Do you own a vehicle free and clear or have equity in your vehicle? Sometimes those car payments or maintenance costs can feel like a burden. But have you ever considered letting your asset work for you?
Is there something you would like to buy? Is there a trip you’d like to take? You may consider using a credit card to pay for the things you need, but if you have outrageous interest rates it may not be worth it. You may be able to use your automobile title as collateral for a loan and receive a much lower rate than a credit card.
There are many benefits to using equity in your automobile for a loan. I have used the equity in my car to go on vacation, to pay taxes, and to pay off credit cards. You might be hesitant because it is such a good feeling knowing that you own your car free and clear. The rates for financing a vehicle are much less than rates on a credit card balance or other types of loans.
If you feel this is something you may be interested in, call or come by your local Credit Union and we can answer any questions you have.