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BENEFITS OF CAR TITLE LOANS / "PINK SLIP" LOANS

12/1/2014

2 Comments

 
2014 has flown by, and yes, it's already the holiday season! If you’ve been looking for ways to get hold of some extra money quickly, you may well have considered applying for an installment loan or a payday loan. But there could be another way to borrow money if you currently own your own vehicle outright, or not, in some cases. Many people with a steady income and their own car could benefit from taking out an auto title loan, which involves getting cash in exchange for handing over your vehicle title as collateral. Here are some of the key benefits of title loans to help you decide if this type of borrowing might be right for you:

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.

Happy Holidays!
2 Comments
Wade Joel link
10/8/2019 09:29:09 am

I didn't know that this type of loan does not require a credit check. This was one of my main concerns when I was recommended to apply for one. It's also comforting to know that it's as quick as having access to the funds that same day. This does seem like the best option for me now that I have money issues and my car is pretty much the only thing I can get money for right now. Thank you for coming up with this list of benefits!

Reply
Henry Killingsworth link
11/19/2019 01:03:56 pm

I thought it was interesting when you mentioned that you can still be eligible for a title loan even if you have a low credit score. My brother has been careless with his finances and needs some extra money to help him make ends meet. I'll be sure to mention to him that he should look into utilizing a title loan.

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    Sara D.

    Financial Industry & Lending Expert

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COASTAL TITLE LOANS & FINANCE, LLC

Auto Title Loans / Car Title Loans / Cash for Title Loans
9575 Bolsa Avenue, Westminster, CA 92683 / (714) 701-8555
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