AUTO EQUITY LOANS
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Same Day Auto Equity Loans – What’s Required & How They Work

Do you need quick cash but want to avoid selling your car or dealing with a personal loan lender that requires excellent credit and a lot of paperwork to underwrite your loan? An auto equity loan from Premier Title Loans could be the perfect solution if you’re looking to save time and get cash in 24 hours or less! These types of car title loans allow you to borrow money using the equity in your vehicle as collateral, and you can get approved with a FICO score of less than 650.

Any company that offers car equity loans can process an application entirely online, and you may even get the funds on the same day through direct deposit. The bottom line is that if your car is worth a few thousand dollars, you should be able to cash out some of its equity and use that as security for a car title loan!

When you first apply with Premier Title Loans, we’ll need general contact info and details about your vehicle’s make, model, and year to get pre-qualified for a car equity loan. Once we start underwriting the details, we’ll need proof of income, residency, and proof that your vehicle is registered and fully insured. As always, with a title loan, you must have a lien-free vehicle, as the car’s title will be signed over to your lender as collateral. The vehicle has to be titled in your name only, and you can’t have any cosigners. Even if you have bad credit, you still stand an excellent chance of getting approved if you have a newer, lien-free car or truck. Auto equity lenders are more concerned with the value of your vehicle than your credit history.

So why wait? An auto equity loan can be a lifesaver if you have poor credit but want to borrow $3,000 or more! Premier Title Loans offers quick approval online or over the phone at 800-250-6279. We’ll let you know within 30 minutes how much equity you can access from your vehicle.

How Can I Find Out The Equity Available In My Car

To determine the equity available in your car, you can research recent sales of similar vehicles in your area. Let’s say you own a 2022 Toyota Tacoma with 85,000 miles on it. If we find a handful of local sales for this truck of around $20,000, that means your vehicle has the same amount in equity! Keep in mind that the car’s value may vary depending on its condition and any upgrades or modifications. Other factors that can influence your vehicle’s value include mileage and whether the car has been salvaged or involved in a significant accident. Your auto equity loan amount will also depend on state lending limits and your ability to repay the loan.

Remember, the title loan value of your car will be lower than the total equity amount of your vehicle. Just because you get a bluebook value of a certain amount doesn’t mean the lender will offer that to you in the form of a title loan. Most equity lending companies will fund a loan at 40% to 70% of the auto’s current value.  In some cases, they may go higher for classic or collector vehicles. Still, no company will offer an equity loan with a loan-to-value ratio of 100% of the vehicle’s resale value. Offering less than the vehicle’s value gives them some leeway and security if there’s a default and they must take back the car to settle the balance.

How Can An Auto Equity Loan Help Me

An auto equity loan can provide a fast and convenient funding source when you can’t get approved with traditional unsecured lenders. For example, you may have unexpected expenses or want to make a large purchase, but need cash today. Or perhaps you need quick financing for car repairs or some other type of financial emergency. Whatever the case, auto equity loans offer an easy way to borrow money using your vehicle’s value as collateral. And because they are secured loans, auto equity lenders tend to have more flexible qualifications and often approve applicants with poor credit! So if personal loans from a bank or credit union are not an option, consider applying for a car equity loan with Premier Title Loans.

These loans are also ideal for people who prefer to avoid the underwriting hassles commonly associated with banks and personal loan lenders. Whereas a bank may take weeks to underwrite and approve your application, an equity loan on a car can be finalized in one day or less. Your car’s value guarantees a set loan amount; once an underwriter has the value, the approval process can move quickly! One last benefit of these equity loans is the high loan amount! Your vehicle’s value determines your initial loan amount, meaning you can borrow $2,500 to $25,000 with a typical equity title loan!

Rates For Auto Equity Loans & Can I Refinance?

Auto equity loan rates can vary depending on the lender’s requirements, your credit score, and your specific lending profile. On average, auto equity loan rates are typically higher than those of unsecured loans, as they are considered a higher-risk loan due to the borrower’s riskier credit profile. Typically, auto equity loan rates range from around 20% to 100% APR. In some states, such as Florida and Texas, the monthly APR can exceed 30%.

Refinancing an auto equity loan is always an option if you have an existing title loan or registration loan with an interest rate of 40% or higher. Don’t continue paying high rates to a lender that charges rates making it nearly impossible to repay your loan. Contact Premier Title Loans at 800-250-6279 to get a same day quote to refinance your vehicle equity loan. We’ll outline several options to potentially reduce your APR, and we’ll notify you immediately if we’re unable to assist you.

Keep Driving Your Vehicle With An Auto Equity Loan

People get concerned that they won’t be able to drive their vehicle when they take out an auto equity loan. Borrowers are familiar with what happens with title pawns and think they must hand over their keys to the lender as collateral for an auto pawn. However, with car equity loans, you can continue to drive your vehicle while making timely payments. The only change is that your lender is added as the primary lienholder to the title and they have first rights to the car if you default on the loan payments. Once the balance is paid off, you can retrieve the pink slip, and the title will be free and clear.

Apply Now For An Equity Loan With Premier Title Loans

So why wait to see how much money you can borrow? If you have collateral in your vehicle, an auto equity loan in Florida, California, or other parts of the country can be an ideal option. Loan amounts start at $1,000 for cars and trucks valued at $2,000 or more. For higher-value vehicles, title loans can reach $10,000 or more. Don’t hesitate to apply with us to see what sets us apart from other auto equity lenders!

Premier Title Loans offers multiple ways to access cash by leveraging the equity in your vehicle. Begin by completing our online application or calling us at 800-250-6279. If you meet the minimum collateral requirements, we’ll approve your auto equity loan and provide you with the funds you need.