The Significance Of Direct Lenders For Vehicle Equity Loans

When financial emergencies occur, people need quick financing options to prevent service interruptions, late fees, and reduced credit scores. Those seeking alternative financing often understand that direct lenders are important, but might not realize the full importance of their role in vehicle equity loans. 

This guide from Wisconsin Auto Title Loans, Inc. explains the benefits of choosing an alternative lender over a traditional one. We also cover how Wisconsin vehicle equity loans work and how you can get approved today!

What Are The Loan Options For Emergency Cash?

Today's economic system offers two types of loans for those in need of money. The first is through traditional lenders like banks and financial institutions. These lenders provide personal loans that may or may not require collateral. 

The second type of loan available comes from alternative lenders, such as title loans, payday loans, and signature installment loans. Wisconsin Auto Title Loans, Inc. is one example that offers auto equity loans. Which of these lenders is the best choice for your situation?

What Are The Differences Between Traditional And Alternative Lenders?

Traditional lenders are part of the banking system that complies with both federal and state regulations. They have strict standards for loans and must consider factors like:

• Credit scores
• Repayment history
• Length of employment
• Income
• Type of job
• How long you've lived at your residence

This kind of system isn't accessible to everyone. Those with low credit scores or no credit, such as people who have just started working, have lower incomes, are renting, or lack significant collateral, are excluded from this type of financing. 

Alternative financing, though regulated by state laws, faces fewer barriers. This is especially true with auto equity loans, as they are handled by direct lenders who make all approval decisions. 

Can You Borrow With Bad Credit From An Alternative Lender?

Alternative lenders don’t require borrowers to have good credit to get approved for an emergency loan. That’s because other factors are more important in determining your approval. For example, payday loans and signature installment loans require borrowers to prove their income and allow them to receive cash based on their income level.

You can get emergency financial assistance through auto equity loans even with bad credit because of the collateral. You offer your lien-free car title as collateral to secure the loan. The alternative lender is secured in case you cannot repay the loan, so you don’t need to prove your creditworthiness.

The Benefits Of Auto Equity Loans In Wisconsin

One of the loans you can get from alternative lenders is an auto equity loan. It’s a fast-approval loan that lets you borrow money in as little as one day. No credit requirement allows you to seek emergency financial assistance regardless of your credit score.

This makes it a perfect borrowing option for gig workers, small business owners, and others with fluctuating income. You don’t need to prove your income and can borrow money as long as you have fully paid off your vehicle and own it outright.

The following are some of the benefits of auto title loans:

• Fast approval – Get approved the same day you apply.
• Quick access to funds – Receive your urgent cash within one business day.
• Simple requirements – You only need three items to meet our requirements.
• No credit requirement – Borrow auto equity loans with bad credit or no credit.
• Borrow up to $15,000 – Receive a large sum to afford expensive emergencies like medical bills, auto repairs, and unexpected travel costs.
• Keep your car – Continue driving while repaying your loan.

What Are the Required Items For Vehicle Equity Loans In Wisconsin?

As we discussed above, vehicle equity loans are no credit loans. A good credit score is not an eligibility requirement. Instead, you can get approved with just a few items that you should be able to find easily. Our simple requirements allow you to get approved quickly and borrow money to handle your financial emergency ASAP.

Here are the required items for auto title loans in Wisconsin:

• A driver’s license or a state-issued photo ID card
• A lien-free car title in your name
• Your vehicle for a quick inspection

Remember, getting approved for a title loan requires you to fully pay off your vehicle. You must own your vehicle outright to get approved. Only cars, trucks, and vans are accepted; you cannot get approved with a motorcycle, boat, trailer, or other similar vehicles.

The Approval Process For Wisconsin Auto Equity Loans

Now that you know what you need, you can start the process of getting approved. Thankfully, we only have a few steps you need to complete to get approved in less than a day. You can start the process with our quick online form before visiting a local store to get approved in under 30 minutes.

The following are the steps involved in getting a quick vehicle equity loan approval:

• Submit your information through our online form
• Receive a phone call from a loan specialist to discuss auto equity loan terms
• Bring your required items to the nearest Wisconsin store location
• Have your vehicle inspected for its value to determine how much you can borrow
• Sign the loan agreement to finalize the process
• Receive your emergency funds later that day or by the next business day

Borrow Vehicle Equity Loans In Wisconsin – Borrow Up To $15,000 Today!

An alternative lender like Wisconsin Auto Title Loans, Inc. can provide emergency cash within one business day. Don’t worry about your credit score; you can qualify for vehicle equity loans even with bad credit. Take control of your finances today! Start your vehicle equity loan application online with Wisconsin Auto Title Loans, Inc., and receive cash as early as tomorrow.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.