Get Vehicle Equity Loan with Us – What is it?
A secured loan that targets consumers with poor credit and uses your car as security is called a car equity loan. Online lenders and other alternative lenders are more likely to offer auto equity loans than big Canadian banks or credit unions.
This type of loan is based on the value of your car, truck, or motorcycle, and it doesn’t require perfect credit scores or lengthy approval processes. Car equity loans are an ideal solution for those needing fast, hassle-free access to cash.
The amount you can borrow with an auto equity loan is determined by two key factors: the amount of equity you own in your car and its fair market value. So, if you own a car with a fair market value and fully paid off of your car loan, you can borrow a loan instantly. Auto equity loans provide a quick and efficient way to access the funds you need, leveraging the value of your vehicle without the complications of traditional lending processes.