AUTO EQUITY LOANS
WITH SAME DAY APPROVAL

Apply For An Auto Equity Loan And What’s Required For Same Day Approval

Do you need quick cash but want to avoid selling your car or dealing with a personal loan lender that requires excellent credit? An auto equity loan from Premier Title Loans could be the perfect solution! 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 that 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 car has to be titled in your name only and you can’t have any cosigners on the vehicle. Even if you have bad credit, – auto equity lenders are more concerned with the value of your car 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, and we’ll let you know within 30 minutes how much equity you can pull out from your vehicle.

How Can I Find Out The Equity Available In My Car

To find out the equity available in your car, you can look up recent sales for similar vehicles near you. Let’s say you own a 2022 Toyota Tacoma. 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! Remember that the car’s value may differ depending on its condition and any upgrades or modifications. Your auto equity loan amount will also depend on state lending limits and loan repayment ability.

Remember, your car’s title loan value will be lower than your vehicle’s total equity amount. 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’ll go higher for classic or collector vehicles, but no company will offer an equity loan of 100% of the vehicle’s resale value. That 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 car equity loan with Premier Title Loans.

These loans are also ideal for someone who doesn’t want to deal with the underwriting hassle that’s common 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

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 unsecured loans, as they are considered a higher-risk loan and the borrower’s credit profile is far riskier. Typically, auto equity loan rates range from around 20% to 100% APR. In some states, such as Florida and Texas, the monthly APR can approach 30% or more.

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 vehicle if you default on the loan payments. Once the balance is paid off, you can get the pink slip back, 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 ideal. Don’t hesitate to apply with us!

Premier Title Loans offers multiple ways to get cash by tapping into your vehicle’s equity. Start by filling out our online application or calling us at 800-250-6279. If you meet the minimum collateral qualifications, we’ll approve your auto equity loan and get you the money you need!