The Five Perks Of An Auto Equity Loan

As much as we try to be responsible adults and plan ahead with our finances, there are often times where life simply has other plans for us. An auto equity loan is one of the best options if you run into an emergency and urgently need access to money.

If 2020 taught us anything, it's that life can be uncertain and derail even the best of plans. When life throws you a surprise like a medical emergency or an accident, access to instant cash is all you need. Borrowing money from the bank is always an option but the process is usually quite long, and you'll have to wait a while before receiving the funds. Not only that, but you'll also have to meet certain credit and income requirements. If you have bad credit or no credit, the likelihood of getting a loan from a bank or credit union is slim without someone willing to cosign with you.

Many of us aren't lucky enough to borrow money from friends or family, and even if you are, it can come with its own set of problems. An auto equity loan, also called a car title loan, is a much better solution for those of us who are credit score impaired.

If you've never heard of an auto equity loan and want to find out more about it then this is the article for you. Read on for all the tea!

The Benefits of An Auto Equity Loan

Our team at Rapid Auto Loans has put together five perks of an auto equity loan.

1. Access to Instant Cash

All you need to qualify for an auto equity loan is to own a car.

Rapid Auto Loans uses the car as assurance against the money we lend you. Once your vehicle has been approved by us, you'll walk away with the cash on the spot! There's no need to wait in a long line at the bank or wait weeks for your loan to be approved. An auto equity loan is truly the fastest option to get access to cash when you need it.

2. Quick & Easy Process from Start to Finish

When it comes to an auto equity loan, the process of getting access to money is quick and easy.

Unlike the bank, all you need to be eligible for the loan is to own a vehicle. Our easy online application process involves proof of vehicle ownership, a valid driver's license, and booking an appointment with the lender to show your vehicle's condition. After that, we will work with you to determine how much of a loan you are eligible for based on the value of your car.

Overall, this process takes about half an hour and once you're approved, you'll have access to the cash instantly. The process is painless!

3. You Keep Your Vehicle

One of the myths about an auto equity loan is that the lender will keep your vehicle until you've paid back the loan.

With Rapid Auto Loans this is completely untrue. We never withhold your vehicle from you, and you are free to drive your car with complete authority. The vehicle is only used as collateral if you cannot pay back the loan.

4. You Don't Need a Good Credit Score

A car title loan does not require a good credit score to qualify for the loan.

If your credit score is low, banks are likely not to lend you more money. However, what many lenders fail to understand is that a bad or low credit score can be as a result of many external factors. And very often these factors don't have anything to do with the person's ability to earn money to pay back the loan.

At Rapid Auto Loans, your credit score doesn't matter.

5. Easy Payment Plan

At Rapid Auto Loans, the payment plan is simple. You only need to make your first payment after 30 days! You then have a whole year to pay back the loan in full, with no further interest payments once the loan is paid.

Making payments is also super simple and can be done online, via mail, or at any of our authorized payment centers inside your local Walmart or 7-11. When we said the process was painless, we meant it!

Auto Equity Loans Made Easy with Rapid Auto Loans

At Rapid Auto Loans, we understand that life happens, and you may need access to extra cash, fast. That's why we're here when you need us. 

If you are a vehicle owner in South Florida and need instant cash, complete our online car title loan application form today. You can also give us a call at 954-678-5781 to find out more about our auto equity loan options.