Be it cash to pay rent, medical bills, legal fees, funeral costs or some other sudden expense, a vehicle title loan can certainly get you out of a tight spot – fast — so that you can return to living your life. After all, most of us need a hand at times, and bank loans aren’t always possible. With that said, here are the benefits of online title loans.
Explain Auto Title Loans
These are short-term secured loans that permit you to borrow up to a certain amount or a certain percentage of the vehicle’s value. In exchange, the borrower’s title is held as collateral, meaning the vehicle will be repossessed if you don’t make payments. Reputable companies such as Loan Mart will work with you, though, to try to keep you in your car.
Possible Uses for an Auto Title Loan
We mentioned a few up top but other loan uses can include renewal of car tags, repairs for another vehicle, purchase of back-to-school supplies, to cover a wedding, to fix a major home appliance, or to pay college tuition. Really, the possibilities are endless. What you do with the funds is up to you.
What are Some Benefits of Vehicle Title Loans?
You Get to Keep Your Car
Contrary to some misperceptions, you can still drive your car while you’re repaying your loan. Let’s be clear: you do not have to relinquish your car in exchange for your loan. Some pawn shops require you to turn over your keys, but not title loan companies. What the company will do is simply place a lien on your title until the loan is repaid.
Even if you’re eligible for a traditional bank loan, what with all the stringent requirements, the process can take forever. But you have an emergency! By definition, such circumstances can’t wait for the wheels of bureaucracy to grind on ad nauseum. In fact, some title loan companies can get you needed cash within 24 hours or even the same day, and no lengthy application is needed.
It Beats Selling Your Vehicle
For one thing, if you sell your automobile to gain needed cash, you’re going to need another one in short order. And besides, putting your vehicle up for sale is a pain, honestly. You’ll need to place an advertisement online or in a newspaper and respond to a myriad of inquiries before ultimately settling on a buyer. All of which is very time consuming – and stressful. With a title loan, you get to keep driving.
You Can Apply Online
You can apply for car title loans completely online, from the comfort of your home. This is a big plus, as there’s no need to schlep to a bank or (predatory) Payday loan operation to see about getting a loan. Representatives are also available to answer any questions you may have.
Minimal Paperwork Needed
While title lenders naturally want to see proof that you’re able to repay your loan – bank statements or pay stubs, for example – you won’t need utility bills, proof of insurance, business licenses, or tax returns that some lenders require. In addition to demonstrating that you have income, all you’ll need with most car title loans is a title in your name and a photo ID.
Flexible Repayment Terms
With many companies, payments are due in 30 days on single-installment loans, while payments on multi-installment loans are made monthly. Some companies allow you to make frequent payments and to pay off your loan early, without penalty. Make sure you understand the policy of the company in which you’re interested.
The benefits of online title loans should be sufficient for you to get an application going. After all, if you’ve read this far, you need some money. We recommend that you go through Loan Mart for your vehicle title loan needs.