1. Quick access to cash
You should be able to complete an auto title loan application and have the funds in your bank account the same day. You may be eligible for a title loan if you own a car, which holds enough value, as these loans are based on the value of your vehicle. If so, then the process involves completing the application form, signing the title loan paperwork, and a brief on-site inspection of the vehicle and submitting the title. You may even be able to receive the funds in as little as an an hour. Most lenders may take up to a week to give the funds. However, direct lenders like, Coastal Title Loan & Finance, LLC will have the cash available to you immediately. You walk out with cash in hand.
2. No need for a credit check
Most loans involve running a credit check to ensure the applicant is creditworthy and able to meet their financial obligations on time, which often poses a problem with those customers who have poor credit, no credit, or a bankruptcy. However, a title loan does not require this step, . As long as you have enough, collateral in your car, you should be eligible for an auto title loan.
3. You can still use your own vehicle
Taking out an auto title loan means giving up the title to your vehicle while you repay the money you have borrowed – but this does not mean you cannot continue to drive your car. The lender treats the title to your vehicle as collateral and returns it after you have made your final repayment. So , not only do you walk out with cash, but you also get to keep and drive your car!
4. Cheaper than a cash advance
Cash advances and payday loans can be expensive ways of borrowing money. In contrast, title loans tend to work out cheaper as they usually offer lower interest rates. This is because a title loan is secured to your car, using your vehicle’s title as collateral. The lender therefore does not need to charge high interest rates as the vehicle title provides them with a layer of security.
5. Quick repayment schedules
You’ll know in advance how much you need to repay and by when. Most people repay their title loans as soon as they get their next paycheck or lump sum of money. However, some people require more time if they have taken out a large title loan. One of the key benefits of title loans is that they can be given in any amount, based on the value of your vehicle, and they offer a 36 month repayment term. So, if you only borrow a relatively small amount of money, you can soon repay the funds and reclaim the title to your vehicle.
6. No Prepayment Penalty
You can pay off your loan at anytime, with no penalties and get your title back the same day.
A Car Title loan is right for you if you need cash now, own a car, do not have optimal credit, cannot get a loan at a traditional lender, and are not interested in very high cost cash advance loans. Please remember that these are short-term loans. Do your research, borrow responsibly, and do everything you can to improve your credit in order t have more options in the future.