Car title loans are some of the most popular types of loans today which is one of the benefits of car title loans. This is mainly because they are easy to access and are tied to very few requirements or restrictions.
Unlike bank loans that demand a whole bunch of conditions including stellar credit score, guarantors, and collateral, car loans come with very few restrictions. Often you simply only need to have the title of your car in order to get a short-term loan.
In addition to this, little paperwork is often needed with a car title loan applications being approved in record time. When faced with a financial crisis that needs money fast, title loans can help you get back on your feet quickly. Reduce your total credit card payments by up to 30% to 50% with Debt.com.
Below are some of the benefits of car title loans you need to know.
Benefits Of Car Title Loans
Swift Cash Access
Any car owner with a steady income can apply for a car title loan. Applying for the loan is relatively easy as you can do it online or visit the merchants’ physical location. Upon filling in all the required paperwork, a representative then takes photos of the car and schedules a day to collect the title.
You can as well come equipped with the car title to facilitate faster processing. Once everything checks out, you can have the money wired or transferred to an account of your choosing. Most of these loans take between 24 hours to a few days for them to be approved.
Credit Score Doesn’t Matter
Your credit score doesn’t matter. It’s all about you having the title to your vehicle in hand. With the tough economic times and most people finding it hard to maintain a stellar credit history, more and more people are unable to access conventional loans. This is because banks and other loaning institutions have to pull an applicant’s credit report before processing the loan request.
This, however, isn’t the case with car title loans. All the lender needs are your car title and nothing more to process the loan. The few restrictions are what makes most people go for a title loan and stay away from conventional bank loans.