Auto Equity Loans: A Fast Way To Get The Cash You Need
Those facing an emergency like a roof repair or a medical bill may be stressed about how they are going to pay for it. When situations like this arise, one may look into auto equity loans as a fast cash option.
If this sounds like you, it's no wonder you're stressed. Everything costs more today and just one additional bill can tip the financial scale.
In this article, we will explain how auto equity loans can help you get the fast cash you need for any emergency situation you are facing.
What Is An Auto Equity Loan?
Auto equity loans, also called title loans, are a way to utilize the value of your vehicle to get the cash you need. Those who have paid off their vehicles have equity in them, similar to the equity you have in your home after you've paid on it for a while. This type of alternative financing allows you to draw on that vehicle’s equity to pay for an unexpected situation.
Why Would I Get Auto Equity Loans?
There are three reasons why many take out auto equity loans. They look to this type of alternative financing because they don't have enough in savings to pay for the emergency, they would likely get denied a traditional loan from a bank or credit union, and they need cash quickly to resolve the problem.
Below we will take a closer look at these three reasons.
No Savings
Statistics for 2023 show that only 30 percent of Americans have emergency savings but they don't have what experts say are adequate savings. Adequate savings is considered to be enough money to cover expenses for at least three months.
Besides that, 22 percent of adults state they have no emergency savings set aside at all. This makes alternative financing like auto equity loans a valid option for many people.
Lack Of Bank Approval
In this economy, it is more difficult to get approved for a loan. Banks are getting stricter about approving personal loans, requiring higher credit scores.
They also require people to be working at a job for at least six months to a year to consider them for a loan.
Cash Is Needed Quickly
Another problem for many people is they need money fast to pay for something like a home or car repair. Living with a busted water heater or relying on a vehicle that needs repairs can be an issue.
Where To Look For A Loan?
An auto title loan from one of the Auto Cash USA lenders can provide you with funds up to $15,000, depending on the value of your vehicle and your ability to repay. These private lenders require that applicants have a driver's license or another state-issued ID, a lien-free title to the vehicle being used as collateral, and the vehicle itself for inspection.
One interesting note about the private lenders in the Auto Cash USA network is that they don't require employment to get a title loan. However, you do need to have a source of income that allows you to repay the loan. It can be from self-employment, independent contract work, government checks, or other sources of regular income.
How To Find Out More
It's best to talk directly to one lender about the title loans they provide as all lenders are different. Policies and requirements for each may vary.
One easy way to find the lender for you is to get in touch with Auto Cash USA by filling out the secure online inquiry form. This is not an application and you aren't obligated to take out a title loan by filling it out. It simply allows the lender to contact you with more information.
Submitting the form will prompt an Auto Cash USA representative to connect you with, a lender in your area that best fits your needs. When you speak with the loan representative from the lender’s location, they will explain more about what's required, give you an idea of how to qualify for an auto equity loan, and even how much your monthly payment will be. They will also set up an appointment to meet with an agent.
One of the coolest new trends among those offering auto equity loans is applicants no longer have to meet at a store. Appointments can be set up at a convenient location of your choosing.
At the meeting, the loan agent will validate your documents, verify the VIN, and do an inspection of the vehicle. After that, those approved will sign some simple forms. Then, the final loan papers are emailed to you for an e-signature.
This entire process can be finished in as quickly as 30 minutes.
And if approved, the money will be directly deposited into your bank account on the same day or the next business day. The best part is, you get to keep your vehicle while you repay the loan, as only your title is used to secure the loan.
Submit The Online Form Today!
You don't have to continue to worry about that unexpected expense. Filling out an inquiry form will get you the information you need to make a decision that's right for your situation. It won't result in an intrusive credit check and doesn't obligate you in any way to take out a loan.
Fill out the inquiry form and find out how much money you qualify for today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.