Find The Right Loan That Accepts Your Car As Collateral In Utah

If you’re in Utah and want to use your car as loan collateral, look no further than Utah Title Loans, Inc.! You could borrow up to $15,000 using your car as collateral, depending on what your car is currently worth.

In this article, you’ll learn everything you need to know about finding the right loan that lets you use your car as collateral in Utah. By the end, you’ll know how to get started and work with a representative to complete your application!

What Kind Of Loan Accepts A Car As Collateral?

The kind of loan that allows you to use your motor vehicle as collateral is simply known as a car collateral loan. With this way of borrowing money, you can qualify to get a certain amount of money based on the value of your vehicle.

However, you will need a lien-free car title to apply for one of these loans. That means the title must show that you own the vehicle outright with no outstanding loans or judgments against it.

Still, you do have other options if you aren’t the full owner of your car just yet. For example, you can also take out loans against the equity you have in your car through a vehicle equity loan or an auto equity loan.

As the name suggests, the amount you qualify to borrow through something like a vehicle equity loan will depend on the value of your ownership in it, i.e. the equity you have in the vehicle.

Whichever you choose to apply for, you can rest assured that the process is quick and easy to complete. Aside from only needing a few things to qualify, you’ll also receive plenty of customer support from the representative who guides you through to completing your application.

So, don’t be afraid to bring your questions or concerns to them. They’ll be more than happy to help you with them!

How Do You Find The Right Car Collateral Loan?

When you find yourself needing quick cash and having a car to use as collateral, getting a loan in Utah is easier than ever before.

Here’s the only thing you need to do: fill out the online form with your information and submit it as soon as possible. That will include your name, contact information, ZIP code, and a few details about your car. That’s all there is to it!

Completing that form will send your information to a representative at a nearby store location. Soon after that, the representative will call you on the phone to discuss your financial needs.

Once they understand what you need, they’ll guide you through the rest of the application process. That means they’ll ensure you understand what’s required and what you can expect in the steps after that point.

Next, they’ll work with you to set a time and place to meet in person and finalize your application in a meeting that you could be done with after as little as 30 minutes. During that meeting, the representative will check your documents and inspect your vehicle to see how much it’s worth. That will enable the representative to tell you whether or not you qualify for the loan and, if so, how much you can borrow. If everything goes well and you’re approved, you could get your money on the same day of your application or by the next business day.

How Much Can You Borrow When Using Your Car As Loan Collateral?

You could borrow as much as $15,000 when you use your car as loan collateral. The precise amount will depend on how much your car is worth, as determined by the representative.

They’ll perform a physical inspection to understand your car’s condition. Then, they’ll check a nationally recognized pricing guide.

The combination of those two tasks will help them calculate how much your car is worth and how much you can borrow.

Can You Qualify For A Car Equity Loan With Bad Credit?

Yes, you can still qualify for a loan using your car as collateral, even if you have bad credit. The success of your application will depend on other factors like your car’s value and your ability to repay the loan.

So, don’t worry about getting disqualified due to your credit! Your application will be evaluated the same just as anyone else’s, regardless if your credit is good or bad. 

Start Now!

The best time to apply for an auto equity loan or car equity loan is right now with Utah Title Loans, Inc.! Take the first step now by filling out and submitting the online form with the required information.

Then, keep your phone turned on and nearby as you wait for the representative’s call. It won’t take long before you’re on the phone with them discussing your loan application!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.