Is it possible to get a car title loan with a less than great credit history?
Your car is automatically the collateral for your vehicle title loan. Your car makes it easy to obtain the car title loan as the lenders have an asset to fall back on should you by any chance default on your loan repayment. Though very bad credit may influence negatively against getting loans in some areas, this is entirely different for car title loans as your vehicle’s worth and ability to repay the loan is mainly the basis of receiving a loan as opposed to your credit score. In essence, vehicle title loans are a welcome option for people with a bad credit record and who may be finding it hard to get a loan elsewhere.
What are the benefits of taking out a loan against my car?
Vehicle title loans are a great option for borrowers who require their money immediately. As soon as you and the lender agree to the loan amount and terms, you are ableto receive your cash quickly.
Apart from other types of financing, vehicle title loans usually don’t have a complicated or lengthy approval process. Since you are offering a form of collateral, these loans are relatively easy to qualify for, as long as you can prove that you have a reliable source of income and a vehicle worth more than the loan you are requesting, the lender will typically approve your loan application.
How do I apply for a loan against my vehicle?
The application process is quite straightforward and you would need to either fill out an online application orsimply visit a location closest to you.
A loan officer will be assigned to attend to your enquiry right away.
The necessary documents required will need to be submitted to verify whether you qualify for the loan. Once qualification is met, you will receive cash instantly depending on the financial institute you are dealing with.
The exciting thing is you get to keep your car while you are free to use the money loaned at your own discretion. Having been granted your loan request, you are presented with a repayment plan, which must be honored at all times.