There are a lot of misconceptions about how a Delaware title loan works. Misconduct by other title lenders has caused title loans in Delaware and other states to get a bad reputation. Auto Equity Loans of DE, LLC is not like other title lenders. Here at Auto Equity Loans we let you keep your vehicle and your keys. Other title lenders take advantage of client’s dire financial hardships. Clients become mislead on credit terms, interest and ways to pay back by other title lenders. Here at Auto Equity Loans we explain everything to our customers upfront. Most consumers are hesitant to apply for a Delaware title loan from Auto Equity Loans due to the fact they think all title lenders are out to repossess their vehicle. I have heard consumers say, “To get a title loan is like asking for your vehicle to be repossessed”. For Auto Equity loans, this is a huge misconception. We assist our clients while they are going through financial difficulties, before, during and after the loan process. We work with clients who have difficulty making their payments, by offering them a grace period and allowing our clients to refinance without charging them a fee. This allows clients to extend their terms and lower their payments. Another big misconception when receiving a Delaware title loan is that clients are just paying interest. Many title lenders offer one way to pay back your loan. This option is called a balloon payment, where you are just spending money on interest each payment and are left with one final sum of interest to be paid back at the end of the loan. Here at Auto Equity Loans, we have two ways to pay back your loan; they include a “balloon” and “amortized” payment plan. When clients choose an amortized loan they are spending money on principle and interest with each payment they make. When clients choose amortized as a way to pay back their loan they do not have to pay the last lump sum of interest when their loan is over. This makes it easier for clients to pay off the loan in 7-12 months. As always we have no prepayment penalties either. We are the title lender that saves you money!
FAQ
May 11th, 2012
How do I know if I am eligible for a Delaware Title loan?
- In order to obtain a Delaware title loan you must own your vehicle outright, and the title must be free and clear of all liens and judgments.
Where are you located?
- We currently have 5 Locations in the state of Delaware!
1144 Pulaski Highway Bear, DE 19701
4723 Kirkwood Highway Wilmington, DE 19808
1241 Churchmans road Newark, DE 19713
1812 Marsh Road Wilmington, DE 19810
19266 Coastal Highway Rehoboth, DE 19971
How do I know how much I qualify to borrow?
- We look up your vehicles fair trade in value on kelleybluebook.com and we will lend 50% of that value. It also depends on your ability to pay it back.
How long does the process take for a Delaware title loan at Auto Equity Loans?
- The process doesn’t take long at all. You will be in and out in about 30 minutes! Cut that time in half if you decide to come back for a second loan.
What is your APR?
- Our interest rates vary between 10%-15% a month. You won’t find anyone else with a cheaper rate…Guaranteed!
What do I need to bring in on the day I receive my Delaware title loan?
- Title, Proof of income, Proof of address, License, Registration, Insurance, and drive the vehicle to the office.
Do you require a copy of the keys?
- No, unlike other title lenders we do not require a copy of the keys; we just take pictures of the car.
Am I obligated to stay in the loan for a certain amount of time?
- That’s the beauty of no prepayment penalties; you are not obligated to stay in your loan as long as you keep up with your monthly payments. Paying off before your terms expire actually saves you money and we encourage it!
Using Your Secondary Vehicle for a Loan
May 10th, 2012
Here at Auto Equity Loans, we make it simple and easy to get a Delaware title loan even if you may not own a car per se. Many people own other types of vehicles such as motorcycles, tractor trailers, or even boats! Although it may be rare to take out a loan on a boat, AEL offers just that! Granted, any title you bring to us must be clean and clear of any liens so that AEL can be placed as the first and only lien holder for that specific vehicle. You must also be able to bring the vehicle to the location nearest you in order to begin the Delaware title loan process. In placing a lien on a motorcycle, tractor trailer, or boat, the loan process is similar to that of placing a lien on a car. However, in some circumstances we may have to place a lien on the vehicle before the loan process can be completed. Even so, receiving a Delaware title loan from AEL is trouble-free and will take as little as an hour to finalize. You will still have a check in your hand by the time you leave our office! Clients who already have received a Delaware title loan from us using their primary vehicle is even further encouraged to bring in their secondary vehicle for another loan as well. This may open up more financial options for you as our client depending upon your previous payment history. Our staff is fully trained to assist you and will answer any questions you may have in regards to receiving a title loan from us on any of the above mentioned vehicles. You can come in to any one of our locations or you can personally speak with our Loan Specialists for a FREE quote at our toll free number at (800)787-1719.
