Hardworking people are having trouble surviving in today’s economy. With 47 million Americans on Food Stamps, living from day to day presents a huge challenge. When an emergency happens, such as healthcare expenses, the need for a root canal or some other unforeseen setback, many good folks have nowhere to turn. But little do they know that they can unlock the equity in their paid off vehicle with an auto equity loan Lewisville.
Auto Equity Loan:
An auto equity/title loan is based on the equity in the borrower’s car, truck, farming equipment or motorcycle. Even if a vehicle is not completely paid off, an auto title loan can pay off the original loan balance and make the new loan payments more affordable.
VIP Finance offers auto title loans with no credit check, and their interest rates are the lowest. They are a locally owned and operated auto equity lender and, of all the auto equity lenders, VIP Finance has the most lenient payback policy and grace period. A borrower gets one loan with a term of one year, instead of one loan that must be paid off and reapplied for every two weeks or every 30 days.
How to Get a Loan from VIP Finance:
People interested in getting auto equity loans should go into one of VIP’s six convenient Dallas/Fort Worth Metroplex locations.
Their car will be inspected, and the value of its equity will be determined. The potential borrowers should also bring proof of employment, proof of residence and the auto’s title if the loan has been paid in full. The loan check is issued on the same day. Borrowers on fixed incomes are also eligible for auto equity loans from VIP Finance.
VIP’s Rates Compared to other Lenders:
If you were to borrow $4,000 from VIP Finance in a one-year auto title loan at 6 percent interest, you would have to pay back a total of $4,240. If you borrowed the same amount of money from one of VIP’s competitors, the total payback would be from $10,000 to $16,000 at an annual percentage rate from 150 to 300 percent.
The reason that VIP’s rates are so much lower is that the loan principal and interest are paid off over a one-year period.
All other auto title lenders require that their principal balance and interest be paid back every month or even every two weeks. New paperwork must be filled out, and a new loan must then be obtained.
VIP Finance offers “Lender Approved Auto Club” coverage to its borrowers.
If the borrower’s car breaks down or is damaged in an accident, the borrower has the option of turning in the car and owing nothing more on the auto equity loan’s balance.
If you are a Lewisville resident, you have a safety net for unforeseen expenses.