What Is A Car Equity Loan?

Sep 7, 2021
Title Loans


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.

 

How to Apply for A Car Equity Loan

Are you stuck in a situation that needs fast money? How about getting an auto equity loan? Though each lender might have different guidelines on their loans, getting an automobile loan is not as hard as processing a personal loan.

 

Here are some guidelines to follow:

 

Confirm that You are Eligible

Most lenders prefer offering auto equity loans to car owners with positive equity. Therefore, confirm your auto equity before applying for a car loan.

 

Search for a Lender

Quality auto equity loan lenders are scarce. If you don't have one in your mind, try searching online for local car title loan lenders near you.

 

Complete the Loan Application Process

With Rapid Auto Loans, completing an online car title loan application has never been easier; all you need is a registered vehicle, a photo ID, and a mail item dated within 45 days! Simply apply for a car equity loan by filling out this form. In as little as 30 minutes, you could have an approval in-hand! 

 

Get Your Money

After you've filled out a title loan application online or on the phone, an amount will be decided based on the value of your vehicle and the information on your application. You will then need to make an appointment and visit one of our authorized inspection centers or download our online tool.

 

When is an Auto Equity Loan Useful?

You can use an equity loan in the following situations:

 

To Fix Emergency Issues

You may be a pro in budgeting, but you cannot fully be able to plan for all emergencies. Unpredictable situations such as accidents, medical bills and home damages may come up when you are in your financial low. Applying for a quick loan against your car's value could help you in a pickle.

 

When Traditional Loans Prove Too Hard to Get

Sometimes traditional lenders may provide you with so many credit guidelines that it becomes difficult to get a loan. For example, they may need you to own a home besides your car before qualifying for credit. If such happens, try reaching out to In these situations, a car title loan company can be a solution. Additionally, many car equity loan lenders are predatory, with exorbitant interest rates and ridiculous repayment plans. With a car title loan from Rapid Auto Loans, we promise that's never the case.

Benefits of Car Equity Loans

Here are three major reasons you should consider auto equity loans over other types of loans.

 

Competitive Interest Rates

If you need emergency funds that won't need you to repay with exorbitant interests, then an auto equity loan with Rapid Auto Loans could fit the perfect fit! Since your car already serves as collateral, lenders compensate by charging less interest on your loan.

 

Easier Application Process

Like we mentioned before, applying for a loan with Rapid Auto Loans is simple. All you need is a photo ID, a registered vehicle, and a piece of mail dated to you within the last 45 days. Within 30 minutes, you could be leaving the inspection center with a check in-hand!

 

No Employment Verification

You don't have to be employed to qualify for these auto loans. All your lender needs to know is information about your car.

 

Do You Need a Car Equity Loan? Rapid Auto Loans Has Got You Covered

Is it not amazing to have someone you can always rush to for quick and cheap monetary assistance? At Rapid Auto Solutions, you can trust us for all your financial needs. In as little as 30 minutes, and with minimal requirements, we can process a car equity loan for you. Contact Rapid Auto Loans to get your car title loan, today.

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Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.