Auto Equity Loans in Cleveland

If you looked up "auto equity loan near Cleveland, Ohio" on the yellow pages homepage, you would come up with over 250 perspective local loan providers. But that's all you get, with no further information about any of them. You won't learn exactly what an auto equity loan is, which of the lenders are the most reputable, or what the best deals are amongst them. No, they just provide you with a big static list of potential lenders in Cleveland. Lucky for you, is able to provide all the answers and an overall better understanding of how to get title loans in Cleveland. There's no hassle or confusion. You can read up on the subject or speak to one of our customer service representatives. Fill in some information on the right and we'll even call you. Talk to someone with real professional experince in lending, and get the answers you're really after.

What is it and how does it work?

First we must address the obvious questions. You see, your vehicle has an innate value, just like any other valuable. An auto equity loan uses that standing value in the car as collateral, the same way you would when getting a home equity loan or pawning something.

So how do providers decide how much to offer? They take the following into consideration:

  • Millage
  • Make
  • Model
  • What similar vehicles have sold for

They take that information and use it to make a reasonable offer on how much money they can loan out. One thing to keep in mind is that the loan will not be for the full amount that the car is worth because you are not selling it, instead only using it as collateral. This however does have its advantages as you will retain the use of your vehicle throughout the duration of the loan.

The approval process is effortless because the only thing you really need is a title in your name in order to be qualified for most auto equity loans. You will then speak with a customer service representative for the company you are dealing with who will assist you in finalizing all the details, including arranging an auto inspection. These inspections will happen shortly after you contact the loan company, typically within 24 hours and serve a dual purpose. The first purpose of the inspection is to verify the information provided to the company about the vehicle was correct. The second, once the inspection is complete, is to trade the title for cash there on the spot.

What's the difference?

Is there a difference between an auto equity loan and a car title loan? Yes and no. Depending on the company you work with they may or may not differentiate between the two. If the lender offers both then the title loan typically refers to a shorter term loan, on average around 30 day and if the loan is not repaid in full at that time can incur extra fees or even be repossessed. Repossession is rare and only happens in extreme cases as most lenders would rather just keep charging fees then have to deal with the hassle of reselling the car.

That being said, most loan providers in Cleveland don't use this differentiation. All terms are rather interchangeable and do nothing to imply what the terms of the loan might be until you go over the details with a customer service representative. So make sure you ask plenty of questions and never agree to any terms until you feel confidant that you understand fully what you are signing up for. Remember that any good company values an informed consumer and will be happy to answer all your questions.

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