The Significance Of Direct Lenders For Vehicle Equity Loans

Those looking for alternative financing options likely understand that direct lenders are important but may not comprehend the full significance of the role they play in vehicle equity loans. 

Without those offering these types of loans, many people would have no way to fund an immediate need. They would likely suffer greatly in today's world of high inflation and flatter wages for everyone. 

Two Types Of Loans

Today's economic system has two types of loans available for those needing money. The first is through traditional lenders like banks and financial institutions. These are lenders that offer personal loans that may or may not require collateral. 

The second type of loan available is through alternative lenders who offer things like title loans, payday loans, and signature loans, among other things. 

There are two key differences between the two groups. Traditional lenders are part of the banking ecosystem that meets both federal and state regulations. They have high standards for loans and must consider things like credit scores, repayment history, time at a job, income, type of job you have, years living at your residence, and sometimes things like collateral and net worth. 

Loans at traditional lenders also usually require you to bank with them, so all your information falls under the Patriot Act. That allows the government to monitor many of your transactions. 

This type of system isn't something that accommodates everyone. Those with low credit scores, or no credit, who have just started working, have a lower income, are renting, and have no significant collateral are locked out of this type of financing. 

Alternative financing, although regulated by state laws, doesn't have all those barriers. That is especially true when it comes to auto equity loans. That's because they are managed by direct lenders who make all the approval decisions. 

This group of lenders isn't required to get a credit check, report your loan to the credit bureaus, ensure you have a checking account, check your employer reference, or find out how long you've been on the job. They look at two things primarily and those are the value of your vehicle and your ability to repay. 

They will look at your source of income but that can be from self-employment, gig jobs, or a government check. This makes this type of loan suitable for those in non-traditional work that banks won't accept as income. 

The Impact Of Alternative Lending

The growth of alternative lending through direct lenders has an impact on the overall economy and has forced traditional lenders to take another look at their policies. Those approved for emergency funding pay for things like roof repairs, car repairs, and doctor's expenses which keep the local economy going. 

It also helps those in need who would otherwise have to go without these emergencies being handled, possibly causing ill effects to their health and safety as well as devaluing any property needing repair. 

Traditional financial institutions are noticing the growth of alternative lenders and the drop in those applying for their loan products. That is forcing them to revamp some of their policies and provide options open to more people. 

Getting A Loan In Wisconsin

Getting a vehicle equity loan in Wisconsin is simple if you know where to go. One recognized direct lender is Wisconsin Auto Title Loans, Inc. It offers up to $15,000 in such loans, depending on your vehicle's value and your ability to repay. 

You will need three things to apply with this lender. First, you will need a driver's license or state-issued ID to prove your identity. You will also need a clean title to your vehicle and the vehicle available for a quick inspection. 

Things that aren't required are a checking account, good credit, or any credit. This lender attempts to help those in all types of credit situations. 

Applying is easy as you start by filling on the online inquiry form found on the website. It will be security sent to a store near you and a representative of this lender will contact you to explain the process. You will then schedule a time to meet with a loan representative to apply. 

One of the best aspects of using the online form is that you don't have to apply at the store! You can meet the loan representative at a location of your choice to work through the application as long as you have your documentation and vehicle with you. 

The meeting with the loan representative can be completed in as little as a half hour. Those approved with get money either the same day or the next business day. 

Fill Out The Form

There is no risk in filling out the online inquiry form as no credit checks are done. It isn't an application but shows your interest in a vehicle equity loan with a direct lender like Wisconsin Auto Title Loans, Inc. 

This lender is committed to helping people pay for unexpected situations. Tapping into the equity you own in your vehicle is one way to meet that need. Fill out the form today and see if this is a good option for you!

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