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An auto equity loan is basically borrowing against the value of your car by putting your vehicle title up as collateral. If you need cash fast it can be tempting to pursue an auto equity loan, however there are some things that you should be aware of before you make your decision. Learn more from the loan experts at Green Light Auto Credit.
An auto equity loan is a secured loan where the value of your vehicle is offered as collateral. The main risk involved for the borrower is possible repossession of his or her car if a payment is missed. Other things to take into consideration when deciding on whether or not to pursue an auto equity loan include:
As with any financial decision, it is important to understand the risks before you make up your mind. Green Light Auto Credit can help you get a car loan even if you have a poor credit score, and we’ll guide you through the loan process so you can get the best terms and rates available. We make it easy for you to apply for a loan online, and our loan professionals are always happy to answer any questions you may have, such as, “Can I trade-in a car with negative equity?” Please don’t hesitate to contact us for more information.