◙ Loan Program: Our Restoration Equity Title Loan Program provides the borrower money for the completion of the restoration or customizing of their vehicle. The borrower maintains possession of their vehicle in this Program.
◙ Loan Amounts: The amount loaned will vary by vehicle. In addition to the borrower’s needs, several other variables will be used to determine the loan amount including the vehicle’s 1) current market value in as-is condition, 2) market value fully restored or customized, and 3) estimated cost of completion.
◙ Loan Minimum: The minimum loan amount is $15,000 per vehicle.
◙ Loan Maximum: The maximum loan amount is $50,000 per vehicle.
◙ Loan Terms and Payment: The loan term may be as short as 30 days or up to 36 months depending upon the specific needs of the borrower. This Loan Program requires monthly installment payments.
◙ Loan Proceeds: In some cases, the loan proceeds may be made directly to the restoration or customization shop on behalf of the borrower paid in one or multiple scheduled payments.
◙ Loan Prepayment: The loan can be paid in advance of the term or maturity date. In some instances a prepayment penalty may apply and will be specifically stated in the loan agreement.
◙ Loan Renewals: In most cases, the loan can be renewed for the same or similar terms and conditions as the original loan if the borrower maintained full and timely payments and satisfied all of the original loan requirements.
◙ Loan Interest Rates: The rates charged are mandated, regulated and specifically limited by city, county and/or state statutes. These rates may also vary by the vehicle and by the specific terms of the loan.
◙ Loan Collateral: The borrower’s vehicle is used as collateral to secure the loan. In order to secure our interest in the vehicle, we place a lien on the vehicle title. All applicants are required to provide a current copy of the vehicle’s bona fide title. The title must be without any liens or encumbrances of any kind but in some instances, we may by agreement pay off the existing lienholder on the title of the vehicle from the borrower’s loan proceeds.
◙ Vehicle Inspection: In most cases, a professional inspection may be required to determine the current condition and needed restoration or customization of the vehicle to qualify for this Program. All loan applicants are required to provide current digital pictures of the vehicle.
◙ Vehicle Insurance: All loan applicants are required to provide current Proof of Insurance for the vehicle. All borrowers are required to maintain insurance coverage on the vehicle during the term of the loan and any renewals thereof. Choice Motor Credit must be named as the Loss Payee and Additional Insured on the borrower’s insurance policy for the entire term of the loan.
◙ Credit Requirements: For most qualified borrowers, there are no credit checks or verification of your bank accounts, financial statements or tax returns.
◙ Personal Identification: All loan applicants are required to provide a current and valid U.S. government identification, such as a driver’s license or passport.