Why Consider Applying for an Auto Equity Loan
Are you wondering whether an auto equity loan is the right choice for your current financial situation? Jacksonville title loans can come in handy in a variety of situations. One of the most common reasons that many consumers make the decision to borrow money against the equity in their vehicles is how easy and fast it is to do so. If you have recently applied for a bank loan, then you already know how long it can take to complete just the application process. It takes forever to complete the paperwork. Then, you must wait days or even weeks to find out whether your application has been approved. Despite the fact that it takes so long, there is also a high probability that your application for a loan will be rejected if you do not have perfect credit or cannot come up with enough collateral. This is because a traditional bank loan is dependent upon the applicant having good credit. Unfortunately, many people today suffer from the consequences of bad credit. If you are late on even one or two credit card payments, your credit score can tank quickly. We do not take your credit score into consideration when making a loan decision, unlike banks or credit unions. Even if you have poor credit, you may still be able to be approved for a bank loan with us.
The process of applying for an auto equity loan with us is fast and simple. Simply go to the Apply Form located on our website. To get started you will need to provide your contact information and some information about your vehicle.
This information can be completed online at your own convenience. Once you have completed this form, we will provide you with a free loan quote to let you know how much money you may be eligible to borrow. We will take the current value of your vehicle into consideration in determining the loan amount. After your information has been submitted, a loan representative will contact you to discuss finalizing your loan. At this time, you can feel free to ask any questions about your loan or the loan process.
It is important for you to understand that you will need to submit your vehicle title when your loan is finalized. Your vehicle title will be used as collateral for the loan. This is why there is no need for you to pass a credit check to be approved for a loan. You will maintain full possession of your vehicle throughout the term of your loan.
There are some legal requirements you should be aware of when taking out an auto equity loan in Florida. Under Florida state law, you must be at least 18 years of age to be eligible for a loan. Additionally, you must own the vehicle you will be using as collateral for your loan.
How Auto Equity Loans Can Help You
When you are considering taking out a loan against the equity in your vehicle, you may naturally have a few concerns. We would like to address those. First, it should be understood that an auto equity loan is not intended to be a long-term loan. This type of loan is designed to be a short-term loan to assist in emergency situations in which you need quick cash and do not have access to cash elsewhere. There are finance charges associated with this type of loan that will need to be repaid. In many cases, the finance charges associated with an auto equity loan are less than the financial repercussions presented by the emergency.
You never have to be worried that you will need to answer questions about why you are applying for an auto equity loan. We do not ask you to disclose your reasons for need a loan to us. There could be any number of reasons why you might need to apply for an auto equity loan, including:
- Rent or mortgage payment
- Utility bills
- School debt
- Auto repairs
- Medical bills
- Credit card debt
- Bail money
- Bank overdraft fees
- Veterinary expenses
- Lawyer fees
- Funeral expenses
- Wedding costs
These are only a few of the reasons why many consumers choose to take out an auto equity loan to obtain the money they need. The funds from your loan can be deposited directly into your bank account within one day or less from the time you are approved for your loan, allowing you to use the funds as you see fit.