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Auto equity loans: What they are and who they’re best for Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing original and objective content, by enabling you to conduct research and compare data for free — so that you can make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies that pay us. This compensation can affect the way and when products are featured on this site, including, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the content we publish or the reviews you see on this site. We do not cover the vast array of companies or financial deals that could be accessible to you. Xavier Lorenzo/Getty Images

3 minutes read. Published 15 November 2022

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Written by Bankrate Bankrate. This article was written using automation technology and thoroughly edited and fact-checked by an editor on our editorial staff. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances. They provide clear, well-researched information that dissects complex topics into manageable bites. Review by Mark Kantrowtiz by Nationally recognized expert on student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA and 529 plans, scholarships, tax benefits for education and student loans. The Bankrate guarantee

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You have money questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We strive to continuously provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our information is trustworthy and reliable. Our award-winning editors and journalists produce honest and reliable content that will help you make the right financial choices. The content created by our editorial staff is objective, truthful, and not influenced by our advertisers. We’re transparent about how we are capable of bringing high-quality information, competitive rates and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or through you clicking certain links posted on our website. This compensation could impact how, where and in what order products are listed, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. Other elements, such as our own rules for our website and whether or not a product is available in your area or at your self-selected credit score range may also influence the manner in which products are featured on this site. Although we try to offer an array of offers, Bankrate does not include specific information on each credit or financial product or service. It allows you to take out money without any security — but with an auto equity loan, you can borrow money against the value of your vehicle. While having an auto equity loan may mean a lower interest rate however, you must be aware of the benefits and potential dangers associated with an auto equity loan before taking one out. What is an auto equity loan is? An Auto equity loan is a variation of the . You can make use of the money for any purpose, provided you have an equity in your car. Auto equity loans allow you to take out loans against the value of your car. If your car’s worth $25,000 and you have an outstanding loan amount of $10,000, you have $15,000 worth of equity that you could borrow against. If you take out the auto equity loan it is possible to take all or a portion of equity you have in your vehicle, subject to a specific limit. Because the loan is secured by your vehicle so you’ll likely be able to get an interest rate lower than the typical personal loan. However, because your car is used as collateral, it could be at risk of being taken away in the event that you fail to keep your payments in time. Bankrate tip

If you’re interested in getting the auto equity loan, check with your credit union or bank first. They may offer the service, or they may have a partner that they can connect you with.

Auto equity loan compares to. car title loan A car title loan is short-term loan that uses your vehicle as collateral. More often than not, cars title loans are much more expensive as compared to auto equity loans. Comparatively, auto equity loans often come with longer terms and less interest. Advantages associated with the auto equity loan A car equity loan comes with many advantages. Quicker approvals. For those who have bad credit, an auto equity loan could mean an approval in a short time. Since you can use the equity of your car as collateral, the lender will be able to ensure it gets its funds back. More substantial loans. Like any equity loan, the amount you are able to borrow is partly determined by the amount of equity you own in your vehicle. A car worth $10,000 with equity of $5,000 could get up to a $5,000 loan, for example, while someone who has a less desirable car may not be able to take out an loan at all. Low interest rates. The you receive on an auto equity loan is directly connected to the credit rating as well as what you can expect to get for your car. That means if your car is worth a lot it is possible to obtain a great rate even with less than perfect credit. Drawbacks to the auto equity loan There are a few drawbacks to taking out the auto equity loan. The vehicle is the collateral. An auto equity loan uses your car as collateral. If you do not make payments in full, the lender may take possession of your car to recoup its loss. It is difficult to locate. Auto equity loans aren’t often available. If you’re looking to get an auto equity loan, check with your bank or credit union first. They may be able to provide the service, or have a partner that they could help you connect with. What kind of Auto Equity loan is suitable for? An auto equity loan might be the best option for you if you meet the following requirements: You own an equity in your vehicle. The most crucial aspect of being a qualified candidate for the auto equity loan is having enough equity available to take an loan out against. You are able to afford the to make payments. Since your car will be at risk, it’s important to know that you will be able to make payments each month. If you don’t then your car could be taken away. This is a particular issue if you require the car on a daily basis. The interest rates could be lower than what you currently pay. If the interest rates for an auto equity loan are less than traditional personal loans and different credit choices, it might be beneficial to consider this unusual loan kind rather than something that is that is more easily accessible. Alternatives to car equity loan If you can’t get the auto equity loan or If the application process isn’t going as smoothly as you would like, you may want to consider loan alternatives that don’t require your vehicle. Home equity Much like the auto equity loan one of the main reasons for this is having equity in your home. Typically, you can get a loan up to a portion of the equity or a set amount. When you are the owner of your own home, this may be an option. Personal loan Personal loans can be a great alternative to an auto equity loan however, the interest rates will likely be higher because they’re not secured. The process of taking out an individual loan is similar to the process of getting an auto loan and is able to be completed in person or via the internet with various lenders. Credit cards are an option, they’re usually significantly more costly than the personal loan and secured loan. However, they are additionally easier to qualify for and provide immediate access to the credit upon the approval. The next steps A car equity loan might be a good option if you’re in looking for an loan with a low interest cost. But it’s important to plan your budget appropriately, because your car will be at risk if can’t make payments. Find out more

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The article was written by created using automated technology that was then thoroughly edited and checked by an editor from our editorial team. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing clear, well-researched details that cut complicated topics into digestible pieces.

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Reviewed by Mark K. Kantrowitz Reviewed by Nationally known expert on student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA and 529 plans, scholarships educational tax benefits, as well as student loans.

Nationally recognized student financial aid expert

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