Can you explain the auto equity loan process?
Contact us and we will quickly determine how much we can lend you based on the value of your auto. An application is completed with our assistance. Approval is very fast, usually in less than an hour after the application review. The auto equity loan is secured by the wholesale market value of the automobile and the title is utilized as collateral. The lender returns the automobile title to the borrower when complete repayment of the loan is made.
Do I need good credit?
No. Credit history is not considered for a loan. You can even rebuild your credit rating by paying your loan on time.
How much cash can borrow and how fast can I get it?
The amount is based as percentage of the wholesale market value of your vehicle up to $10,000. If you apply before 2PM, your cash will typically be available that same day, usually, within an hour.
Do I keep my car?
Yes. You continue driving the car and get the cash.
What are the interest rates and how long is the loan for?
Our rates are as low as 1.5% per month. Loans can be as long as 14 months ( to help keep payments low). If you pay the loan off early, there is no prepayment penalty.
What if my payments are late?
Potential borrowers should determine their ability to repay the loan in a timely way prior to taking an auto equity loan. If the borrower is unable to comply with the loan payments , you should immediately contact us. There may be an opportunity to “work out” a repayment schedule. The car may be repossessed if payments are not made. Reposition is a challenging and costly process and is only used as a last resort when all other options have been unsuccessful.