Are you aware car title loans are a way to get cash? Or do you believe these credit instruments are not legitimate? Title loans are a quick, easy method to receive money for some of the emergencies and inconveniences life sets before some consumers. At times, there is an emergency need for cash. Those with a car are surprised to learn how much they can get by using their vehicle as collateral, no matter what their credit score is. Let’s look at some benefits of using a car title loan.
Advantages of Title Loans Versus Traditional Lenders
Title loans present some of the easiest ways to secure the cash you need for your family. When you are looking for a loan from conventional lenders, like banking institutions and credit unions, be aware they are more concerned with your credit score and debt-to-earnings ratio than a title loan, and it can take weeks to get the money you needed yesterday.
The problem with traditional lenders is many applicants have credit issues, a lack of credit history or many of the other reasons for their loan request to be denied, even when they have a critical need for cash.
Payday Loans Versus Convenient Title Loans
Payday loans can help you borrow a small amount of money, which must be repaid through automatic debit. These automatic withdrawals are usually from your checking account within a week or two, depending on your payday. When there’s not enough cash in your account to repay the loan, the lender gets a bounced check, which, as we all know, results in costly fees and damage to your credit score.
What happens when you still need money? Most apply for another payday loan, and then another. This leads to a cycle of increased debt due to much higher interest rates.
Car title loans are a form of a secured loan that uses your car as collateral. The borrower pledges to repay according to the terms of the loan. These repayment terms are much lengthier than a payday loan.
Vehicle owners can often receive a lot more money for a longer period with title loans than with payday loans. This makes securing the necessary capital much easier because there is something on the line to ensure repayment of the funds when they are due. Don’t worry, those who provide title loans do not want your family car, truck or van and are more apt to work with you on a new repayment plan should emergencies arise.
As a vehicle owner, you can receive title loans when needed. All that is required is a source of income and a vehicle at least as valuable as the amount requested. This process is very simple when compared with traditional methods of seeking a short-term loan. Car title loans are trending upward because of the timely application, the approval process, and easier repayment plans.
You can reach our office by calling Advantage Finance, (281) 410-5337, to get your application started. Have your vehicle information handy to get an instant quote on how much you can borrow. This will allow you to receive fast and efficient customer service when you need cash right away.
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