2018 flew by, and it really is true that it is the holiday season already! If you have been searching for ways to quickly obtain some extra money, then you might have thought about applying for a payday loan or installment loan. However, there might be another way for you to borrow some money if you own your car outright. Many individuals who have a steady income and own their vehicle can benefit from getting an auto title loan. This involves receiving cash by handing over the title to your vehicle as collateral for the loan. The following are some of the most important benefits that title loans offer to help you determine if this kind of borrowing might suit your needs:
1. Fast access to cash
Usually you can get application for an auto title loan completed and get funds into your bank account on the very same day. You might be eligible to receive a title loan if the car that you own has enough value, since this type of loan is based on how much your vehicle is worth. If your car does have enough value, then the process for applying for a title loan involves filing the application form, signing the paperwork for the title loan, and then a brief on-site inspection of your car and then submitting your title. You might even be able to get the funds as quickly as one hour. A majority of lenders might take as long as one week to disperse the funds to you.
2. A credit check is not required
A majority of loans involve having a credit check run to make sure that the loan applicant is creditworthy and can make their payments on time, which can be a problem for customers who have a bankruptcy, no credit, or poor credit. However, this step is not required with a title loan. You just need to have sufficient collateral in your vehicle in order to be eligible to receive an auto title loan.
3. Your vehicle can still be used
When an auto title loan, such as those offered from TNL Car Title Loans, is taken out you do give the title up to your car while you are repaying the money you borrowed. However, that doesn’t mean you have to give up driving your vehicle. The title to your car is treated by the lender as collateral and it will be returned to you once your final repayment has been made. So you are able to keep and drive your vehicle, along with getting cash!
4. Less expensive compared to cash advances
Payday loans and cash advances are usually quite expensive ways to borrow money. By contrast, title loans have a tendency to be less expensive since their interest rates are usually lower. That is due to the fact that your car secures the title loan, with the title of your vehicle serving as collateral. Therefore, the lender doesn’t have to charge a high interest rate since there is a layer of security provided by the car title.
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