Convenience and Savings!
May 9th, 2012
Applying for a Delaware Title Loan at Auto Equity Loans is a great way to get money to pay bills or for emergency cash needs. Sometimes your normal paycheck doesn’t quite pay the bills. With the rising cost of living in Delaware and surrounding states (PA, NJ, MD), many people simply can’t afford to pay for emergency financial needs like medical costs, home repairs or legal support. When this happens, people who own their vehicles can apply for a Delaware Title Loan in order to help pay those unexpected financial costs.
It is at this time when people who own their own cars can use the vehicle’s title for collateral in order to collect a Delaware Title Loan which is easily paid off with monthly affordable payments. In order to apply for this type of loan, you need to make sure you have the needed paperwork in order for us to process your loan quickly and painlessly.
- Supply Auto Equity Loans with proof of vehicle ownership and current insurance: The first thing you need to establish is proof of ownership for the vehicle on which you are looking to obtain an auto title loan. This means that you have paid off any loans and there are no liens against the vehicle. You will also need to provide the vehicle insurance and registration for the state in which you are living.
- Supply Auto Equity Loans with proper Identification including Driver’s License: In order to apply for an auto title loan, you need to prove who you are and where you live. Only official Government Identification Cards such as a State Issued Driver’s License are needed to establish this identity.
- Supply Auto Equity Loans with proof of residency: A formal proof of residency is needed when applying for a collateral loan. This can include a copy of bank statements with your physical address, a rental or mortgage agreement with your address printed on an official letter or utility bill.
- Supply Auto Equity Loans with proof of employment, proof of SSI, or disability
That’s pretty much all you’ll need to receive your Delaware Title Loan. The process is very simple and you can fill out the beginning application online too. Simply fill out the online form, attach the appropriate information and a qualified loan specialist from Auto Equity Loans will contact you, to assist you in scheduling your appointment with one of our 5 convenient locations nearest you. Your loan can be approved within a matter of hours.
Tips To Restore Your Credit
May 8th, 2012
People receive Delaware title loans when they are in a need of financial assistance without going through an extensive credit check. Banks run your credit and can quickly deny you for a loan based on your credit score. When you get a Delaware title loan with Auto Equity Loans we do not run your credit! We base your loan approval on the value of your vehicle and your ability to pay back the loan. Consumers who get a Delaware title loan with us are usually interested in how they can restore and rebuild their credit. There are 5 helpful hints that consumers can follow to help build their credit score.
1. The first and most important step in improving your credit score is keeping track of it. Consumers can get a copy of their credit score once a month. This helps clients manage their score more effectively.
2. Keeping track of your bills and paying them on time will improve your credit score. Staying on top of payments is key to maintaining a high credit score.
3. Make sure to understand as a consumer how your credit score is determined. Knowing how credit is established can help you rebuild yours. Your credit score if determined by the following questions: Are your bills paid on time? When you have unpaid bills, this will show up on your credit score. Secondly, have you applied for new credit recently? When consumers apply for multiple lines of credit around the same time, this can affect their credit score as well. Thirdly, do you have outstanding debt? This pertains to how high your debt is compared to your credit limit. If you are maxed out on multiple lines of credit this does not fare well to your score.
Clients can obtain a Delaware title loan with us to pay off past debt and bills and improve their credit score. Also, by utilizing these tips and understanding how credit scores are calculated, clients can get a better grasp on their credit situation which may open up alternative loan options.
