Second Lien Term Loan

You have the ability to leverage your most important investments - your car for instance - for a significant amount of money. Getting a loan out on your home while you are still paying your first car loan is called a second lien title loan, also popularly described as either an auto equity line of credit or a second chance loan. This borrowing option has a strong appeal for vehicle owners everywhere, especially if you need fast cash to cover bills, outstanding debts, or medical expensivenesses. If you are facing a pressing financial crisis, and you want money right away, we can help you find the best lenders to give you another chance.

How Much Money Is My Car Worth?

We provide a free auto loans calculator, to help you figure out how much money you may be able to get with a title loan. With a second lien your value is similar to other types of term loans. You are qualified for the amount of cash based on your car's current equity. You get all of the money up front, and agree to a set payback schedule. Your interest rate will remain the same during the entire payback period, with your monthly payments stable and predictable. It's a great way to make even more money without delay, hassles, or a credit check.

What are the Benefits of Second Lien Loans?

Second lien loans are more popular than credit cards due to the lower interest rates available. Second lien loans are not completely risk-free for lenders or borrowers, but they are considered more secure than a credit card due to the vehicle's value backing the loan. Interest rates will most definitely be higher than the first loan, but borrowers can get approved for a much lower rate than they would through an unsecure, non-backed loan. The advantage of title loans is always that they're a safe and reliable way to earn. You always get a better deal with secured loans: less risk means interest rates are lower and more affordable. Plus, with our lenders, you can create a flexible payment schedule based on your time-table.

Additionally, second lien loans provide cash. The power of cash will always surpass credit. Borrowers might decide to leverage their vehicle value in the form of a second lien loan for many different reasons. You could be interested in using your money for any of the following:

  • Financing education costs
  • Going on vacation funds
  • Helping parents with retirement
  • Having money on hand for your own retirement
  • Investing in the stock market
  • Consolidating high-interest credit card debt

Add your own goal to that list, as second lien loans are able to be used for any pursuit the borrower wishes.

How to Qualify for Second Lien Loan

All that is required of second lien loan borrowers is that they have a first loan already on a vehicle title. After that, it's simply a matter of finding a lender to approve you, and can meet all the requirements as far as loan terms go, and the borrowing being in agreement with the terms. This is one place where really makes a difference for our customers. With a vast network of trusted lenders throughout the country, we can provide competitive offers and even offer helpful advice.

It's important to understand that second lien loans are available as a viable solution to financial issues. If you need some breathing room, or a helpful handful of cash, rely on to offer much needed assistance. If you make smart and informed decisions, you can, and you will manage your expenses and improve your financial life. Be sure to accurately consider all of your financial obligations and do your homework.

Consider your needs, so that we can best serve you:

  • How long do you want your loan to last?
  • How will the monthly payment fit inside your budget?
  • How quickly do you need your loan?

If you can only afford a set amount, make sure that the period of the loan is extended so that you have more time to pay it back, resulting in lower monthly payments and much less stress on your part. Be smart, and you can use a second lien loan to your advantage! We can help you today, so call or apply to speak with a financial expert.

There Are Other Kinds of Second Lien Loans

Car loans is just one option. Another type of second lien loan is a home equity line of credit, stylized as HELOC. This type of second lien loan is entirely different than a fixed rate auto title loan. Instead of having a set amount of cash delivered to the borrower up front, the borrower is approved for a maximum spending limit, much like a credit card. Sometimes the line of credit actually comes with a card that the borrower can use to charge or withdraw money. Also like a credit card, the monthly payment will be dependant on the amount of money borrowed against the credit line, and the interest rate will vary. Here's the main difference between a HELOC and a credit card: there is a set time limit on the equity line. Once the term is complete, the HELOC must be paid off, in full.

Should You Get a Second Lien Loan?

As with any borrowing decision, your situation is unique. The personal reasons you have for getting a second lien loan will determine the wisdom of the decision. A great suggestion is to sit down with an advisor and discuss your budget and your hopes for a monthly payment. Getting advice from a dependable professional can help you decide whether or not to apply.

Remember, second lien loans can help you accomplish many of your goals. You worked hard to become a vehicle owner, and you are determined to make your car's equity work for you. Second lien loans deliver low interest and large amounts of cash, and could be the perfect financial solution for whatever objective you have in mind. Apply or call now!

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