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 for emergency costs like medical bills, home repairs, and unexpected travel costs. It allows you to borrow money from the value of your vehicle, and borrowers of all credit types can get approved.

In this guide, we will walk you through everything you need to know about this type of loan. We will explain how to get a car equity loan with bad credit by explaining the requirements and approval process.

What Is A Vehicle Equity Loan?

When you need to get money quickly and own a car outright, a vehicle equity loan could be a quick cash loan option for you. It allows you to borrow from the equity of your car. How much is your car worth on the market? That will determine how much you can borrow with car equity loans.

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:

• Overdue bills (rent, mortgages, utility bills, etc.)
• Medical expenses
• Home or auto repairs
• Unexpected travel costs
• Funeral costs
• Veterinarian bills

When you apply for secured loans using your car, a representative will evaluate the value of your vehicle and consider your equity in it. From there, they can determine if you qualify for a loan and, if so, how much you can borrow.

How Much Can You Borrow With A Car Equity Loan?

A vehicle title loan at Utah Title Loans, Inc. can be worth up to $15,000. However, that is the maximum amount, and not everyone will receive that much. Your vehicle’s value and condition will play a major factor in your auto equity loan amount. We will inspect your car to determine its worth and what you can borrow.

Here are the factors that can affect Utah equity loan value:

• Make and model
• Age
• Mileage
• Interior and exterior condition
• Modifications
• Maintenance history

As long as your vehicle retains some value, you should be able to get approved. We will explain why you get approved for the amount you qualify for to ensure you understand your car’s equity.

What Are The Benefits Of Vehicle Equity Loans?

Title loans using car equity are great fast cash loans in Utah for those facing emergencies. They offer numerous advantages for those seeking emergency financing that they won’t find when working with a traditional banking institution.

Learn more about the benefits of vehicle equity loans below:

• Save time – Unlike bank loans, approval for a title loan can happen as quickly as the same day. You can save time by starting the process online before getting approved at one of our stores within 30 minutes.
• Quick access to funds – Receiving your funds also doesn’t take a long time. After getting approved, you can get access to your emergency cash later that day, if you started early enough, or by the next business day. This allows you to quickly resolve your financial emergency to avoid missing payments and incurring late fees.
• Keep your car - Even if you get approved for a loan, you’ll still be able to keep your vehicle. This means your daily routines, like driving to work, won’t be disrupted. You only need to bring the car in during the application process so a representative can inspect it. Afterward, you get to drive home in the same car you brought.

These benefits make vehicle title loans an excellent option for those who need cash quickly for an urgent emergency. However, that is just the beginning. Learn more about how you can get approved in any credit situation.

Can You Get A Vehicle Equity Loan With Bad Credit?

Vehicle equity loans use your car title as collateral, which means you don’t have to prove your creditworthiness. The loan lender is secured against your failing to make your repayments, as they have placed a lien on your car title.

The reason banks require you to prove you have good credit is to prove you can be trusted to repay the loan. With a loan, a lender has your vehicle title as collateral, which is not required for title loans. You can get a vehicle equity loan for bad credit as long as you meet the other requirements.

Requirements For A Car Equity Loan In Utah

We have simple requirements for getting approved for a vehicle title loan. We only need a few items to help prove your identity, age, vehicle equity, and more. You must be at least 18 years old and own your car outright to get approved.

Prove you qualify with these required items for a title loan:

• A state-issued photo ID that displays your full name and age
• A lien-free vehicle title in your name
• Your vehicle for a quick inspection

We would suggest gathering these items before beginning the process. Once you know you have them, you can start the straightforward process and get approved today.

The Approval Process For Car Equity Loans

Ready to get a title loan? The process is fast and only takes a few easy steps. You can get approved today and receive your funds within 24 hours. Start the process online before coming into one of our stores to complete the process in person.

The following is a step-by-step guide on getting vehicle equity loans:

• Fill out our online form with your name, zip code, contact information, and vehicle details
• Receive a phone call for us to discuss title loan terms
• Bring your required items to the nearest Utah store location
• Get your required items verified and your vehicle inspected
• Sign the loan agreement to finish the process
• Receive your funds later that day or by the next business day

FAQs About Car Equity Loans

What are alternatives to vehicle equity loans?

If you haven’t fully paid off your car, a payday loan can help with your emergency costs. It allows you to borrow up to $500 from a future paycheck by proving your income. You can also seek an installment loan worth up to $1,500. You can get approved by agreeing to repay the loan in fixed installment payments, but you will have to get a credit check.

Can you get approved online?

While you can start the process online, you will have to come to a Utah store location to get approved. Thankfully, the in-person process takes less than 30 minutes. We also have five conveniently located stores in West Valley City, Provo, and Clearfield. Logan and St. George, you should be able to get to within 20 miles of your home.

How does title loan repayment work?

Normally, borrowers will have to repay their loan within 30 days of receiving their cash. You can handle this in a number of ways: you can repay little by little, take care of the debt in chunks, or pay it all off at once. Just remember, you will have to pay interest, so keep that in mind while coming up with your repayment strategy.

Get Vehicle Equity Loans In Utah – Borrow Up To $15,000 Today!

Need fast cash for an emergency? Let Utah Title Loans, Inc. help with our fast-approval vehicle equity loans. Apply online and get approved in person in less than 30 minutes. Start the process on this website by filling out our online title loan form. We will call you to explain the process of getting approved in person at one of our stores today!

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