Loan With Car As Collateral . Collateral Loans Demystified Understanding The Process And Benefits Finance Reference A car title loan is similar to an auto equity loan in that your car is being used as collateral Easier qualification: Since the loan is secured by your car, it's usually easier to get an auto equity loan than a regular unsecured personal loan
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Auto equity and car title loans are two types of bad credit personal loans requiring the use of your car as collateral Plus, some auto equity loans have longer terms and lower interest rates than other risky loans like title loans and payday loans.
Car Loan For auto collateral loans, your vehicle serves as the asset securing the debt For example, if your car's resale value is $12,000 and you owe $2,000 on your car loan, you have $10,000 of equity in the car The more equity you have in the car, the lower the interest rate you will typically be offered for a personal loan
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