AUTO EQUITY
LOANS IN TEXAS

Auto equity loans have been popular in Texas over the past decade, and there’s a good chance you can qualify with a newer paid off vehicle as collateral. We’re seeing more people cash out equity from their cars as getting an unsecured loan becomes even more challenging. Most unsecured loans require excellent credit, while an equity loan on your car or truck typically doesn’t require a credit check.

These loans tap into your car’s equity, and that collateral is used as security for a loan amount that starts at $2,000 in Texas. You can borrow far more with a high value newer vehicle and some customers can be approved for up to $20,000. Here at Texas Title Loans, we are proud to offer access to fast financing for most instant auto equity loans, and we can get you approved and funded in less than 24 hours!

Does My Vehicle Qualify For An Auto Equity Loan

One of the most critical questions is whether your vehicle will qualify for an auto equity loan. Even though a lender will not be concerned with your recent credit history, they still need to know your car or SUV has value and that you can pay back the balance.

You will need a clear title for your car to qualify. The vehicle has to be titled in your name, and you must show proof of current registration from the Texas MVD. You have a decent chance of qualifying with a car that’s less than 15 years old with no significant mechanical issues. Other requirements often include proof that you’re employed or make enough money each month to cover the monthly payments. Some equity lending companies will want to verify that the car is insured with comprehensive coverage, and you’ll need liability coverage of at least $20,000.

One requirement of vehicle equity loans that’s become more common recently is bringing your vehicle in for inspection. While some companies offer completely online title loans, these loans are typically only for $1,000 or less. By getting your vehicle inspected in person, you can verify that the car’s equity value matches the current resale value. Your lender will also confirm the current mileage and look for other cosmetic issues. One good thing that comes with getting a vehicle inspection is that you can significantly speed up the underwriting and funding process. Auto equity loans can be underwritten and funded within one business day, but you can often pick up your money the same hour you complete an inspection!

What If My Vehicle Has Negative Equity

Even with a newer vehicle, there’s always the chance that your car is worth less than what the original lender owes. In this case, your vehicle may be worth less than what’s owed to the original lienholder, making it difficult to get any car equity loan. No matter your vehicle’s value, applying with Texas Title Loans only takes a few minutes and estimating your vehicle’s value and approximate equity amount. So please start your application with us now to see how much you can borrow with an auto equity loan.

Title loan companies assess a lending amount based on the vehicle’s equity. Because of that, getting approved for any title loan will be challenging if the car’s equity is underwater or barely more than the current resale value. Suppose you have a vehicle with negative or limited equity. In that scenario, we recommend you apply for a personal loan or see if any other lender offers are available.

Loan Amounts & Rates With A Car Equity Loan

Funding amounts with an equity loan using a car are typically far more than you would expect from a personal loan lender. Most cars valued at $5,000 or more will lead to a loan of at least $2,500. That means you can borrow upwards of $10,000 with average amounts of $3,000 for an auto equity loan.

Interest rates for these loans are high; some companies have APRs that start at 30%. Expect to pay hundreds of dollars a year in interest charges alone, and some customers with rates over 50% will struggle to repay their loan by paying just the minimum payment. Do what you can to pay extra monthly and see if your lender allows early loan payoffs.

Are you struggling to make payments on an existing auto equity loan? Or do you want to repay your current title loan quicker than the current repayment terms? Texas Title Loans provides same-day access to refinancing options where you can reduce your monthly payment and get a more manageable interest rate! Some customers come to us with interest rates of 50% or more on their loans. By refinancing, we can save them thousands and, most importantly, get them out of a situation where their vehicle can be repossessed. Call us at 844-243-3195 to get a quote to refinance your auto equity loan today. Even if we can’t help to reduce your rate, we may be able to arrange a title loan buyout where your initial lender is paid off, and you get new terms on a title loan.

Apply For a No Credit Check Auto Equity Loan

If you’re ready to see what funding options are available, we recommend you start an online application with Texas Title Loans. Our lending partners feature loans with no credit check, and your approval is almost entirely based on the collateral in your car or truck! We are a leading source of auto equity financing, and we can find a lender near you in Texas that will underwrite and fund your loan.

We only need the make, model, and year of your car to get you an initial quote. After that, we can estimate the loan amount and repayment terms for an auto equity loan. Call us at 844-243-3195 to see how much your car, motorcycle, or RV is worth, and we’ll get you on your way to a same-day equity loan!