What Are the Benefits of Getting Title Loans?
Your vehicle can do more than just take you from place to place. It can help you fix any financial emergency in a jiffy. Don’t believe what we’re saying? Well, you need to learn about title loans. A type of secured loan is a title loan, using your vehicle as collateral to provide instant cash or credit.
In this post, we have talked about title loans and their benefits at length. So, if you’re unaware of the power of a title loan, have a look at it.
Title Loan – Fixing Fund Crunch Immediately
A title loan from a trusted online loan platform will use the borrower’s vehicle and provide instance credit/cash. There is a huge network of online lenders that will help you get a title loan with zero hassle.
When a title loan request is made, the lender will carry out a market evolution of the vehicle used as collateral to ensure that money provided is in safe hands.
You need to understand that you can only avail yourself of up to 25% to 50% of your vehicle with a title loan. Lending money equal to 100 % of actual valuation isn’t possible. However, if the vehicle is entirely new then few lenders can provide up to 80% of the total car value. But, it’s an exception and not everyone is eligible for this facility.
Benefits To Enjoy With Title Loan
Before you roll up your sleeves to find title loans near me, you need to know about the benefits that you will experience with a title loan. Here we present all the key benefits that you’re going to experience with a title loan.
- Quick processing
The first benefit that you are going to experience with a title loan is that you don’t have to wait to get the cash in hand. In many cases, money could be handed over to borrowers’ hands as soon as the valuation is done. There is no heavy paper processing and a background check is required. This cuts down a huge deal of time and provides instant cash.
- Multiple choices
When you’re trying to avail of a title loan from the truest name, you’ll get ample choice as multiple quotes against one request. This allows the borrower to make a wise choice.
- No need to present your credit score
For bad credit score holders, traditional loans don’t work at all. They have to find a way that doesn’t involve credit checks. Gladly, the title loan works that way. The lender will not ask for the credit score. The only thing that will be of his/her interest is the condition of the car that you want to use as collateral to avail of the loan. Rest things won’t matter a lot to the lender.
- You can use the car
While a title loan keeps the car as collateral, it won’t snatch the complete authorization of the car or prevent the borrower from using the car. Yes, you read it right. Even if you’re keeping the car as collateral, you can continue using it. You can drive it like usual. This is a real differentiator for title loan users.
- Pocket-friendly interest rate
If compared with a cash advance, the interest rate of a title loan is a bit pocket-friendly. Cash advance or payday loans are unsecured loans and charge a high-interest rate to ensure that the lender’s money is safe.
But, a title loan is a secured loan of a used vehicle, car, or two-wheeler, as collateral. This means that the lender has something valuable to recover the money if the borrower fails to pay it back.
- Apply anytime and from anywhere
A title loan is available online via an extensive online lender network. Starting from raising a request to funds transfer, everything will be processed online. This makes it an approachable solution. Anyone can apply for this loan anytime. This ensures that one has assistance regardless of the time.
- Flexible repayment terms
You’re granted the freedom of the whole world to repay the loan. You can pay in installments or one go. If you’re able to repay before the fixed repayment term then also there is no issue as you won’t be charged an early repayment fee.
This makes a huge difference when the peace of mind of the borrower is concerned. Borrowers won’t feel bound or restricted. They won’t consider repayment as a burden.
Title Loan For Your Help
With a title loan, you can address any untimely money hassle as you can use your car or two-wheeler to get instant cash. There is no waiting time and you can get instant cash in your hands. Also, no credit history check is what makes it more lucrative. This is indeed one of the best ways to fix a credit emergency.