In today’s time, taking out a loan has become extremely difficult. From having a good credit score to setting collateral, there are far too many hurdles. But, if you own a motorcycle and are in urgent need of cash, a motorcycle title loan may just be what you need.
Instead of troubling yourself with the hectic procedures of a traditional loan, why not ride your way to financial freedom with a motorcycle title loan? With a simple and hassle-free process, a title loan could be the ticket to your financial dreams.
What Is A Motorcycle Title Loan?
Simply put, a motorcycle title loan uses your motorcycle as collateral. All you need to do is transfer the ownership title to the lender, and in exchange, you get a loan for a portion of your motorcycle’s retail value. But don’t worry. Just because you transfer the title doesn’t mean you have to give up your beloved ride. On the contrary, you’re allowed to use it as normal.
Not to mention, once you repay the loan, the lender will automatically return the ownership back to you. This way, you don’t lose any valuable items and can stay on top of your financial game.
Pros of Motorcycle Title Loan
If climbing out of your financial debt isn’t enough, take a look at the following advantages of a motorcycle title loan:
- Instant Payout:
Motorcycle title loans are known for their fast payouts. It typically takes only 24 hours for you to get the money from the lender.
- No Credit Checks:
Title loans are the perfect solution if you have a low credit score. Most lenders forego the entire credit check procedure, making it all the more easy for you to cash out the payment.
- Guaranteed Qualification
Unlike a traditional loan that needs numerous documents, a motorcycle title loan only requires a clear title of ownership to the motorcycle and proof of income.
- Complete Flexibility
Once you get the money, you have complete flexibility and freedom over how and where to spend it. There are no restrictions to worry about.
- Uninterrupted Riding
The best part about a motorcycle title loan is that you can continue to use your motorcycle as you please. There is no requirement to turn it over to the lender. You still have possession and independence over your ride.
Cons of Motorcycle Title Loan
With every good, there’s the bad. Similarly, as great as motorcycle title loans are, they also have certain disadvantages, such as:
- High-Interest Rates:
Title loans often come with a high-interest rate, which means that if you fail to pay back the loan in time, you might have to pay back much more than what you originally borrowed.
- Short Repayment Period:
Due to the fluctuating resale value, motorcycle title loans have a shorter repayment period. Usually, you have to pay back within 30 days or less. However, the term can always be negotiated with the lender beforehand.
- Risk of Repossession:
If you fail to return the borrowed money, there is a risk of your motorcycle being repossessed by the borrower. That is to say; you can lose access and title ownership of the vehicle altogether.
Every big decision needs certain pros and cons to help set it apart. Before finalizing a loan, look around for different options. A motorcycle loan might have some cons, but overall, it offers great value and can easily be paid off in time.
So, if you’re looking to get some money, and that, too, fast, a motorcycle title loan is exactly what you need. Contact Advantage Finance LLC today at (281) 410-5337 for more information. We have multiple locations throughout Texas, so feel free to reach out to us at the location most convenient for you.