Wednesday, February 1, 2023
  • Home
  • About Us
  • Contact Us
  • Anti Spam Policy
  • DMCA
  • Privacy Policy
  • Terms of Use
My Pro Blog
  • Home
  • Finance
  • Internet
  • Life
    • Education
    • Food
    • Property
    • Beauty
    • Sports
  • News
  • Tech and Gadgets
    • Mobile
    • Auto Mobile
    • Computer
  • Travel
No Result
View All Result
My Pro Blog
  • Home
  • Finance
  • Internet
  • Life
    • Education
    • Food
    • Property
    • Beauty
    • Sports
  • News
  • Tech and Gadgets
    • Mobile
    • Auto Mobile
    • Computer
  • Travel
No Result
View All Result
My Pro Blog
No Result
View All Result
ADVERTISEMENT
Home Auto Mobile

Difference between auto equity loans and title loans

Serlyn Shetty by Serlyn Shetty
5 months ago
in Auto Mobile
0
ADVERTISEMENT

People with financial problems can nowadays easily borrow loans up to 1000 dollars by giving their automobile as collateral security for one of two short-term loan options. These are commonly known as auto equity loans or title loans. People often confuse the two and use them interchangeably. In reality, they are not exactly the same. There are a few things that distinguish them, the most important of them being vehicle ownership. Let’s see the two terms –

ADVERTISEMENT

Article Summary show
Auto equity loans
Title loans
Important points relating to title loans are-

Auto equity loans

This type of loan is for the people who don’t own the vehicle in the eyes of the law, that is- who are still making the payment on the vehicle. The legal holder is majorly the bank that originally financed the car. Many times the holder may also be a credit union instead of the bank. Irrespective of all this, a person may be eligible for the equity loan if they have adequate equity in the vehicle. The amount of needed equity for the eligibility of the loan may vary from lender to lender. Still, the generally accepted rule is that a person will only be able to get the loan or be eligible to get the loan in the amount of 50% of their equity. This implies that to qualify for a 1000$ loan, you will need to have 2000$ dollar worth of equity in your vehicle.

Following are the things to keep in view while opting for an auto equity loan-

ADVERTISEMENT
ADVERTISEMENT
  1. A person must be at least 18 years old, employed, and have a driver’s license.
  2. He should be able to furnish the satisfaction documents of the original loan showing the remaining balance and payment history.
  3. He will be able to continue driving the car as usual for the duration of the loan.
  4. A negative point in this type of loan is that people with poor credit ratings may find difficulty in getting approval for loans.

Title loans

As stated above, title loans are similar to auto loans in most spheres. Some of the similarities shared by both are- minimum requirements of age and employment vehicle insurance are all the same, as is the risk possession resulting from non-payment. The main and most important difference between the two is that to be eligible for this type of loan, a person must own his car outright. If he is still making payments on account of this car purchase or has some encumbrance on his vehicle, his application won’t even be considered.

READ MORE :

  • Charlie Parker’s Yardbird review – beauty, anger, and poetry, but the jazz great’s genius eludes us.
  • Nine Favorite Cars from the Mercedes-Benz Museum
  • How to travel with grandmother
  • Groupe PSA and ChangAn Automobile to further invest €500 million in DS brand
  • New report shows how quickly India’s tech and mobile market is growing

Important points relating to title loans are-

  1. The vehicle should not be more than 10 years old. It should be in a sound, drivable condition. It should also have a wholesale value of more than 2500$.
  2. The loan amount, among other things, shall be depended upon the person’s ability to make timely payments and the car’s overall value.
  3. If the loan is approved, the person shall be required to hand over the vehicle title and even the spare key.
  4. The person will have full access to drive the vehicle if he doesn’t default upon the payments.
ADVERTISEMENT
Previous Post

5 Major Tips for Choosing a Roofing Contractor

Next Post

Landscaping and Lawn Care Tips for Homeowners

Serlyn Shetty

Serlyn Shetty

While going towards reading some of the blogs, I have learned about Blogging and writing articles of my own.I have started writing on blogs since 2014, and I give my best time in blogging for writing and learning new things daily.If you love my article, then do share with your friends and family hope they will like to read it too.

Related Posts

What to Do When Your Car is Damaged by Hail
Auto Mobile

What to Do When Your Car is Damaged by Hail

by Serlyn Shetty
December 21, 2022
Get the best deals on Sunrise Auto Sales!
Auto Mobile

Get the best deals on Sunrise Auto Sales!

by Serlyn Shetty
December 18, 2022
Drive the New BMW X4 M40i and Experience the Power
Auto Mobile

Drive the New BMW X4 M40i and Experience the Power

by Serlyn Shetty
November 19, 2022
Tips To Become A Pro Cab Driver
Auto Mobile

Tips To Become A Pro Cab Driver

by Serlyn Shetty
November 13, 2022
How to Buy a Used Honda CRX For Sale Online
Auto Mobile

How to Buy a Used Honda CRX For Sale Online

by Serlyn Shetty
November 4, 2022
Next Post
Landscaping and Lawn Care Tips for Homeowners

Landscaping and Lawn Care Tips for Homeowners

Waterfront Property For Sale By Owner – The Basics of Buying
Property

Waterfront Property For Sale By Owner – The Basics of Buying

by Serlyn Shetty
January 30, 2023
0

Waterfront property for sale by owner is the way to secure your personal piece of waterfront real estate. We will...

Read more
How To Use A Mobile Heat Check to Check Your Mobile SEO

How To Use A Mobile Heat Check to Check Your Mobile SEO

January 30, 2023
How to Make Your Credit Card Payment at Chipotle in 3 Easy Steps

How to Make Your Credit Card Payment at Chipotle in 3 Easy Steps

January 30, 2023
Private Property Sales – How To Get More Clients

Private Property Sales – How To Get More Clients

January 24, 2023
County Property Tax – How to Calculate The Value Of Your Property

County Property Tax – How to Calculate The Value Of Your Property

January 21, 2023
ADVERTISEMENT

About

My Pro Blog is being managed by a group of people to update the website regularly.

This blog combines the various topics including the Internet, Social, Life and gadgets Updates.

We are always in the forward of making this blog big with our regular updates.

Categories

  • Auto Mobile
  • Beauty
  • Computer
  • Education
  • Fashion
  • Featured
  • Finance
  • Food
  • Internet
  • Life
  • Mobile
  • News
  • Property
  • Sports
  • Tech and Gadgets
  • Travel

Recent News

Waterfront Property For Sale By Owner – The Basics of Buying

Waterfront Property For Sale By Owner – The Basics of Buying

January 30, 2023
How To Use A Mobile Heat Check to Check Your Mobile SEO

How To Use A Mobile Heat Check to Check Your Mobile SEO

January 30, 2023
  • Home
  • About Us
  • Contact Us
  • Anti Spam Policy
  • DMCA
  • Privacy Policy
  • Terms of Use

© [wpsos_year] My Pro Blog - Design and Maintained by WikiBulz.

No Result
View All Result
  • Home
  • Finance
  • Internet
  • Life
    • Education
    • Food
    • Property
    • Beauty
    • Sports
  • News
  • Tech and Gadgets
    • Mobile
    • Auto Mobile
    • Computer
  • Travel

© [wpsos_year] My Pro Blog - Design and Maintained by WikiBulz.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.