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AUTOMOBILE EQUITY LOANS

An automobile equity loan similar to a home equity loan, except that in the case of an automobile equity loan, the value of your vehicle is used in place of your home to secure a loan which is paid back with interest over an agreed period of time.

Just like other types of loans, an auto equity loans comes with its own risk. For example, if you fail to pay back the loan, you will risk losing your car and if your lender reports to the credit bureau it can even get worst as this will adversely affect your credit rating.  

As a result of the risks involved, an auto equity loan should be considered as an option only when you are in an emergency situation and it seem like other means of getting emergency cash loans are not working. Other means of borrowing against the equity of your car include going for a car title loan, and auto loan refinancing. All these other options should also be explored in emergency situations. You can get to know how automobile equity loan works via https://www.tfctitleloans.com/how-does-a-car-title-loan-work/

Auto equity loan is an avenue through which people who do not have very good credit standing can assess emergency financial help. It does not involve your lender carrying out any credit checks as they are more focused on the quality of your car and your capacity or ability to repay the loan. This is why one of the major requirements needed to access an auto equity loan is that the borrower has a verifiable source of income or own a business that generates revenue. You can get a glossary of title loan terms on https://www.creditcards.com/credit-card-news/glossary/term-title-loan.php    

Where Can I Get Auto Equity Loans?

Common places where you can get an equity loan include community banks and credit unions. The interest that is offered to the borrower depends on the value of the car, credit score, and credit history. However, it must be noted that banks such as Wells Fargo, Bank of America, Chase, and Citibank do not offer equity loans. Equity loans are offered by most smaller banks.

According to federal credit unions standard, the maximum annual percentage interest rate that can be charged on an equity loan is 18% aside the application fees. Check on https://www.tfctitleloans.com/car-title-loans-near-me-open-today/ to see a list of car title loans open near you.

You can apply, qualify, and secure an equity loan from a lender online. There are a couple of reputable lenders online who offer equity loan, all you need to do is to search the internet. However, it is recommended that you should read reviews about any lender you wish to borrow from so that you do not fall in the wrong hands. Make sure your preferred lender is one that will work to serve your best interest.  

The two major lenders offering auto equity loans are Mariner Finance and OneMain Financial. They offer secured loans below 36% to car owners who have poor credit scores below 630.

The process of securing equity loans is same as that needed for other type of loans. Apply online with your lender or visit their local office in your neighborhood to apply in person, undergo a few document checks, get approved for a certain amount and you have your loan amount credited into your bank account. It is that simple and straightforward.

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