Are you familiar with the idea of investing in equity? It’s a practice that is very common among property investors. Equity can give investors the opportunity to leverage profits from one property and continue to invest it in another.
What you might not know is that you can also take advantage of the equity in your car. For most people, a car is usually the second most expensive item they own after a property. Investing in a car equity loan can open the door to great opportunities for refinancing.
Curious about how Club Money can help you invest in your car’s equity? Contact us today.
Lower rates and monthly repayments
If you’ve recently purchased a car, then chances are you’ve got a vehicle loan to pay off. Are you struggling to pay off your car loan at its current interest rate? There are ways to refinance your loan and reduce the rate of your monthly repayments.
By switching lenders, it is possible to refinance your loan and start paying a lower interest rate on repayments. Securing a lower interest rate can drastically improve your personal cash flow. Refinancing with a new lender can also give you the opportunity to extend your loan term.
Extend your loan term
Extending the term of your loan may seem unfavourable. It will take longer to pay off your loan, but at the same time, you will also be lowering the cost of your regular payments. Unexpected costs such as a fine or medical fee can have a detrimental effect on your everyday expenses. A term extension is just another way of improving your personal cash flow when you need it the most.
Getting lower repayments is a great solution for people who are unable to gain access to credit from conventional methods such as credit cards, personal loans, and mortgages. So when you’re experiencing financial difficulties, consider refinancing with a car equity loan from lenders like Club Money. It doesn’t matter if you have a low income, bad credit rating or a past bankruptcy. Club Money will always try to help you out with a car equity loan when you need it the most.
Tapping into equity
Is your car worth more than the balance of your loan? If you answered yes, then it’s possible you could utilise the equity in your vehicle. By refinancing your car loan, you can tap into the equity of your vehicle. Car equity loans can enable you to borrow against the value of your vehicle.
In a similar way to a mortgage, your car can be used as collateral for a loan. This type of borrowing is very similar to secured lending. By utilising your car’s equity, you can get access to an alternative source of funds that you may have never thought was possible. Extra funds from your new car equity loan could be invested straight back into the costs of your vehicle from repairs to insurance costs, and even modifications.
You may be wondering just how much you can borrow from a car equity loan. The amount you can borrow will vary based on the individual value of your car. So before you refinance your car loan, make sure you’re getting the best rate on offer to finance your asset.
Are you ready to apply for a new car loan? Refinancing your car loan can unlock exciting opportunities that can help you get access to more money sooner.
You can apply in three steps:
- Apply online. Check the lending criteria and make sure you’re eligible. When you’re ready, you can apply online here.
- We review your application. We review all applications within 30 minutes if you apply during business hours.
- You get your loan. Once your application is approved, we’ll let you know straight away so you can finalise the loan. Once that’s done, the money could be in your account in a few hours.
The highly-trained team at Club Money always stay informed of the latest market developments for financial products. After talking to a specialist from Club money, you’ll get a financial solution that’s tailored to your needs.
If you need a new car loan with lower repayments, the experts from Club Money can help you out. The application process for a new loan is quick and easy. No matter what your credit history is like, Club Money is always dedicated to finding a great financial solution for you.
Ready to refinance with a new car loan? Contact Club Money for fast approval.