If you own your vehicle outright and need money for an unexpected expense, you may come across the term auto equity loans online while researching your options.
An auto equity loan generally refers to borrowing against the value or equity in a vehicle. In Missouri, however, the product offered by Missouri Title Loans, Inc. is a title loan, which requires you to fully own your qualifying vehicle and have a lien-free title in your name.
You can start the title loan process online, but the loan is not completed entirely from home. After submitting your information and speaking with a loan representative, you visit a Missouri store with your required items and vehicle for inspection.
Qualified borrowers may receive up to $15,000*, depending on vehicle evaluation and approval of the completed application.
This guide explains how auto equity loans online relate to Missouri title loans, what affects the amount you may qualify for, what documents you need, and what to consider before borrowing.
Key Takeaways
- “Auto equity loan” is a broad term for borrowing against the value or equity in a vehicle.
- Missouri Title Loans, Inc. currently offers title loans that require a lien-free vehicle title.
- You can start an online title loan application from home, but approval is completed in person at a Missouri location.
- You need a state-issued photo ID, lien-free title in your name, and the vehicle for inspection.
- Qualified borrowers may receive up to $15,000*, subject to vehicle evaluation and approval.
- A title loan can use a qualifying car, truck, or van; motorcycles, boats, and trailers are not currently accepted.
- All credit types are welcome to apply, but approval isn't guaranteed and a credit inquiry may apply in some circumstances.
- Approved funding may be available the same business day or next bank business day, depending on transaction timing.
What Is an Auto Equity Loan?
An auto equity loan generally allows someone to borrow money based on the equity or value they have in a vehicle.
The exact definition can vary depending on the lender and state.
For example, some forms of auto-equity financing may allow a borrower to use the difference between a vehicle's value and the amount still owed on it. In other situations, “auto equity loan” is simply used as another way to describe borrowing against the full value of a vehicle you own outright.
That distinction is important in Missouri.
With Missouri Title Loans, Inc., you need to own your qualifying vehicle outright and have a lien-free title before using it as collateral for a title loan.
So if you are searching for auto equity loans online in Missouri, the Missouri Title Loans, Inc. product you are actually considering is an online title loan.
How Can I Get Emergency Help With Auto Equity Loans Online?
Auto equity or title loans offer some benefits over other options. Specifically, they can get you a sizable amount of money, provide access to you quickly, and have easier approvals than traditional loans. This makes them an alternative funding resource many consider today when money is tight and expenses are costly.
The Amount Borrowed
Borrowing limits for auto equity loans online depend on the value of the vehicle and the ability of the borrower to repay. All of this is determined and shown to you when you apply. The more value you have in the car, the more likely you can borrow higher amounts. You must own the vehicle outright, though.
A loan representative will inspect your vehicle even though you use electronic options for auto equity loans online. They must determine the vehicle's value for your personal borrowing limit. Loan specialists typically use the standard values the automotive and sales industry sets.
Faster Than Other Loans
One unique feature of online auto equity loans is the speed at which you get your money if you are approved. The loan process usually can be done in as little as 30 minutes, and money can typically be in your hands within 48 hours.
That can be crucial in an emergency where you may need a roof repair, prescription medication, or a water heater replaced. These types of things can't wait and can be incredibly expensive.
Traditional banks can take up to two weeks to approve even a small loan. That may be a better situation for you or your family. Private lenders offering auto equity loans online decide in the store while you're there, so there is no waiting to see if you are approved.
Easier Approval
Although approval is never guaranteed, online auto equity loans are often easier for people than traditional loans from banks or other finance companies. They usually allow those with bad credit to apply because this is a secured loan, which lowers the risk.
Those offering title loans are private lenders, so they aren't required to check credit history or scores. They don't report your application or loan to the three major credit bureaus, hence the term alternative financing. Since they are outside the traditional banking system, they can make their policies for approval.
Getting A Loan In Missouri
Missouri Title Loans Inc. offers auto equity loans online for those in all types of credit situations. The maximum borrowing limit is a generous $15,000, and the application requirements are simple. Applicants must have the following requirements:
- A driver's license or state-issued ID
- A lien-free or 'clean' title
- The vehicle available for inspection
The Online Application
Unlike other states, Missouri applicants can fill out the application for a title loan online straight from the website. A loan representative will call you to let you know you are eligible and schedule a place to meet.
One of the best convenience factors of auto equity loans online is you can meet the loan representative somewhere other than the store. Bring your required items, including your vehicle, to the meeting.
The loan representative will validate the documents and the VIN and do an inspection. They will let you know how much you can borrow and provide you with the final paperwork. Once you sign for the loan, the money can be given to you either the same day or the following business day.
Working with Missouri Title Loans, Inc. has two specific benefits. First, you don't need a checking account to qualify for a loan. Second, we will try to get you the cash you need regardless of credit. We have worked with many people in all types of credit situations and are committed to helping people get the money they need for emergencies.
Apply Online Today
There is no reason to continue worrying about how to pay for an emergency when you have auto equity loans online. Use the equity in your vehicle to relieve your situation and balance your finances during a crisis.
Your money is in the car so that you can tap into it. Missouri Title Loans, Inc. is here to help you through a tough time with a car title loan that can pay for your unexpected expenses. Apply today!
Frequently Asked Questions About Auto Equity Loans Online
What are auto equity loans online?
An auto equity loan generally involves borrowing against the value or equity in a vehicle. The exact product varies by lender and state. With Missouri Title Loans, Inc., the applicable product is an online title loan requiring a lien-free vehicle title.
Is an auto equity loan the same as a title loan?
The terms are sometimes used similarly, but they are not universally identical. Some auto equity products may involve equity in a vehicle that is still financed. Missouri Title Loans, Inc.'s title-loan product requires you to own the vehicle outright and have a lien-free title.
Can I apply for an auto equity loan online in Missouri?
You can start Missouri Title Loans, Inc.'s title-loan process online. The current process requires you to complete approval in person at a Missouri store.
Can I complete a Missouri title loan entirely online?
No. The current process requires an in-person visit for document verification, vehicle inspection, and completion of the loan.
How much can I get with a Missouri title loan?
Qualified borrowers may receive up to $15,000*. Actual amounts depend on vehicle evaluation and approval of the completed application.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
