Are you in a situation where you need cash but can’t get approval from a traditional finance lender? Consider a car equity loan as a way to get cash 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 time 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!
How Do Auto Equity Loans Work, And How To Qualify
Not all lenders operate the same way, and there are different requirements for car equity loan approvals. However, in general, you can expect fast and easy approval for a vehicle with a clear title (meaning it doesn’t have any liens on it) and has been appraised at a value of $5,000 or higher. Most borrowers will also need to meet basic income requirements for a title loan, such as being over 18 years old, having an active bank account, with either stable employment or another source of income such as disability benefits, retirement income, or disability payments.
The process is quite simple, and most lenders offer an online application that can be completed through their website. Once they receive your information, they will typically contact you to review the documents and set up a time to inspect the vehicle. 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. Still, it all depends on your specific lending request. This process is typically completed in about 24 hours, and the cash will be available for you to use within a few days after this inspection is complete.
Where Can I Find Car Equity Loans Near Me?
Most borrowers can get approved quickly for these loans with lenders throughout the country. However, if you have limited options due to poor credit history or other issues, it may make sense to search online with many more choices at your fingertips. 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 get started on an application for an equity loan on a car with an easy-to-follow 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 go through the hassle of applying online, then most auto equity lenders near me can get you approved with little hassle. Remember, the exact type of your secured title loan and the terms of your approval may vary based on your credit history, vehicle value, and other factors. Be sure to shop around initially to find out which lenders have a good reputation for helping people looking for fast cash with their vehicles as collateral. They aren’t just interested in high interest rates and fees.
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 who have less than perfect credit and allow them to get approved while still getting competitive rates. A car equity loan with bad credit is a great way to help you rebuild your credit history if you use it responsibly. These loans typically require collateral and may not be available everywhere so be sure to shop around online or ask us about options in CA!
With all of those advantages, it’s not surprising that many people wonder where they can find auto equity loans near me in California. Here at California Title Loans, we know how hard it is to get emergency cash, and because of that, we want to make the process as easy, fast, and convenient as possible. There are many options for quick cash in CA, but if you’re looking for a safe and reliable option that can get you fast cash with a vehicle collateral loan, we may help. You can contact us today or apply online for equity lending approval within 60 minutes!
Benefits And Drawbacks Of Online Vehicle Equity Loans
Even if you’re presented with a great rate and decent payment terms for an auto equity loan, you should still look into other unsecured lending offers. The first step is to evaluate the different aspects of an auto equity loan and then choose the best option for your specific situation. The following are a few advantages and disadvantages of these types of loans that you should consider before applying for one:
Benefits / Advantages Of Auto Equity Loans
Convenient – Many people need a fast and convenient way to get cash in their hands, and equity loans can get you those much-needed funds. This secured loan is very simple because you must sign the paperwork, hand over the title, and then drive your car home with cash in your possession.
No Credit Check – Unlike many other sources of financing that require credit checks, most vehicle title loans have very little to no credit requirements. This makes them an excellent option for people with bad or limited credit who need to get money quickly. Unlike many other sources of financing that require credit checks, most vehicle title loans have very little to no credit requirements. This makes them a great option for people with bad or limited credit who need to get money quickly.
Keep Your Car – Auto equity title loans are not the same as title pawns. That means instead of putting up your car as collateral for a loan, you simply hand the lender your title as security. There’s no risk of not being able to drive your car again if you pay back your loan on time.
Disadvantages / Drawbacks Of Using Your Vehicle Equity As Collateral For A Loan
High Interest Rates (APR) – One of the most significant drawbacks to getting a vehicle title loan is that they typically come with extremely high interest rates and fees. While these equity loans can get cash quickly, it’s important to look at the APR percentage to know how much it will cost over time. Make sure you do all of your math before signing any contract, as this process can quickly become very confusing!
Possible Repossession – If you stay current on the monthly payments, you’ll be fine, and there will be no risk of having your vehicle repossessed. But what about if you default or miss a payment? Since this type of loan is secured, it can become very easy for the lender to repossess your vehicle. But that’s only if you miss a payment or two and don’t get back on track with the payments (which is why maintaining affordable payments at all times is crucial when dealing with auto equity loans).
The Bottom Line About Auto Equity Loans In California
Overall, getting an auto equity loan isn’t the worst thing in the world, but it shouldn’t be considered a preferred option. It can be a great way to get quick cash in an emergency, but there are better options, such as small personal loans. If you’re looking for fast and convenient financing options, check out our online equity lending options at California Title Loans. We can take your online application at any time of the day, or you can 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!