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What Is A Vehicle Equity Loan, And Can I Get One With Bad Credit?

A vehicle equity loan from Utah Title Loans, Inc. can be incredibly helpful when you need money quickly, even if your credit isn’t so good. If you’re wondering what it is and how it works, you’ve come to the right place!

This quick guide will walk you through everything you need to know about this type of loan. First, you’ll discover what it is and what you can use it for. Then, you’ll learn how to apply for one quickly. Let’s get started!

Toy car on coins with text: What is a vehicle equity loan, and can I get one with bad credit

What Is A Vehicle Equity Loan?

When you need to get money quickly, and you have a car of your own, a vehicle equity loan is an option you can consider. It’s a way to borrow money against the equity you have in your car, and it comes with many unique benefits.

Many borrowers find this type of loan helpful when they face financial emergencies. For example, people might need to borrow money quickly when they experience:

  • Emergency medical procedures
  • Urgent automotive or household repairs
  • Overdue rent and utility bills
  • And more.

When you apply for one of these loans, a representative will assess how much your vehicle is worth and consider how much equity you have in it. From there, they can determine if you qualify for a loan and, if so, how much you can borrow.

Overall, the process to get one of these loans is also pretty straightforward. That means you won’t have to worry about satisfying long lists of requirements or waiting weeks just to get an approval.

How Can A Vehicle Equity Loan Help Me?

Earlier, you read that borrowers find that a vehicle equity loan can be incredibly helpful in their time of need. That’s certainly true because of the unique benefits that it offers. Here’s how one of these loans can help you:

  1. It can save you time: First, getting one of these loans can save you plenty of time. That’s helpful when you’re facing a financial emergency that’s also time-sensitive. For example, the in-person part of the application can take as little as 30 minutes to complete.
  2. It can give you peace of mind: Not only is the application process straightforward and quick, but you’ll also have a representative helping you from start to finish. You can turn to them when you have any questions or concerns, and they’ll gladly help you.
  3. It lets you keep your car: Even if you get approved for a loan, you’ll still get to keep your vehicle. That means your daily routines, like driving to work, will not be disrupted. You only need to bring the car in during the application process so a representative can inspect it. Afterwards, you get to drive home in the same car you brought!
  4. You get fast cash: Most importantly, you’ll receive the money you need quickly. That could mean as early as the same day of your application or by the next business day.

As you can see, these benefits are exceptionally helpful for a person when they’re struggling with a financial emergency, with little time or energy to waste.

Can I Get A Vehicle Equity Loan With Bad Credit?

One of the unique benefits of this type of loan is that you can get one even with bad credit. Whether your credit is good or bad, your application will be considered just like that of any other applicant. Just make sure that you fulfill the other requirements for a vehicle equity loan, and you can proceed with your application.

How Do I Get A Vehicle Equity Loan?

When you’re ready to get a vehicle equity loan, here’s what you’ll need to do:

  1. First, fill out the online form on the website with your required details. That will include your name, contact information, and details about your car.
  2. Next, submit the form and wait for a loan representative from the nearest location to call you. During that call, they’ll let you know what to prepare for the application process and answer any questions you might have.
  3. Then, meet the loan representative in person so they can inspect your car and help you finalize your application.
  4. Finally, wait for a loan decision. If you’re approved, you could get the money on the same day or by the next business day.

As you can see, the process is both straightforward and transparent. That means you won’t have to worry about any surprises along the way, especially with the loan representative supporting you throughout!

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Get Started Now!

Now that you know everything about getting a vehicle equity loan, all that’s left is to get started with Utah Title Loans, Inc.! Take the first step by filling out the online title loan form on the website. Soon after that, you’ll receive a call from a loan representative who will take you the rest of the way!

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

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.