The last thing you want to have to do is try and sell your home in this market, but sometimes you don't have a choice. You know that the market is flooded with not only regular homes for sale, but also a ton of foreclosed homes which means you've got a lot of competition.
Your house has to stand out and have something to offer potential buyers that no one else can. That means you have some work to do. But, work takes money. I know you've been wondering, so here's where car equity loans can help sell your house.
Because you can use the money you get from a car equity loan on whatever you want, use the finds to do some renovations or make some repairs that spruce up the house and make it an attractive purchase.
Why not use a home equity loan instead? Getting this type of loan is more complicated, especially if your credit has been compromised. First of all, it is kind of like getting a second mortgage. There are usually fees associated with this type of loan and the amount you can get is directly related to the amount of equity in your home.
If you haven't been in the home very long, you may not be able to get the cash you need. Another issue to consider is that it is tied to your mortgage which means that when you finally sell, it must be paid off as well.
Car equity loans are a completely separate entity from your mortgage. To qualify for one, all you need is a clear title to a vehicle; your credit rating is not an issue. This is important if you need to get out from under your home quickly-the sooner you can make repairs and renovations, the sooner you can put it on the market.
A car equity loan works by giving you a percentage of the car's current value. Because you have collateral, this is considered a secured loan which also qualifies for a lower interest rate than if you applied for an unsecured loan. You will have a monthly payment schedule, but there is no penalty for an early pay-off. So, if you make enough from the sale of your home, you can pay-off the loan right then.
Once you've got your car equity loan, decide what needs to be done. Curb appeal of a home is important to get people to want to come inside so hire some painters for a fresh coat on the outside. You could also use the funds to improve the front landscaping which is another aspect of curb appeal.
Inside, the kitchen, master bedroom and bathroom are key areas for buyers. Walk through and see if there are little changes you can do to spruce up these make or break rooms. Add some tile to the kitchen walls or tile the shower stall. Update the kitchen by installing granite countertops. The possibilities are endless as to what you can do with the funds from your car equity loan and when you put up that "SOLD" sign, you'll know it was all worth it.
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