How Do Auto Equity Loans Work, And How To Qualify
Are you in a situation where you need cash but can't get approval from a traditional finance lender? Consider a car equity loan to borrow money with your vehicle as collateral in scenarios like this. These loans have become easier to get over the past few years as car values have increased and the reliance on your credit history for fast approval has decreased during the same period. Finding an auto equity loan near me doesn't take much, and most borrowers can qualify for a loan in less than 24 hours!
Not all equity lenders are the same, and you should expect different requirements from auto equity lenders. Expect fast approval for a vehicle with a clean title (meaning it doesn't have any liens) with an appraised value of $4,000 or more. Borrowers need to meet basic income requirements for a car title loan, such as having an active checking account, and a stable source of income from disability benefits, retirement income, or employment records.
Getting approved online is simple, and California Title Loans offers an online application that can be completed in minutes. After receiving your information, we will contact you to review the documents and arrange a time to inspect the car. Some title loan lenders in Los Angeles or San Diego may require additional documentation and paperwork from the DMV to verify the exact equity in your vehicle. On the flip side, it can be easier to qualify for higher loan amounts in these areas as the resale value is based on comparable sales.
The bottom line, it will take a few hours to underwrite the loan. After that, you'll sign the lending documents and pick up your funds from any neighborhood title loan provider in CA.
Where Can I Find Car Equity Loans Near Me?
Most borrowers can get approved quickly for these loans with lenders nationwide. However, searching online with many more choices may make sense if you have limited options due to poor credit history or other issues. With just a few simple clicks, you can apply online through an auto equity loan near me and receive approval within 60 minutes or less! You can apply for an equity loan on a car with our online application. Here at California Title Loans, we can take your application any time of the day. An agent will follow up with you to confirm the equity in your vehicle and other underwriting details.
If you don't want to deal with the hassle of applying online, most auto equity lenders near you can take your application with little hassle. Shop around to find out which lenders have a good reputation for helping people looking to cash out equity from their vehicles.
Auto Equity Loans With Bad Credit - How To Get Approved
Many borrowers must realize that bad credit can be a significant obstacle for those who need money quickly. However, there are car equity lenders throughout the US who will work with people with poor credit and allow them to get approved while still getting competitive rates. If you use it responsibly, a car equity loan with bad credit can help you rebuild your credit history. These loans typically require collateral and may not be available everywhere, so shop around online or ask us about options in CA!
There are more than a few ways to get emergency cash, but California Title Loans can help f you're looking for a reliable option to get you fast cash with a vehicle collateral loan!
Benefits Of Online Vehicle Equity Loans
Equity Loans Are Convenient - Borrowers often need a fast way to get cash, and equity loans allow you to get fast funds using your vehicle's equity. You only need to hand over the DMV paperwork, sign the title, and then you can get your cash.
No Credit Check - Unlike unsecured loans requiring credit checks, most vehicle title loans have minimal credit requirements. This makes them an excellent option for people with bad credit.
Keep Your Car - Auto equity title loans are different from title pawns. You don't need to give the lender your vehicle. Instead, they hold the car's title as collateral.
Drawbacks Of Online Vehicle Equity Loans
High Interest Rates (APR) - A disadvantage to getting a vehicle title loan is that they typically come with high interest rates and fees. Yes, the APR is capped at under 40% in CA, but that rate is still higher than what's typical with bank loans.
Repossession - You risk losing your car if you miss payments and default. You have time to get your vehicle back, but that's not where you want to be, and you should contact your lender if you can't make the minimum payments.
The Bottom Line About Auto Equity Loans without a clear title
If you're looking for fast and convenient financing options, check out our online equity lending options at California Title Loans. Apply online, or call us at 855-339-1001 to get a jumpstart on your application over the phone. Find out exactly how much cash you can borrow with a loan using your car's equity!