There are many instances where individuals get financial stranded and have no option but to opt for help from financial institutions. The economic meltdown in the late 2000s has made financial institutions to be stricter with lending. This is why it is difficult to borrow money from banks if you don’t have any tangible asset or income source. It is even more difficult for borrowers with a bad credit. With a bad credit and a lack of income source, most banks are going to decline your financial request. This is why car title loans are imperative and have been embraced by many.
The process of getting an auto title loan is quite easy as the lender issues you cash to be paid back within a short period of time. All you have to remit is the title of your vehicle. The vehicle is not limited to a car as you can also use a bike, truck or any other automobile. The borrower and the lender agree on interest charges and duration to pay back.
1. You don’t need an excellent credit score
Auto title loans are also available for individuals that don’t boast a good credit history. These loans never consider one’s credit history. This makes it a great choice for a wide range of individuals. All you need to get a title loan is to your vehicle title. You don’t even need to hand over your vehicle, unlike the traditional loan system. Once you pay back the loan, your vehicle title will be returned.
2. Loan disbursal is very quick
Another importance of title loans is the speed of processing and disbursal. In about 24 to 48 hours, the money should already be in your account. This emergency fund ensures that you can do an impromptu repair, pay fees and buy gifts for loved ones.
3. It is far better than selling your vehicle
The importance of one’s vehicle cannot be understated and lenders understand this. It is also difficult to sell your vehicle as you have to advertise, make a lot of phone calls and even inconvenient yourself until you get a suitable buyer. A title loan ensures that you keep your vehicle and use it for other needs.
A title loan is a great choice for you if you are prudent and sure of paying back within the stipulated time. You can get yourself out of any temporary hardship by simply handing over your car title and filling up some paperwork. There are many places you can apply from. Ensure that you select the best terms for yourself. If you do all the above-mentioned, a title loan is a great choice to see you through until your next salary.