Auto Equity Loan

Unlock the value of your car. Get more money and help build credit.

Man on Car

Get pre-approved at a Cash Money branch.§

Find a Branch Near You

What Is an Auto Equity Loan?

Need extra money? You may be driving it. When you own your vehicle, you've earned equity you can use as collateral to secure your loan. That means, if you borrow with your car, you could qualify for more than a Line of Credit! And with timely payments, you could build credit.

Simply gather the required documentation and drive your vehicle to a Cash Money location. Find out what you qualify for with no impact to your credit score. §

Benefits of Using Your Car as Collateral for a Loan

When you use a vehicle to back up your loan, you'll typically have a quicker approval journey and be approved for more money than an unsecured loan.

Help build your credit

Up to $10,000 with vehicle-secured loan

Approval for more credit

Benefits of an Auto Equity Loan

Same payments every time

More time to repay

No penalty for early repayment

How to Apply for an Auto Equity Loan

1

Apply

Apply in-store.

2

Bring Your Vehicle & Documentation
Drive to the branch in the vehicle you want to secure to the loan and bring your ownership documentation and the required information listed below.

3

Get a Decision & Sign Documents
Receive a fast lending decision and sign your loan agreement, if approved.

4

Get Funded

Receive your funds through direct deposit, Interac e-Transfer® or at a cash-funding branch.

5

Make Payments

Set up AutoPay so you never miss a payment which could help build your credit.

Auto keys

What Do I Need to Apply?

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Age 18 or older

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Ownership documentation

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Valid ID

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Steady source of income

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Open chequing account

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Phone number

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Proof of insurance

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Vehicle on site

What information will we gather about your vehicle?

When you bring your vehicle into a Cash Money location, we will photocopy your ownership document and return it to you. Then, we will document the vehicle identification number (VIN), licence plate number, current registration number, and mileage.

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Common Questions Asked About Car Equity Loans

Visit a Cash Money branch with the vehicle you want to secure to the loan and any needed documentation to see what you are pre-approved for without impacting your credit score. If you decide to accept the pre-approved offer, then a credit inquiry will occur which may impact your credit score.§

We accept standard passenger vehicles such as hatchback cars, sedans, off-road trucks, SUVs, pick-up trucks, or vans.

We understand that sometimes difficult situations happen where you cannot make your payments. We are dedicated to working with you to keep your account payments current. If we come to the point that no intervention is effective, we will be forced to eventually take possession of the vehicle. This may affect your credit score.

You can choose to pick up your funds at a Cash Money branch same day at participating locations, direct deposit your money to your bank account (funds availability varies by bank) or you could receive your loan in as little as 15 minutes when you choose Interac e-Transfer®.

AutoPay is a hassle-free payment arrangement where you can set it and never miss your due date. With on time payments, you could build your credit.

Yes, you may sell your vehicle but Cash Money will be a lien holder. So, the proceeds of the sale will be paid firstly to us to pay off the Auto Equity Loan.

We're happy to help Customers with various credit scores. A credit score is just one of many factors we consider when processing loan applications.

It can be a good option when you need more funds than an unsecured loan may offer.

Yes! Our Auto Equity Loan product can be offered for vehicles of 20 model years or newer and limited to 250,000 kms or less.

Over time, your maximum approval amount will decrease to reflect the depreciation of the vehicle you used to secure your Auto Equity Loan.

Yes, you can with no penalty for early, partial, or in full payments.

Currently, Customers are not eligible to have these loans at the same time.

The APR is a range of 34.99%. It is a fixed rate for the life of the loan.

Please contact a Cash Money branch near you so we can help with your specific situation.

No, a classic car is not eligible for our Auto Equity Loan as the vehicle must be 20 model years or newer.

Yes! You will be able to use your car as long as you make timely loan payments.

There are multiple factors that affect your credit score. We report Auto Equity Loan payment history to Equifax® Canada credit reporting agency so it can help build your credit if used responsibly. One way to help build credit† is by making your payments on time.

If you believe there is a mistake in your credit report, contact Equifax® Canada:

Equifax Canada Co.
National Consumer Relations
Box 190
Montreal, Quebec H1S 2Z2

Visit a Cash Money branch with the vehicle you want to secure to the loan and any needed documentation to see what you are pre-approved for without impacting your credit score. If you decide to accept the pre-approved offer, then a credit inquiry will occur which may impact your credit score.§