The Net Lender discuss the top reasons to consider taking out a car title loan
There are a variety of reasons to take out a car title loan – the question is should you and will it fit your lifestyle? These tips below we created with the help of The Net Lender are here to help you make that decision.
The benefits of car title loans
Life can be unpredictable. If you find yourself in a situation where you need to get extra money right away, your options are relatively limited. Taking out a car title loan could be a solution. There are a lot of misconceptions about these loans, which is why some people view them negatively.
As it turns out, however, car title loans in California have a lot of great benefits to offer including the ones listed below by The Net Lender.
The ability to get the money you need right away
Most lenders approve vehicle title loans the same day. That means that you can walk in and get your loan quickly without having to jump through a lot of hoops. Filling out the application is fast and easy. After finalizing the paperwork, you can quickly be on your way, with the money that you need in hand.
Title loans are preferable to selling your vehicle
If you don’t have a lot of money in savings, you may be forced to sell your vehicle to pay for unexpected expenses. Unfortunately, that can leave you without a way to get around, making it practically impossible to do things like getting to work or buying groceries. When you opt for a title loan instead, you retain the full use of your vehicle even while you are paying back the loan. That means that you don’t have to worry about any disruptions to your day-to-day life.
You don’t need good credit
Most banks instantly deny loan applications from people who don’t have good credit. The first thing that they do after you submit your application is run a credit check. If you don’t meet their strict lending standards, they won’t give you a loan. Vehicle title loans are a lot different. Most lenders who provide these loans don’t even run a credit check. That means that having bad credit doesn’t have to keep you from getting the money that you need according to The Net Lender
A simple application process
If you have ever applied for a traditional loan, you probably had to fill out a ton of paperwork before you got approved. Along with signing multiple documents, you most likely also had to provide a lot of extra information proving that you had income and a permanent address. Car title loans are much simpler. The only things that you need to apply are the title to your vehicle, a valid photo ID, and your car. This makes the application process extremely simple.
Multiple repayment options
Most vehicle title lenders provide flexible terms, giving you a variety of different repayment options to choose from. You can break your repayment schedule down into multiple payments, making it more affordable. Some lenders will even allow you to pay on a weekly or biweekly basis if you prefer.
Protection of your privacy
Getting a car title loan is a discrete process, meaning that your privacy is protected. You don’t have to worry about other people finding out about your loan. As an added bonus, these loans aren’t reported to the credit bureaus. That means that they won’t damage your credit. Since everything is handled confidentially, you don’t have to worry about feeling embarrassed about having to borrow the money. You are in full control when it comes to deciding whether or not you want people to know about your loan