|
Are you someone who is in need of fast cash but your poor credit score bars you from accessing the traditional short term loans? If you own a car, taking out a car title loan is one way in which you can get your hands on fast cash with easy income verification and credit check. With the increase in debt obligations among households, hefty premiums, student loan liabilities and the stringent nature of the lenders, most hapless debtors are not being able to make ends meet as they neither have cash at their disposal nor do they get access to new lines of credit. During such situations, auto title loans are the best possible solutions that are available against the title of your car. Read on the concerns of this article to know the benefits and the features of auto title loans. Car title loans – How do they work? When you approach a lending company for a car title loan, the company will assess and evaluate the price of your automobile based on the current Black Book value and then offer you a loan. Until you repay your loan, the lending company will keep its name as a lien holder on the title of the car. The usual repayment terms of the title loans vary from 12 to 36 months. This loan is in a way similar to that which you took out while buying the car. As the lender doesn’t check your credit score or income before lending you the money, they might charge higher interest rates in order to reduce their risk. If you default on the loan and you don’t pay it back on time, the company might repossess your car and sell it off to recuperate the money. You need not fret on reading this as this is the option for the lenders only when you stop repaying the loan and hence getting a title loan is certainly a good option for all those who are sure about timely repayment. The valid reasons behind the rising popularity of auto title loans If you’re someone who is planning to take out an auto title loan, you should consider the advantages and know the reasons that are making such loans highly popular in the industry. Check them out. •Quick access to funds: Traditional loans take months to get approved and the lenders are strict about their lending criteria. But unlike the traditional loans, the auto title loans are available within a day or two and hence if you’re in need of immediate cash, you can opt for auto title loans. •Loans with smaller amounts: We’re aware of the fact that most traditional loans usually involve a large amount, but what about those who are in need of smaller amounts for a temporary cause? Auto title loans are the answer for them. Minimum loan amounts vary from state to state. In California it is $2,500, while in Arizona, Illinois, Missouri, New Mexico and Utah it is $1,500. •Loans with easy credit check: Poor credit score is the biggest obstacle to borrowing money. But in case of auto title loans, your lender does not structure the loan based on your credit score, since the car is used as collateral for the loan. Therefore, this loan type is also open for those with a poor credit or no credit and is often referred to as Bad Credit Auto Title Loan or Secured Loan. Car title loans are one way of obtaining money when you’re in dire need of it but if you take out such loans, you should maintain a financially disciplined life to repay the loan on time and safeguard your car. For more information about Cash for Car Loans browse through car title loan or visit at www.instantautotitleloans.com
Related Articles -
car, title, loan,
|
