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 kind of vehicles can I secure my Best Egg Vehicle Equity Loan with?
You can secure your loan with passenger vehicles like cars, trucks, and SUVs. Vehicles must:
- Have fewer than 150,000 miles
- Be built in 1992 or later
- Have a clean title (no salvage status, flood or hail damage, etc.)
- Have a free and clear title (no lien or loan on the vehicle)
At this time, we’re unable to offer loans secured by motorcycles, RVs, motorsports, or commercial vehicles.
What is a free and clear + clean ownership title?
A free and clear ownership title indicates there is no lien or loan on the vehicle. A clean ownership title indicates that it doesn’t have a salvage status or flood or hail damage. To qualify for a Best Egg Vehicle Equity Loan, your ownership title must be both clean and free and clear.
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 fee to apply for a Best Egg Vehicle Equity Loan.
What is an origination fee?
The one-time origination fee helps cover Best Egg's cost of processing the loan. It ranges from 0.99% - 8.99% of the full loan amount and is deducted from the loan amount and the remainder is deposited into your bank account.
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 deducted from the full loan amount. The amount deposited in your bank account will be $9,501.
Can you help me finance a leased vehicle?
At this time, we do not offer financing for vehicles, including lease buyouts. 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.