process.

How do Auto Equity Loans work?

Auto equity loans work by considering your vehicle's resale value. In most cases, the car needs to be fully paid off to qualify for an auto equity loan.

To get an auto equity loan, you can consider the following steps:

Verification: We will evaluate the vehicle's resale value through an inspection process and some basic information such as: vehicle make, model, year, mileage, and condition. This determines the maximum loan amount you can qualify for, which is typically 25%-55% of the car’s market value.

Repayment: You will select monthly installments to repay the loan over a certain period, including interest and applicable fees. The repayment terms usually range from 3 to 4 years.

Loan Terms and Agreement: Once approved, you'll receive the loan amount, and the lender places a lien on your car title until the loan is repaid.

Application Process: Fill out an online or in persona application form with information about your car, income, employment, and contact information.  If you want to see specific details, click here.

What are the benefits of obtaining an Equity Loan for a Car?

Auto equity loans can provide some benefits, like:

You get to keep driving your car: Even though they are backed by your vehicle's equity, with an auto equity loan, you are able to enjoy making use of your cash and keep driving your car at the same time.

Flexible Use of Funds: Although we highly recommend using these loans just for emergencies, they can be used for any purpose, including home improvements, debt consolidation, or unexpected expenses.

• Vehicle owned by you: You must be the car's owner, registered under your name.

• Proof of income: We need evidence of consistent income to ensure you can repay the loan. These can be presented as pay stubs or bank receipts.

• Vehicle Condition: The vehicle needs to comply with age and mileage requirements and be in good mechanical condition.

• Credit check: Although good credit is not a primary requirement, we run a standard credit check to verify the loan amount we can provide you.

• Insurance policy: A comprehensive insurance policy is necessary to safeguard against accidents or theft.

What are the requirements?

Why should you choose Cash Loans Experts for an Auto Equity Loan?

We can be the best option for your auto equity loan needs and improve your overall experience. Here are four reasons why we are experts in giving customers the best equity loans:

Competitive Rates

We offer some of the market's most competitive interest rates, saving money on your loan.

Fast approval

Our quick application process guarantees the money will be received in hours.

Great customer service

Our professional team can help you at every stage, ensuring a hassle-free experience.

Transparency

We believe in transparent lending with no hidden fees or surprises.

We’d love to hear from you! Fill our quick Loan Application on the button below, and we’ll be in touch soon.

How do I know if an Auto Equity Loan is my Best Option?

• Equity in your vehicle: Ensure you have enough equity in your car to make the loan worthwhile.

• Repayment Ability: Determine your ability to make regular monthly payments without exceeding your budget.

• Loan Purpose: Determine whether the purpose of the loan justifies giving your vehicle as collateral.

• Alternative options: Compare the terms and conditions of an auto equity loan to other types of loans, such as personal loans or credit cards.

Everyone can encounter different financial circumstances. Consider the following to determine if applying for an auto equity loan is your best option: