Are you interested in title loans? If yes, then it’s time to dig deep into this type of loan and explore eight things. You may know a few things about this loan, but you should have a complete idea of the best title loans before signing up for it.
You can Send Application for Loan Online
The digital world is changing the way we talk, live, and work. So, when it comes to applying for the loan, many lenders have gone some extra miles to serve their customers. They don’t want you to visit their physical locations. Instead, you can go online, make an account, and sign up for a car title loan. It’s pretty convenient and straightforward.
You can Get loan within 24-Hour
If you are going through a turbulent life phase where you need immediate cash in hand, you can find peace of mind by using this auto loan option. Once you fulfill all the requirements, you can get the loan amount within a day in your bank account. Isn’t that super quick?
You must own a Car to Get this loan
When it comes to auto title loan requirements, you should know that you must be the owner of the car. If the car’s title and registration are on the name of your mother, father, or sibling, then you can’t apply for this loan. A person whose name is written on the title can use only.
You can Get Loan Even without a Job
Unemployed people often have difficulty getting loan approval from banks or other financial institutions as they always demand income proof. However, when you don’t have a job, you can showcase your annuity, stock, pension benefits, social security benefits, and inheritance as a proof of income to the lender and get the best car title loans.
You can get Title Loan with Bad Credit
One thing you should know at this point is that your credit score doesn’t matter in the eye of a car title loan lender. No matter if you have no credit or bad credit, you are still qualified for a title loan when you put your car’s title as the collateral.
You Don’t Need to Send Car for Inspection Always
If you live in a remote place from a title loan provider, you don’t need to send your car to the auto dealer for inspection. Many lenders offer car title loan facilities without a check. You only need to provide some pictures through which lenders can ascertain the market value of your car.
Your loan’s rate has nothing to Do with Your credit Score
Whenever you have a poor credit score, you avoid the best car title loan option because you think that your loan’s cost will increase. However, that’s not the case with title loans. The lender doesn’t take into account your credit. Your interest rate is based on your loan amount, loan term, and your location.
You can Get 50 Percent of Your Car’s Value as Loan
If you go to a pawn shop to sell a precious item, a pawnbroker won’t give you more than $200 as a loan. However, when you need big cash and real fast, you should go with the best car title loan as you can get 25-50 percent of your car’s market value as loan money.