Is A Car Title Loan Really For Me?Fast Action Finance
Are you in need of fast cash? Are you out of options to get some? Car title loans could just be the solution youâ€™re looking. Otherwise known as car title pawning, this offers a fast and easy means of getting money. But what exactly is it? This is a loan where the client offers their vehicle as collateral for money loaned. One hands over the title of their car and a spare set of keys. If the loan is not repaid in time, the lender takes the car and sells it to offset the loan. The value of a car plays a vital role in determining oneâ€™s loan limit.
Despite the ease with which these loans â€˜can be accessed, thereâ€™s always the question of whether or not this is the right loan to borrow; whether or not it could work for you. The hesitation probably stems from the fact that they are treated more or less the as payday loans. What does this mean, exactly? It means that payday loans come with high interest rates and the penalties for late are not the best.
While the above may be the reason youâ€™d rather not borrow a car title loan, Iâ€™d like to dispute that. And yes, I have reasons for doing so. Thereâ€™s absolutely no need to worry yourself sick when this could the solution youâ€™ve been looking for. So can a car title loan work for you? The simple answer is yes and here is why:
Bad credit is not an issue
Unlike other types of loans where borrowers are required to be credit worthy and provide proof of this, these loans have a different way of handling things. You donâ€™t have to wait for a new credit check to get a loan. In fact, your credit worthiness sometimes doesnâ€™t matter as long as you can prove that youâ€™re able to repay the loan. Moreover, since your vehicle is used as collateral, the loan is not reported to credit agencies.
Get cash and maintain possession of your vehicle
If youâ€™re not already wondering about this, someone is. Some people will shy from a car title loan because of the misconception that as long as you have not repaid the loan, the lender will maintain the possession of your car. This is however not the case as you get the money and remain in possession your vehicle. The lender only gains full possession of your vehicle if you fail to pay the loan.
Itâ€™s common knowledge that interest rates for fast loans can be high. With that in mind, no one wants to worry about penalties and what they could mean for your bank account. With these loans, however, there are no penalties for early payments. The fact that they have minimal penalties for late payments is a bonus.
Fast approval process
Unlike bank loans that often take weeks to be approved, these mature fast, usually within seven days. This is because they skip some of the bank procedures like credit checks. All one needs for approval is proof of identity, income, address and ownership of the car to be used as collateral. Occasionally, proof of insurance policy is required as well.
Higher loan limit compared to payday loans
On occasion, youâ€™ll need fast cash and payday loan just wonâ€™t cut it. The main reason for this is that they often have a lower limit and frankly, this wonâ€™t work. With a car title loan, however, you can be sure that the limitation to the amount of money you can borrow is higher. Depending on your level of income and the value of your vehicle, thereâ€™s no telling what the maximum limit will be.
Everyone likes and deserves as much convenience as they can get and this doesnâ€™t have to change when borrowing a car title loan. Most borrowers offer the option of applying for the loan online. In addition, in case of any enquiries, one can always call at a toll-free number provided specially for this purpose. Add the speed with the loan is approved and zero credit checks to the list and you realize it canâ€™t get better than this.
The need for fast cash is a normal phenomenon. It doesnâ€™t matter if you need it to offset a hospital bill, pay your mortgage or even settle the monthâ€™s payment for another loan. What matters more is that you need to source it faster. And what better way to achieve this than to get a car title loan? Sure, you may have doubts as to whether or not this is the right thing to do. But as explained above, thereâ€™s really nothing to worry about. In any case, the advantages outdo the disadvantages.
Are you in need of a car title loan in Toronto? Then look no further. We offer low interest rates and can process the loan fast. For any enquiries, please contact us for more details.