Why an Auto Equity Loan?
An auto equity loan is a great alternative to getting fast cash! Green Leaf Loan Group has lenders who specialize in auto equity loans are here, and are ready to assist you online. An auto equity loan is normally very fast and allows you to take out any size loan up to the current book/wholesale value of your vehicle. Since your loan is secured by collateral, most companies don’t require a credit check. This allows customers with bad or no credit to receive the money they need as quickly as possible.
How does an Auto Equity Loan work?
Let’s say you want to take advantage of the equity you have in your car. Your car is evaluated and a book value is determined. This estimate is based on a wholesale or “book” value. Your car’s title is held until the loan is paid off in the specified amount of time. An auto equity loan typically has a short term, and the interest is typically higher. Late payments result in interest and/or fees being added. In some cases of nonpayment, you could lose your car.
What else do I need to know about an Auto Equity Loan?
Since an auto equity loan is based solely on your car’s value, these loans are only applicable to those who own their car and have the title. With an auto equity loan, the repayment period is usually around thirty days but not with our auto equity lender. With Green Leafs featured auto equity lender you can get several months or more to repay the loan. The loan fee is calculated into your payment. In case of financial hardship, most companies are willing to work with you if you cannot make a payment or two. You will always have a phone number to contact them. If payments are still not made and an agreement cannot be established, the lender has the option to repossess your vehicle if necessary.
by “Heather Wilson“