Car title loans are quite famous. While they are not new, it is only now that they are getting so popular as more and more people are waking up to the benefits of car title loans.
They are convenient because all you need to get this loan approved is to have a vehicle that qualifies. And for a vehicle to qualify, it only needs to be in good quality and under your name. Yes, it is that easy.
While the name contains the word ‘car’, you can apply for such a loan even if you have any other type of vehicle, including motorcycles, SUVs, trucks, and RVs.
These loans are getting popular due to the benefits they offer to the borrower. Let’s have a look at five such benefits and understand more about car title loans:
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Credit Score Isn’t Checked
Credit score is one of the most important thing in our financial history. Your credit score is checked when you apply for a traditional loan, which is why people often worry about maintaining the score in 70s, which can be quite difficult in these times. However, you do not have to worry about your credit score when it comes to a car title loan because your credit score is not even considered when you apply for such a loan.
In case of such a loan, lenders don’t need to worry about security because they keep your vehicle as collateral. If you have a vehicle, you can apply for a loan and even get it approved without any trouble. However, this does not mean that the loan does not have to be paid back.
You can lose the possession of your vehicle if you fail to make the payments on time so make sure to still be responsible.
- Get The Money On The Same Day
Unlike other loans, a car title loan doesn’t make you wait for days before getting approved. You get payment on the same day.
The lender will inspect your car and make you an offer, which is usually about 25% to 50% of the car’s market value. After this, the title of the car is handed over to the lender and you get the money in return. The whole process takes only a few minutes.
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Get Huge Amount Of Money
When we talk about loans, a three to four digits sum is what comes to our mind. This is not the case with car title loans because they offer a great deal of money if needed.
Car title loans can be up to $50,000. After all, they are based on the condition and value of your vehicle. The more expensive the car, he more money you get in the name of loans. Hence, this type of loan can be used to solve your major financial problems.
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Flexibility Of Time
A lot of people prefer to avoid car title loans because they think that a month’s time is all that you get to pay back the loan. That’s not true.
There are many businesses that are willing to give you the opportunity to pay back the loan in installments (3 to 6 months). This helps a lot when you want to get a huge loan.
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You Can Still Drive Your Car
The good thing about this loan is that you do not have to part ways with your vehicle unless you fail in making payments.
You still get to keep your vehicle and only the title is transferred. However, if your vehicle is not insured then the lender may wish to keep it in their custody.
The Verdict
When you need cash instantly to deal with your finances then a car title loan is your best bet. Try a lender like tfctitleloans.com as they are experienced and reliable.