Vehicle Equity

VEHICLE EQUITY

Women with dog looking out back of vehicle

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Rated #1 Personal Loan by Best Company

4.6 rating from 6,500+ reviews

What is vehicle equity?

Vehicle equity is the value of your car after you subtract anything you owe on it. If you own your car outright with no loans or liens, your equity is 100%. If you’re paying it off, you can subtract your loan balance from the car’s current value to find your equity as a dollar amount.

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Fast-track your financial goals

Take advantage of your car’s value. We can offer lower rates and higher loan amounts than we do on our unsecured personal loan offers. With a Best Egg Vehicle Equity Loan, your paid-off vehicle could get you the money you need to consolidate debt, finance a major purchase, and more.

Since the loan is secured by your car, we can offer lower rates than our unsecured personal loan offers—and low, fixed rates mean you can receive an affordable monthly payment.

See if you qualify with no impact to your credit score

Predictable monthly payments with a fixed interest rate

Better approval odds than our standard personal loan offers

Access up to 250% of your vehicle’s equity (max. $100,000)

What to think about when considering
a vehicle equity loan

1

Is your car fully paid off (aka free and clear)?

To qualify for the Best Egg Vehicle Equity Loan, you need to own your vehicle outright. If your ownership title isn’t free and clear, you won’t be able to apply.

2

Is your ownership title clean?

Your vehicle can’t have a salvage status or flood or hail damage to qualify for this loan. If you’re not sure, check your ownership title to see if any statuses are listed.

3

Do you know the estimated value of your car?

Use a vehicle valuation tool and browse online listings for your specific make, model, and year to get an idea of your car’s current value.

Access your money, keep driving your car

Compared to other options that use your valued vehicle as collateral, a Best Egg Vehicle Equity Loan could be a smart choice. Review the table to see what a $10,000 title loan could cost you vs. a $10,000 loan you could have with Best Egg.

Low, fixed APRs for affordable monthly payments

Flexible loan terms with no early payoff penalties

Ability to find a loan that fits your budget and cash flow

	Traditional Title Loans	Best Egg Vehicle Equity Loans
APR	~300%	18.99%
Repayment period	$12,500+ due in 30 days	$299/month over 4 years

*Chart Sources: FTC and Credit Karma

How it works

Tap into your vehicle’s equity in 5 steps

Find your best fit

Assess your budget, read reviews, and learn more about loan options that use your vehicle as collateral.

Apply for your loan

Gather your financial information and submit your application online.

Select an offer

If approved, view your loan offers and select one that’s right for you.

Get verified

Get your information verified by uploading a few documents and mailing a few more for our review.

Receive your money

Once your mailed-in documents are received and approved, your loan will be funded and deposited into your bank account.

FAQ

A Best Egg Vehicle Equity Loan empowers you to leverage the value of your car to secure a loan of up to $100,000. The loan can be used to finance a large purchase, consolidate high interest debt, or other purposes.

To process an application for a Best Egg Vehicle Equity Loan, we require the following documentation:

A valid driver’s license that will not expire within 90 days of your application
Proof of current auto insurance that will not expire within the next 30 days. Comprehensive collision coverage will also be required to fund the loan.
Proof of income (for example, recent paystubs and/or tax returns)
Proof of residence (for example, utility bills, a lease agreement, etc.)

Qualified applicants can select terms ranging from 24 months to 84 months.

A free and clear ownership title indicates there is no lien or loan on the vehicle. A clean ownership title indicates that it doesn’t have a salvage status or flood or hail damage. To qualify for a Best Egg Vehicle Equity Loan, your ownership title must be both clean and free and clear.

Once your application’s been approved and your information is verified, you can expect to receive money in your bank account in 7 to 10 days.

We understand that life throws curveballs every now and again. If you’re unable to make a payment or you’ve hit a financial rough patch, know that we have several flexible repayment options that could help you get back on track.

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Best Egg 2023

Legal Terms & Conditions

† Source of information about car title loans: What To Know About Payday and Car Title Loans, Federal Trade Commission, May 2021, https://consumer.ftc.gov/articles/what-know-about-payday-and-car-title-loans.

*Annual Percentage Rates (APRs) range from 9.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–7.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. For example: a 5 year $10,000 loan with 11.99% APR has 60 scheduled monthly payments of $222.39, and a 3 year $5,000 loan with 9.99% APR has 36 scheduled monthly payments of $161.31. Eligible applicants may qualify for our lowest advertised APR, with a minimum FICO of 700 and a maximum LTV of 80% combined with other factors.

After successful verification, your money can be deposited in your bank account within 1-3 business days.

Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Marlette Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc.

The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. If offered, your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank's policies.

Loan amounts range from $2,000– $100,000. Residents of Massachusetts have a minimum loan amount of $6,500; Ohio, $5,000; and Georgia, $3,000. Only two active Best Egg loans are available at one time and your total existing Best Egg loan balances cannot exceed $100,000. Best Egg Vehicle Equity Loans are not available in all states.

Best Egg loans can be repaid at any time without penalty. Barring any unforeseen circumstances, Best Egg Vehicle Equity Loans have a minimum term of 24 months and a maximum term of 84 months.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

*The Best Egg Vehicle Equity Loan is a personal loan secured using a lien against your vehicle. If you choose to accept an offer, Best Egg will file a lien against your vehicle in your local jurisdiction and will only release the lien once your loan(s) is repaid in full. We value the car based on wholesale value.