Many times we all, in one way or the other, run into a financial fix. Depending on the situation, some might be easily overlooked; other may require an urgent intervention or action. At times, a wallet flip might just do, while most cases will take you right to the bank.
Sometimes, the funds required may be readily available and within your reach. However, in most cases, you might have to ‘break your bank’. It would have been nice if your financial institution could attend to your issue with an equal mete-out to your emergency. But, if you have ever been in this situation, you would rather agree with us that it is not really an experience you’d love go through more than once.
We rather you find a better alternative, some other less stressful, less scrutiny, less paperwork, a more efficient system that can be of better help. You’ve got it right here – Car Equity Loan.
Do I need quick cash – What Do I Do?
We understand that you can’t stand the highly demanding processes; its rigidity and the ‘almost’ inconsiderate policies that make it a herculean task for you to access loans from your traditional bank or credit union. All other options don’t check-out except for the vehicle! Aha! But wait, does that mean you get to give away the car?
Definitely not. Your car is probably indispensable at this point. Its utility load is the ‘hail Mary’ any day, any time. And even if it is still on the mortgage, no need to worry. A car equity loan won’t take away your car. It’s not like you’re putting it up for auction. If that was the case, then it wouldn’t be about the loan anymore, but a different business altogether.
All you need is to get a good grasp of how this works and you are on the go.
All I Need to Know About Car Equity Loan
First, you have to understand what loan options are available for you. They include; open-ended loans, closed-ended loans, secured loans and unsecured loans. However, this article will be focused on secured loans.
A secured loan is the type of loan where you get a loan by offering an asset; (say outright owned apartment, business, heirloom, stocks, bonds or other valuables, wherein automobiles are enlisted, which could be vehicles, vans, trucks, cars, travel trailers, motorcycles and others alike) or properties as such to a lender as collateral.
The essence of the collaterals that it ensures that you, the borrower, are committed to repaying funds received from the lending party.
An example of a secured loan is the Car Equity Loan where individuals who don’t have, or are yet to have a clear title on a vehicle, but have enough equity on their car, can get loans from loan lenders while they keep making payments for their car.
You get a loan by offering the car equity loan company your equity title on your car or vehicle as collateral and the best part is, you still get to keep and make use of your car or vehicle!
How Does Pawning the Equity in Your Car for a Title Loan Work?
By pawning the equity in your car to get a title loan, you are permitting the loan company to place a lien on your pledged asset. That is, making the lending company a ‘lien holder’ to the property used as collateral – your car or vehicle equity.
In other words, you are giving the financier a legal claim over your vehicle. So, you’d be absolutely right if you say that secured loans can interchangeably be called collateral-based loans. And as with all secured loan schemes, there is the possibility that the lender might also take over ownership of the collateral. But this is only in a case where you – the borrower defaults.
Car equity loans were developed to work in such a way that individuals with bad credit but who own a car or vehicle to have a way of accessing cash whenever they need it.
You may not own the car outright. You may not even be in possession of your car again, maybe because it has been locked up in the impound yard. Whatever your case may be, we can still help you.
Just about anybody is eligible to access a cash loan despite the current state of their credit report. So, even if your loan application has been declined in a conventional lending institute like banks, you can still qualify for a bad credit auto equity loan.
Most of the customers that approach us for cash loans at Car Title Loans California are people with bad credits. Getting a car equity loan bad credit with us is completely hassle-free.
Car equity loans are available both in physical offices and online services. In recent times, an online title service is one way you can get fast access to cash when you are in need of financial help or when you have a financial emergency. Car equity loans are easy to get and are always within your reach if you have a car that will qualify you.
Car equity loans are the ideal solution for people with poor, bad or no credit worth. The value of the car and your capability to pay back the loan at the stipulated time (as contained in the agreement) during the time of securing the loan determines the amount of loan you. Lastly, you do not need to be employed to be qualified for a car equity loan.
