What is a Car Equity Loan?
A car equity loan is another type of loan available to customers who need access to quick funding. The term equity depends on the context. Generally, in finance the term equity means the value of the asset after all liabilities on the asset have been paid off. For example, a vehicle that has been paid off is now the equity of the owner. The owner now has the ability to do anything they want with this asset.
Use the Value of Your Vehicle to Secure a Car Equity Loan
If you own a vehicle that is registered to your name and has been completely paid for, you are able to use the equity in that vehicle to secure a loan. A car equity loan is available to all customers that meet the following requirements:
- • Free and clear ownership of the vehicle (Vehicle must meet state minimum wholesale value requirement )
- • Proof of Income
- • Proof of Residence
- • Valid Driver’s License
- • Six References
Improve Your Credit Score with a Car Equity Loan
Instead of using traditional lending institutions, using the equity in your vehicle can assist you in qualifying for a loan because you are using the value of your vehicle as collateral and not your credit. This allows customers the opportunity to be approved and receive funding with bad credit or insufficient credit. A low credit score on it's own will not deter you from getting a car equity loan. Our car equity loans are here as an option for people who have been turned away from other traditional lending sources
Applying for a car equity loan can assist customers by improving their existing credit scores if they are able to pay off their loan on time. And when you use the equity in your vehicle you can receive funding within the same day you apply! Why should a low credit score keep you away from getting money when you really need it? Using a car title as collateral is an excellent way to secure a loan. Depending on the value of your vehicle, you can get all the way up to $50K using your title to back up a financial loan.
Apply for a loan with Trading Financial Credit LLC with our secured online application!
Give us a call with any questions at 800-737-0900