Anyone who ever been denied for a loan knows how demeaning it can feel. Loans are denied for many reasons, including not enough time on the job, the borrower’s credit report, or even how long the borrower has lived in his or her home. But, people in the Dallas-Worth Worth Metroplex area can tap into their auto’s equity and borrow money with an auto equity loan Plano from VIP Title Loans.
How to Get an Auto Equity Loan:
A potential borrower needs to visit one of VIP Title Loans‘s conveniently located offices for an auto equity loan Plano.
The borrower’s vehicle is then inspected and the loan terms are finalized. The lender files a lien against the automobile used as collateral and the loan is funded. Everything can be accomplished the same day!
When the loan is paid off in full, the lien is removed, and the borrower remains the owner of the car with no encumbrances against the car’s title.
VIP Title Loans will finance an auto equity loan Plano for up to a year at an interest rate of 6 percent. Unlike other easy-to-get loan products, the interest is minimal. If a borrower got an auto equity loan Plano for $4,000, financed for one year, the total principal and interest to be repaid would be $4,240.
Payday-loan stores and cash-advance lenders require that the full interest and entire principal balance be paid every two weeks. Then the borrower takes out another loan.
By renewing this loan every two weeks, the total paid out over a one-year period would be from $10,000 to 16,000. The interest would range from 150 to 300 percent annually. It is easy to determine that an auto equity loan Plano is a far better option.
Title Loan Paperwork:
A potential borrower should bring proof of residence, income verification, and the car’s pink slip (title). If the car is not completely paid off, VIP Title Loans will put the amount owing to the loan and save the borrower money. No credit report is ever run.
VIP Title Loans will also loan money on recreation vehicles, motorcycles, and industrial equipment that have a clear or almost-clear title.
Unlike other lenders that must get multiple approvals on the money, they loan, VIP Title Loans can process an auto equity loan Plano in around 30 minutes.
This means that the borrower can pay off his or her bills on the same day that the loan is applied for. There is no faster way to borrow money.
Still the Owner of the Car:
The car owner still remains the legal owner of the car used as collateral. There is also an optional auto club membership that borrowers can enroll in that will allow the borrower to walk away from the car and the auto title loan if the car is either wrecked or breaks down.
VIP Title Loans doesn’t care what the borrower’s credit report looks like.