What Is An Auto Equity Loan?
April 19, 2023
Auto equity loans are a popular option to deal with sudden money problems. After getting approved for an auto equity loan, people can secure enough money to cover a large expense, and this is often granted without the endless list of requirements from other loan options. If you live somewhere in South Florida, you've probably come across a car title loan company, so let's look deeper into it to see what makes auto equity loans special.
What You Need To Know About Auto Equity Loans
As the name suggests, an auto equity loan offers a certain amount of money corresponding to the equity you have in your vehicle. The loan amount tends to represent 25% to 50% of the vehicle's market value after calculating the equity, while others can offer up to 100% of the equity. Each company follows different criteria to determine the maximum amount they can offer.
To qualify for an equity loan you need to be a legal adult, have a clear title proving you own the vehicle that will be used for the loan, bring proof of income, and have enough equity in the car with no other loans pending on it during the process.
If the borrower is already missing payments for a previous car title loan, this will affect their equity. Keep in mind that the equity in your vehicle will grow as you keep up with your loan payments. Positive equity is necessary for approval and will also help you get a good amount of money at the end of the process.
You'll see that limitations for the loan terms also change from one company to the next, but auto equity loans are known for giving a long window of time for each payment. Borrowers can choose to pay all the loaned amount at once or to pay in installments over several months.
Here's another perk of auto equity loans: they offer low interest rates, even among other short-term title loan options. If you choose right, monthly rates don't need to make a dent in your savings, and this is a welcome change while overcoming a financial setback.
Why Get an Auto Equity Loan?
There are close to no limitations on who can get an auto equity loan. Since the loan doesn't affect your credit, the company won't look into your credit score. A negative equity (owing more than the vehicle's value) is the most direct way to lose your chance at an auto equity loan.
On top of offering options for short-term and long-term loans, title loan companies can also simplify the payment process. Your loan specialists can help you tailor your payment schedule and you can choose to make your payments in advance. A timely payment system can also save you a lot of time, which is why Quick Cash Auto Loans offers top-tier online payment tools where you can make payments whenever you need. Our payment system is both simple and 100% secure.
With monthly rates as low as 1.50%, Quick Cash Auto Loans also meets all your expectations if you're looking for the most competitive interest rates in Miami.
The main aspect that makes people choose car title loan companies over banks and credit unions is the chance to get a quick process where you won't get rejected halfway through. Not only you can get an auto equity loan with bad credit, but you can also complete the process in a single visit to the loan office. Other than your vehicle and a clear title, you'll only be asked to bring basic documentation like your driver's license and social security card.
Quick Cash Auto Loans lets you apply for a car title loan online, so you can get a head start as soon as possible and know exactly what to expect during your appointment with our specialists.
Contact Quick Cash Auto Loans to get the best customer service and the lowest interest rates in the auto title loan industry. Our loan process is simple, so you don't need to go through countless hoops before getting the money you need. More importantly, we guarantee the best options to protect your peace of mind as you complete the loan term. If you want all the advantages of an auto equity loan, this is the place for you. You can call (786) 600-3411
or fill out the application form
to get in touch with our loan specialists.
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