Today, all across the United States, people and families having trouble paying their bills in the market that would appear to be dying. With the rising cost of inflation, and how much it costs for a home these days, let alone the vehicle you’re driving right now, a lot of people are down on their luck and cannot afford their monthly bills.
That is where an Auto Equity Loan comes into play. These are easy to receive, quick, and barely require anything on your part. Of course, there are even bad credit equity loans available for those who are having trouble with their finances these days.
Basically, an auto equity loan is a type of secured loan that makes use of your everyday vehicle as a form of collateral. You will be required to put up the vehicle in order to receive the money itself.
Most borrowers will be able to obtain anywhere from $150 to $50,0000, but it all really depends on how much your vehicle is worth. Most people won’t receive the full $50,000 amount, but a lot of individuals won’t require that amount of money for the most part. In some rare cases, that much is needed, but it is a case-by-case basis.
What makes such a loan even better is the simple fact that you are fully able to keep the vehicle you are using as collateral. Some loan offices will require the vehicle as a whole in exchange for the money that you walk out with that day, but not a car equity loan.
These businesses are beyond professional, and they allow you to hang onto both the vehicle and the keys. A lot of lenders will want a copy of the keys, which might make people uneasy.
Of course, being a cash loan, you can expect an interest rate and a monthly fee, which can change – for the better or worse – depending on your circumstances. Usually this means your proof of income will come into play, plus the value of your vehicle itself, and how much you’re asking for.
To make things even better, you will be fully capable of walking out of that office with the cash in your hand. Well, you will receive it in the form of a check for most businesses, as it is easier to handle and deposit. This is the perfect option for those who need the money as quickly as possible for whatever reason.
Applying for an Auto Equity Loan
Receiving an auto equity loan has become beyond easy these days, especially in the technological world we now find ourselves in. A vehicle equity loan can be applied for and received completely online, and all it takes is one quick Google search for companies within your area.
Auto equity loans online are pretty much the same as in person. You will still be required to hand over certain documents, like your identification, proof of income, the loan application, your registration or title, and that is about it for the most part.
When applying online, you can visit the specific website, fill out the application form and get the loan process started as soon as possible. It generally doesn’t take long to be approved by the company, who will then send you the cash.
Upon paying off the final payment on the final month, the company will send you your title back, or hand it to you in person. You will never hand over your vehicle to them.
Plus, if you have poor credit or no credit whatsoever, those are not issues for most companies. They don’t even look at your credit history, in fact.
Benefits of Auto Equity Loans
There are quite a few benefits to applying and receiving an auto equity loan online these days. The equity will help vehicle owners consolidate their debt, manage large expenses, and even fund bigger purchases. Those are pretty big bonuses that most people will be happy with, but there are others, too.
To start, you can simplify your debt as a whole. You can pay off other types of your debt with only a single monthly payment, which is a huge bonus. Most loan offices offer different terms and payment options, which will usually be for your benefit more so than the company itself.
Lastly, you will have great peace of mind. This means you will be paying monthly fixed rates, which will be the exact same every single month, with no changes. And you won’t receive any penalties for paying off the loan early, which a lot of financial instructions have begun implementing recently.
An added benefit of receiving the auto equity loan online is not having to hunt down a local office. You can apply and submit all information right through a business’ website instead, making things so much easier in the long run. This is perfect for those who don’t live near a loan office within their city or town. It really is up to you to decide if the drive is worth it, though.
That is not all, though. Some companies, such as Auto Equity Loans (the business, not the loan itself), offer a bonus rewards program for customers. This bonus program has been implemented to reward customers.
Every single month they offer a drawing, and 11 winners will receive a top prize, including a $50.00 credit towards their loan payment.
The grand prize winner will receive their next payment taken care of completely, which means a prize of up to $350.00 will be credited towards your account. You really cannot beat prizes like that, as it is free money.
Overall, an auto equity loan is one of your best options for taking care of debt, large purchases, and just about anything else you can think of.
Of course, what you use the loan for is completely up to you, but most people find themselves paying off large amounts of debt or getting themselves out of a financial hole. Many are refusing to make large purchases with their credit, despite having the option there before them.