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VEHICLE EQUITY

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What can I do with a Best Egg Vehicle Equity Loan?

1

Use your car to access money

Take advantage of your paid-off vehicle’s value to get lower rates and higher loan amounts than our personal loan offers.

2

Get better terms for your auto loan

Refinance an existing auto loan to score a lower APR, more affordable monthly payment, or free up cash by extending the loan term.

3

Refinance your auto loan and request additional cash

Refinance an existing auto loan and request additional money—at lower rates than our personal loan offers—to accomplish your goals.

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 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.

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See if you qualify with no impact to your credit score

Predictable monthly payments with a fixed interest rate

More flexible approval standards than our unsecured personal loan offers

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

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.

Learn more

What to think about when considering
a vehicle equity loan

1

How much equity do you have in your car?

With a vehicle equity loan, you can borrow up to 250% of your car’s value. Knowing the amount of equity you’ve earned can help you estimate your potential loan amount.

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.

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Low, fixed APRs for affordable monthly payments

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Flexible loan terms with no early payoff penalties

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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

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1
Find your best fit

Assess your budget, read reviews, and learn more about loan options that use your vehicle as collateral.
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2
Apply for your loan

Gather your financial information and submit your application online.
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3
Select an offer

If approved, view your loan offers and select one that’s right for you.
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4
Get verified

Get your information verified by uploading a few documents and mailing a few more for our review.
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5
Receive your money

Once your mailed-in documents are received and approved, your loan will be funded and deposited into your bank account.
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I have an existing auto loan: FAQ

You can apply for a vehicle equity loan if you have an existing loan against your car, but if your car has any other type of lien (tax, mechanics, judgement, etc.) you won’t be eligible.

A cash-out refinance loan allows you to request additional cash while replacing your current auto loan with a new one. If you apply, we’ll work with your lender to pay off your existing loan, then transfer the lienholder name to Best Egg for your new vehicle equity loan.

Refinancing gives you the opportunity to receive a lower rate, saving you money in interest over the life of the loan. You can also adjust the length of your loan term, which could help you pay it off faster or get a monthly payment that’s better for your budget.

You can secure your loan with passenger vehicles like cars, trucks, and SUVs. Vehicles must:

 

  • Have fewer than 150,000 miles
  • Be built in 1992 or later
  • Have a clean title (no salvage status, flood or hail damage, etc.)

 

At this time, we’re unable to offer loans secured by motorcycles, RVs, motorsports, or commercial vehicles.
I have an existing auto loan: All FAQs

I don’t have an auto loan: FAQ

A Best Egg Vehicle Equity Loan empowers you to leverage the value of your car to secure a loan from $2,000 to $100,000, subject to credit approval. The minimum loan may be higher in some states. The loan can be used to finance a large purchase (other than the vehicle), consolidate high-interest debt, or most any other non-business purpose.

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.

Our vehicle equity loan offers usually have higher loan amounts and lower interest rates than our unsecured personal loan offers, subject to credit approval.

In addition, you can select longer terms than traditional title loans, making the monthly payments much more affordable. Title lenders also don’t report your payments to the credit bureaus, while Best Egg will—helping you build credit as you timely repay the loan.

You can secure your loan with passenger vehicles like cars, trucks, and SUVs. Vehicles must:

 

  • Have fewer than 150,000 miles
  • Be built in 1992 or later
  • Have a clean title (no salvage status, flood or hail damage, etc.)
  • Have a free and clear title (no lien or loan on the vehicle)

 
At this time, we’re unable to offer loans secured by motorcycles, RVs, motorsports, or commercial vehicles.
I don’t have an auto loan: All FAQs

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