Car Equity Loans – How to Understand Variable Company Policies

An equity car loan is a debt instrument that allows you to borrow cash by using your car’s equity as collateral. The two most important factors in determining how much cash you can borrow against your vehicle title are the wholesale value of a car and the lending company that you choose.Within the title loan industry, most lenders will only lend up to a certain percentage of the car’s value in cash. This is because they need to cover the cost of repossession and sale of the vehicle in case you default on the payments. You should determine the value of your car using online resources such as Kelly’s Blue Book, so that you can get the maximum loan amount for your vehicle.There are thousands of different lending companies throughout the country. These lenders differ between the policies that determine how much a borrower can receive. Usually lenders will approve an amount close 50 percent of the value of their vehicle.Some set a limit at approving 25 percent to 33 percent, while a few lenders will approve up to 100 percent. It is very risky for the lender to grant a title loan for 100 percent of a car’s value,… Read full this story

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