Most people who own a motorcycle have a special bond with their vehicle. So, naturally, the thought of transferring the rights to their precious automobile can seem terrifying. You wouldn’t want to lose your ride that easily, would you?
But what if we told you that with the help of a title loan, you wouldn’t have to do any such thing? All you would have to do is temporarily transfer the ownership of your motorcycle to the lender in order to get the loan. And the best part is, you can still freely ride the motorbike wherever you want, whenever you want.
What is a Motorcycle Title Loan?
A motorcycle title loan, in definition, is a type of loan based on a unique system, one that uses your motorcycle as collateral. It is essentially a method that requires the borrower to pass the ownership of the bike to the lender. It is a form of ‘guarantee’ that ensures the lender their loan will be repaid, with interest, by the date provided.
However, unlike most places that seize total control over a collateral item, title loans do no such thing. The lender takes the written pledge and temporary ownership but allows the borrower to keep the vehicle for use.
“Can I Still Ride My Motorbike If I Take Out A Motorcycle Title Loan?”
One of the most frequent queries among borrowers is whether or not they can still ride around in their automobile. And the answer is yes! They absolutely can. The only thing they cannot do is sell the motorcycle. Besides that, they will have total and complete freedom to use the vehicle as usual.
Not to mention, you can get the ownership of your motorcycle back and reverse the collateral as long as you repay the borrowed amount on time, along with interest. You just have to make sure there aren’t any repayment penalties so you can pay off the loan faster.
Benefits of a Motorcycle Title Loan
Motorcycle title loans are incredibly beneficial. They can help you get your hands on quick cash, so if you have any emergency expenses to take care of, you can do so with ease. Mentioned below are some of the advantages of taking out a motorcycle title loan:
- You don’t have to stress out over a low credit score.
- The application process is smooth and fast.
- You can get the loaned money all in one day.
- You will still be able to keep your motorcycle and drive it as per usual.
- Depending on the lender, you might not face any repayment penalty.
- You can freely spend the money with no restrictions.
Keeping That In Mind
Now that you know what a motorcycle title loan is and how much you can gain from it, don’t just rush over to the nearest lender. Instead, take your time and analyze your options. Make sure to negotiate with the lender and strike a worthy deal.