It sounds like a lot of work when you think of getting a car title loan considering the large number of lenders you have to choose from. Nevertheless, keeping aside the legwork of obtaining this type of loan, title loans offer you an easy and quick financial solution whenever you run short of cash. Even with poor credit score, you can grab such loans as the lender only takes into account the valuation and condition of your car.
In this post, we’ve compiled together few tips and tricks that you can follow in order to grab the best rates on your secured loan. Read on.
You get a big amount of cash with secured loans
A no-credit check car title loan is pretty much different from all sorts of other loans due to the fact that they are secured loans. Since you use your vehicle as collateral to the loan and the car is used to back our loan, you get more amount of money. This is the reason behind the lenders not checking your credit score during the process of lending. There are some states where you can not only get title loans against your car but also against your UV, truck or motorcycle. Just remember that once you stop making payments on your loan, you might lose your vehicles.
It is a fast process to grab a title loan
The process of application for a title loan is quick enough to help you get the funds within 15 to 30 minutes. There is also a process of getting pre-approved over the telephone and you can also visit the store in person. The lenders will require you being above 18 years of age and you should have a definite proof of income. The state where you apply for the loan will also demand you to be the resident of that state.
This is a surefire way of getting a loan when you own a car
Anyone who owns a car can qualify for a car title loan. When you have enough equity accumulated in your car, you will find title loans to approve you a bigger amount. In short, lenders will lend you a money based on the worth and condition of your car.
Poor credit isn’t a big issue for car title loan borrowers
When you’re all set to get cash for your car title, you don’t have to worry about your bad credit. It is only during a dire necessity that you take resort to title loans and hence the lender doesn’t check your credit score while lending the loan amount. The more is the equity on your car, the bigger will be the loan amount.
You are allowed to drive your car
The best thing about seeking title loans is that you can keep using your car. Though the lenders will retain your title and may ask for the spare key set, you can get your cash and also continue driving.
So, now that you know the different ways in which you can grab the best rate on your car title loan, you should take into account the above mentioned tips and tricks.