Auto Equity Loans

Life happens. Part of life happening is a variety of unexpected emergencies that can arise at any time. When you find yourself in a pinch where you need cash as quickly as possible, you are looking for a solution that involves as little hassle as possible while maximizing the amount of emergency funds available to you. Auto equity loans may offer just the solution you have been searching for.

What is an Auto Equity Loan?

Auto equity loans are loans that are based on how much equity you have in your car. The amount of equity in your car is the difference between how much you owe on your vehicle and how much your vehicle is worth. Many people are surprised to learn that the amount they owe on their cars is less than the car is worth. In this case, you have equity in your vehicle that can be used to qualify you for an auto equity loan.

Advantages of an Auto Equity Loan

  1. You do not need a clean, lien-free title in order to get a car equity loan. This means that even if you still owe money on your car, you may be able to borrow the money you need. Your eligibility for an auto equity loan is determined by the amount of equity you have in the car rather than whether you have a title in hand.
  2. You can still keep your car while you are paying back your loan. Car equity loans are not the same as a pawn loan. If you take your car to a pawn shop, you will have to leave the vehicle at the shop until you pay back your loan. This means no transportation to take care of your daily business! With an auto equity loan, you can keep your car and still get the cash you need.
  3. Qualification is easy. All you need is a car that has some equity, a source of income and proper identification documents. Good credit is not needed!

Do I Need Insurance on the Vehicle?

In many cases, you will need to have insurance on the vehicle to be approved for a loan. In some cases, you will need both general liability and comprehensive insurance. Depending on the lender, it may be possible to buy temporary insurance until the loan is paid back. Carrying extra insurance may represent an additional cost on top of any monthly loan payment.

How Much Can I Borrow?

The amount of the loan itself will likely depend on the value of the vehicle at the time that you apply. It may be possible to use online calculators or other resources to estimate its value before you start the application process. In some cases, lenders may only provide a certain percentage of the car’s value based on predetermined loan policies.

Will Such a Loan Impact My Credit?

Applying for Florida auto equity loans may have an impact on your credit score and history. As a general rule, making payments as agreed will help to build a positive history that may make it easier to apply for loans in the future. Failing to pay your loan on time may make it harder to get a loan in the future. Poor credit may also make it harder to find a job or get the best insurance premiums.

How Much Equity Do I Need to Qualify?

The amount of equity that a person needs to qualify for a loan may be determined by the lender itself. However, the car should generally be paid off in full to get the best loan terms. This ensures that the car isn’t repossessed by the primary lien holder, which could reduce the odds that the equity lender is repaid.

We have been offering Florida auto equity loans to people in need for a long time, and we are glad to help you get the money you need. We help people like you all over Florida obtain emergency cash through auto equity loans. It is easy to start the application process. Simply complete our easy application, and you could have a loan that is approved and processed in as little as 24 hours. There is no obligation to accept your loan, and we are proud to have highly trained staff who will work hard to get you the best interest rates available.

Unexpected financial emergencies are common, and while they can create a lot of headaches, they don’t have to leave you feeling trapped. Car equity loans offer a simple solution that is available even if you still owe money on your vehicle. It is easy to begin the process of determining just how much money is available to help you through your difficult time.

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