First Republic’s Personal Line of Credit offers several unique features that are not available with auto loans, including:
Keep your car’s title: With a Personal Line of Credit, you own your ride. Since it is an unsecured loan, you own the title of your vehicle and aren’t required to add First Republic Bank as a lienholder on your vehicle’s title.
Auto loans, on the other hand, are typically secured loans where the lender is added as the lienholder on your vehicle’s title. Your name is listed as the registered owner of the vehicle, but the lienholder (your lender) keeps the title as collateral, until you pay off your auto loan.
Make interest-only payments: With a Personal Line of Credit you have the option to pay interest only on what you draw for the first two years. Learn more about the draw period feature.
Refinance other debt: Unlike auto loans, a First Republic Personal Line of Credit can help you with other expenses — including minor home improvements, student loan refinancing, paying current and upcoming taxes and more.