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People need money fast, but they do not want to apply for a payday loan. These types of loans can cause them to fall into debt that increases their financial difficulties. They do not want to ask for a loan from their families and friends because this can damage relationships. They may only need a small amount of money, so it would be impractical to obtain a loan using the equity in their houses.

If people in need of fast funds are in any of the situations described above, they may qualify for an auto equity loan Richardson.

Who Can Receive an Auto Equity Loan?

In order to receive an auto equity loan Richardson, people will need to have a car, truck, motor home, motorcycle, RV, or van.

VIP Title Loans will determine if there is enough equity in the vehicle to qualify for a loan. If so, borrowers will receive an amount of money based on the equity.

What Do People Need to Apply for an Auto Equity Loan?

It couldn’t be easier to apply for an auto equity loan Richardson. The entire process only requires about 30 minutes of the applicants’ time. First, Texans will need to take their vehicles to be inspected. This allows the company to decide how much money the owners are qualified to borrow. At this time, applicants will need to bring in the following documentation:

  • The automobile’s Texas title
  • The applicant’s proof of income
  • Proof that the applicant has a Texas residence
Do Borrowers Need to Have a Particular Credit Score?

With some lending sources, potential borrowers need to prove that they have the required credit score.

If they do not, they may be turned down for a loan. An auto equity loan Richardson does not require that people have any particular credit score because whether they qualify for a loan or not is determined by the equity in the vehicle and never on the car owner’s credit history. Even those with bad credit can receive the money they need from an auto equity loan Richardson.

Why Is VIP Title Loans Better than the Rest?

Now that people know more about auto equity loans, they may be wondering why they should apply with VIP Title Loans and not with one of the many other auto equity lenders.

VIP Title Loans is registered to do business in the state of Texas. Other lenders may be registered in other states, and this means that they are not governed by Texas laws. If there is a problem, borrowers would be subject to the laws of these other states, and these laws may be more favorable to the lenders’ interests.

An auto equity loan from VIP Title Loans means that borrowers receive a loan that has a definite term that can be as long as one year.

Other lenders offer loans that have very short term lengths. If borrowers have difficulties repaying their loans within the very short term period, these lenders will require that borrowers fill out paperwork every time they need to renew their loans.