What is an Auto Equity Loan?
An auto equity loan is a cash loan that uses your vehicle as collateral.
The amount of the loan can be up to the wholesale value of the car. You don’t need to own the car outright nor do you need to give up your car or its title to get this type of loan.
Why Might I Need One?
There are a hundred reasons you might find yourself strapped for cash. You might find yourself with unexpected medical bills.
You may be facing temporarily reduced hours at work. You might need extra cash to finance Christmas or a vacation. With an auto equity loan, you can get cash to cover these expenses.
How Does an Auto Equity Loan Work?
Simply bring your car and any required documentation into an auto loan company such as VIP Finance of Texas and receive a loan up to the wholesale value of your vehicle.
Then, continue driving your car while you make affordable monthly payments to the loan company.
The company will simply put a lien on your car; they will not own your car or your title.
Why Should I Choose VIP Finance of Texas?
While there are other places you could get an Auto Equity Loan, VIP Finance of Texas is clearly the best option. Compare our interest rates with those of other companies. We charge a very affordable six percent; they charge interest rates of up to 300 percent! With them, nearly your entire payment goes toward paying the interest they charge and very little of it actually goes towards paying down your balanced. By the time your loan is paid off, if it ever is, you can end up paying four times the original amount of the loan! At VIP Finance, however, you will be able to pay back your loan in no time.
Another great reason to choose VIP Finance is the fact that we are locally owned and operated. We are not subjected to the restrictions of a major company or to bank regulations. This means if you ever have a late or missing payment, we can work with you! Our job is to get you the cash you need fast, not to take advantage of you as some other companies do.
Here at VIP Finance, we offer you membership in our “Lender Approved Auto Club.” With this membership, if your car is broken down or wrecked, WE will pay off your loan balance and take the car off your hands. You won’t get stuck paying for a car you can’t even drive anymore. None of our competitors offer this sort of protection.
Lastly, one great reason to choose VIP Finance is that we do not care about your credit score.