Where Can I Get a Loan Using My Car as Collateral in Texas
If you need a loan in Texas but are having trouble either finding a low rate or getting qualified, you may need to turn to secured title loans. One option is to use your car as collateral for a loan.
If you own a car and need fast cash, you’re in luck. You can use your car as collateral to get a loan and receive quick funds to cover your expenses. Here’s a closer look at how title loans work and the benefits that come with getting one.
Can I use my car as collateral for a loan in TX?
Auto equity loans are similar to home equity loans, except you’ll use the value of your vehicle as collateral for a short-term loan instead of your house.
Title loans are small secured loans that allow you to use your car as collateral. After you get approved, you can continue to drive your car as you pay back the loan. You can qualify for a title loan as long as you own your car.
Benefits of using a car as collateral for loan
There are two main advantages to securing a loan with your vehicle.
Easier to qualify for a loan. Due to the added security that lenders gain from your vehicle as collateral, loans are typically much easier to qualify for than traditional personal loans.
Lower rates. Secured loans typically have lower interest rates available.
Easy application process. You can apply for a title loan and get your car appraised in minutes.
Fast cash. As soon as your car gets appraised and you accept the offer, the lender may distribute your funds right away. You can enjoy fast cash and won’t have to wait weeks or months to receive your funds like you would with other types of loans.
You can keep driving your car. If you take out a title loan, you’ll be able to continue driving your car. Rest assured you won’t have to rent a car or depend on friends and family to get where you need to go.
You don’t need good credit. Title loans come with flexible requirements. Since you’re using your car as collateral, you may still get approved for a loan if you have bad credit.
Get an Auto Title Loan in Texas
An auto equity loan is a type of secured loan that allows you to borrow money against the value of your car, often whether you own it outright or have some equity in your car.
To apply, you’ll need to fill out an application online and provide details about your car’s value and how much equity you have in it. If approved, the money might be deposited into your bank account as soon as the same day!
