What is an Auto Equity Loan?
A financial crisis like a loss in business or emergencies like sudden medical bills, or accidental damage repairs can come uninvited. They are never easy to handle, especially when you do not have enough savings to support you. In situations like these, one way out is an auto equity loan. Auto equity loans are like home equity loans; the only difference is that instead of using your home as collateral, you will use your vehicle. With an auto equity loan, you can avail short-term loan that you will later pay back with interest over time.
Why Auto Equity Loans?
It can be a very good solution if you need fast cash. That is because qualifying for an auto equity loan is much easier than a traditional loan. Another plus point is that some auto equity loans have low-interest rates. The amount of loan will depend on the factors like the fair market value of your car, how much equity you have in your vehicle, your credit score, and your income.
How to Apply?
To apply for the loan, you will need to fill out the application and provide the details of your car and how much equity you have in it. To do so, you can either fill it online or go to the office of the respective loan lender. If your loan is approved, the money might be deposited in your bank account. It can be as soon as on the same day, depending on the lender.
One important thing to keep in mind is not to mix auto equity loans with car title loans; they both are different. Some lenders use the terms interchangeably, to be sure, check with the lender before applying.
If the above explanation is not enough to get a clear picture, you can contact Advantage Finance LLC. Visit us personally or call us at (281) 410-5337, to speak to one of our representatives.