Why should I apply for a Best Egg Vehicle Equity Loan?
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.
What are your minimum & maximum loan amounts?
You can apply for loan amounts ranging from $2,000 to $100,000. The minimum loan may be higher in some states.
What are your minimum and maximum loan terms (months)?
Qualified applicants can select terms ranging from 24 months to 84 months.
Does this loan have a prepayment penalty?
There are no prepayment penalties with a Best Egg Vehicle Equity Loan. If you’d like to pay your loan off early, you can do so without paying any prepayment penalties.
Is there an application fee?
There is no application fee to apply for a Best Egg Vehicle Equity Loan.
What is an origination fee?
An origination fee is a percentage of the loan amount we charge as a cost to maintain the loan. It ranges from 0.99% - 8.99% of the full loan amount and pays for things like underwriting the loan, verifying documents, and pulling a credit report. In addition, titling fees will be charged, which are associated with filing a lien at your state or county titling agency.
For example: If you select a loan for $10,000 with an origination fee of 4.99%, your origination fee is $499 and will be added to the full loan amount. However, the amount requested of $10,000 will still be deposited in your bank account.
Can you help me finance a leased vehicle?
Currently, we do not offer lease buyout financing for vehicles. Consider reaching out to your lessor or dealership to learn more about your options.
How is the Vehicle Equity Loan better than other loans and what are the benefits?
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. Many 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.