No one can control when an unexpected expense will pop up. If your home needs urgent repairs or you have medical bills to pay, you could need cash before your next payday. If you need cash in a hurry and you own a vehicle, you might be in luck.
A secured loan using your vehicle as collateral is one of the easiest ways to get cash in your hand without any delay. Lenders are much more likely to approve a loan when their risk is reduced, and are more flexible on terms and interest rates as well.
Applying for a car equity loan couldn’t be easier. If you own your vehicle, your lender will take the Blue Book value of your car, the year and the condition into consideration when deciding on a loan amount. It’s not unusual to be approved for up to $20,000. The benefits of applying for a car title loan can make all the difference when you are searching for a borrowing solution.
Fast & Easy
Unlike traditional loans that can take several days to process, a car equity loan approval can get you cash the same day. Your application will cover only the basics as the lender’s interest will primarily be on the vehicle that you will be using as collateral. Talk to a lender today about how much you may qualify to borrow and fill out an application.
Bad or No Credit Solution
If you need money fast but anticipate having approval issues because of unestablished or poor credit, a car equity loan is the solution for you. Secured loans rarely require a credit check and can be an excellent way to establish a new credit history. Leave your past behind and work on building up your good credit with a secured car equity loan.
Keep Your Car
As long as you continue to make regular payments on your car equity loan, you can keep and drive your own vehicle. You only forfeit your car if you fail to meet the repayment schedule that you have agreed to. You won’t have to worry about how you are going to get to work or around town and you can still take money home with you on the same day you apply.
Save Money
Apart from the convenience, there are very few advantages to payday loans when you need money before your next paycheck. Ridiculously inflated interest rates, fees and penalties can add up quickly with unsecured or payday loans, and should be avoided whenever possible. With a secured car equity loan you can expect much lower rates and more flexible payment terms than you are likely to get from a traditional lender.
Flexible Repayment
With a bank loan you will nearly always face penalties for early repayment that can affect how fast you pay down your debt. The lending institutions want to keep you paying out as long as they can to collect on compound interest. With a secured car equity loan your payment agreement can be as flexible as you need it to be, as the lender is taking very little risk in their investment.
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