Are you looking for employment? What happens if you’ve been collecting salary and it runs out and you lose your job? What will you do if your bills are due and it seems there is no solution to your financial status? Turning to friends and family is not an option nor is going to a bank or credit union for a loan is advisable. This may be the time when a car title loan is your source for getting the quick cash that will get you out of your financial misery.
This type of loan is geared towards the people who have trouble getting a loan from financial institutions such as credit unions and banks. When banks turn you down and friends or family are unapproachable, car title loans are a simple and quick resource that will not require answering any awkward questions. Most likely your application won’t be denied and the best part is that you’ll get the cash you need which will be directly deposited into your bank account.
What you need for a car title loan is to own your vehicle outright. This means that the title needs to be clear and free of any liens. Applying is simple, you have the option to fill a simple application and it does not take long. You also need to have a proof of residency, a governmental form of ID and proof of car insurance. There will be no awkward credit check or any other questions of why you want the loan after approval. Your quick cash will be in your bank account within 24 hours, via direct deposit.
Your vehicle has to be inspected and appraised. The lender will use the Kelley Blue Book price of resale value for your vehicle and if the vehicle passes the inspection, the lender will fund you with the value of the vehicle. The duration of the loan is normally within 30 days. After the 30 day period, the loan is due in full which include interests and fees. If you’re unable to repay the loan on time, the lender will offer you options such as rolling over the loan. Rolling over the loan will entail additional interest. You must be aware that if you roll over and you’re not able to make your payment, your vehicle will be in danger of being reclaimed by the lender.
One additional benefit for the borrower is that they can drive the vehicle for the duration of the loan. The borrower can still get to work and run errands as usual. There is no relinquishment of a vehicle. It is an additional benefit. A car title loan is not as terrifying as it sounds if taken out with a reputable and licensed lender.
By giving you quick and emergency cash, car title loans can help you protect your credit. If you fail to pay your bills, whether mortgage, utilities or credit card, it gets reported to the credit bureau. Bad credit can keep you from getting employment. Just ensure you understand the terms and conditions of the loans and you’ll be able to pay the required monthly payment. Therefore, only the loan that you can afford to pay back. Since the value of the car is used as collateral for the loan, if you fail to make payments, the lender has the right to repossess the car. You can’t afford to lose your car; you’ll need it to get to job interviews and to also get a job.