Auto Equity Loan
Unlock the value of your car and get more money.
Only available at Cash Money locations.
Find a Store Near YouWhat Is an Auto Equity Loan?
Need extra money? You may be driving it. When you own or have a low balance on a lien on your vehicle, you've earned equity you can use as collateral to secure your loan. That means, if you borrow with your car, it could help you get approved and get more credit!
Simply gather the required documentation and drive your vehicle to a Cash Money location.
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.
Get up to $10,000
Secure your loan with your vehicle
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 in-store.
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Receive your funds through direct deposit, Interac e-Transfer® or at a cash-funding branch.
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Set up AutoPay and never worry about missing a payment again.
What Do I Need to Apply?
Age 18 or older
Ownership documentation
Valid ID
Steady source of income
Open chequing account
Phone number
Proof of insurance
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.
Satisfied Customers
Common Questions Asked About Car Equity Loans
If you own your vehicle outright with a clear title or have a low balance on a lien on your vehicle, we will consider it for an Auto Equity Loan.
We accept a variety of 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.
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.
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.
Your vehicle must be 15 model years or newer to be eligible.
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% to 46.93%. Once you are given the APR for your loan, 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 15 model years or newer.
Yes! You will be able to use your car as long as you make timely loan payments.