No matter how much you plan for the future and keep the savings, sometimes sudden expenses can hit you. And if you do not have enough cash on hand to cover them, you have no other choice but to look for alternatives. In situations like these, an auto title loan is a good way to get the money you need. But before making the decision, it would be wise to go through the pros and cons of title loans.
Pros of Auto Title Loans
- Open for everyone
The good news here is that because you use your car as collateral, loan lenders do not check your credit history. So even if you have a bad credit score and have no other borrowing options, you don’t need to panic. If you have a working car, you will get the money you need.
- Quick Cash
The application and approval process is usually fast. And with Advantage Finance LLC, all you have to do is to submit this online form and get going. In most cases, the money will be in your account within a day. The amount you can apply depends on the value of your car.
- Keep Driving Your Car
So the best part is here. After applying for the loan, you do not need to stand at the bus stop. Keep driving your car and working your way further.
Cons of Auto Title Loans
- High-Interest Rates and Fee
Depending on where you live and which lender you go with, you can end up paying much higher interest and fees like with a payday loan. Therefore, make sure to read and understand all the policies and then make the decision.
- Risk of losing the car
If you are unable to pay back the loan, you can lose your car. Unfortunately if the lender sells your car, he will get more value than if you had paid back the loan in full.