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!
Our team at Rapid Auto Loans has put together five perks of an auto equity loan.
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.
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!
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.
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.
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!
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.
If you have ever taken an auto loan, you may have also heard your lender mention the words “car equity”. But did you ever mind enquiring the meaning of the term, or its significance on your loan? Auto equity is the difference between the current market value of your vehicle and your auto loan. For instance, if the market value of your car is $15,000 and you owe your lender $5,000, your car equity is $10,000. Therefore, a car equity loan is the amount of money you can borrow against your vehicle’s value.
A little bit of extra cash can go a long way, but unfortunately, money doesn’t grow on trees.
In today’s world, having good credit is extremely important. It’s necessary for buying a car, a home, or renting an apartment. But many adults have errors on their credit reports. Fortunately, there is a way to get it back on the right track. Sure, you could save money and repair it on your own, but we highly recommend trusting professionals who know how to do it right.
Car title loans give you quick cash when you’re having trouble financing Christmas or Hanukkah gifts this holiday season. These loans use the value of your vehicle as collateral for your loan. Ultimately, car title loans can also help you stay current with your bills.
Financial tips that teach you how to closely track your expenses ensure that you budget wisely. When you are working hard to stay afloat, you may at times need some quick emergency cash from a car title loan. At Rapid Auto Loans, we offer car title loans to those with a free and clear vehicle title that is used as collateral for the amount of the loan.
If you’re in search of fast funding, a quick loan could be your best option. Quick loans, such as car title loans, allow you to obtain the funds you need and still drive your car. Learn more about car title loans and how they work.
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