What qualifies Me for an Auto Equity Loan?
The first qualification for this loan is the need for the cash. Secondly, this loan is the perfect option for people who do not own a car outright. That is to say, even if their car does not have a clear title in their name, or the car is still tied to a lien holder, you still qualify.
Even if you are still making payments for the car, you can still qualify for an auto equity loan. So just about anybody is eligible to access a cash loan despite the current state of their credit. So, even if your loan application has been declined in a conventional lending institute like banks, you can still qualify for an auto equity loan.
How to Get Access to Car Equity Loans?
A vehicle equity loan with Car Title Loans California is quick and prompt. You can access this title loan with the equity in your car in just four (4) steps;
- Get approved
- Provide the necessary documents
- Get Paid
What You Need to Get an Auto Title Loan
These are the primary data and stipulations that our title loan sales representatives will use in evaluating your eligibility for the fund upon processing your car equity loan application.
- Your personal details (which includes your name, home address, email address, and contact phone number)
- Model/make your car or vehicle
- Mileage on your car or vehicle
- Pictures of the odometer
- A valid ID
- Proof of income per month
Are Car Equity Loans legal?
Yes, they are, in several states in the US, California inclusive. Although many other states to place a limit on the loan amount and terms and also certain regulations like the APR (Annual Percentage rate) limit. However, some state doesn’t allow this because certain auto loan companies use this measure to exploit the individuals of the state
How Much Dollar Amount Can I Get?
It will interest you to know that at Car Title Loans California, we offer you between $2,050 and $50,000 cash advance. So, it is excellent for unexpected expenses. Remember, the value of the loan also depends on the value of the car. Therefore, the more your car is worth, the bigger the loan you can receive.
Sounds Too Good! Are There Any Downsides to Auto Equity Loans?
Well, anything that has an advantage is bound to have some cons. And while some may argue that the drawbacks overshadow the benefits, it is important to realize that the loan is the surest way to get access to quick cash and solve urgent needs. Some of the disadvantages of a pink slip loan are;
- The interest rates are relatively high. It may even get higher when trying to make payments when you default. The interest rate could even skyrocket when referring to it per annum.
- Unforeseen circumstances which could hamper your ability to fully repay.
- It is typically a short-term loan by design
Regardless of all these demerits, Car Title Loans California offers you a longer title loan duration of about 24 – 36 months, and our interest rates are relatively low, competitive and affordable. Plus, we provide you with the best and a safer auto equity loan service within California.
Car Equity Loans with Car Title Loans California
There are many title loan companies out there, but only a few can be trusted to offer the best and safest title loan service.
Out of the numerous title loan institutions in California, Car Title Loans California has been singled out to be the most trusted and reliable car title loan lender. When you apply to Car Title Loans California for a car equity loan, you get a quote, and you get funded the same day with stress-free verification process within the states of California
Below are the attributes that have given Car Title Loans California an edge over their competitors in the car title loan market.
- Easy application and a fast approval process. You can get a cash advance using the equity in your car within 24 hours.
- There are no limitations whatsoever on how you can spend the cash you receive
- On like some vehicle identity loan companies, we allow you to keep and drive your car while you make your loan payments.
- We offer the highest value for your vehicle compare to our peers in the industry. With the Kelly Blue Book (KBB) value of your car, you get more cash with us using your vehicle’s equity.
- There are no prepayment penalties or hidden fees. You are free to pay off your loan before the due date, whenever you want.
- We are equipped with experienced title loan staffs to process your loan promptly. Our customer service reps are well trained to handle your inquiries answer any of your questions.
Visit any of our title loan locations near you to commence with your application. If you prefer a one-on-one approach, then, do not delay any further. Call us today on 1-844-242-7467 to document your application over the phone.
We can put that cash you need in your pocket quickly, and on the same day, with no hidden charges. And as long as you can provide us with the necessary documents we require, we guarantee you super-fast funding in 24 hours.