Have you ever taken a title loan? There’s possibly a time in your life when you need to have fast cash. Maybe you got an unexpected bill that needs to be settled as soon as possible. Car title loans are one of the best options in these cases. There are so many benefits that come with auto title loans and we will look at some of the top ones.
An easy process and quick money
This is by far one of the biggest advantages of getting a car title loan in Miami. Most lenders offer very quick services, which is very convenient for a lot of people. The process is usually straight forward and one that you can complete within just a few minutes. As soon as you fill out your form, it's even possible to get the cash the very same day.
Your credit score doesn't matter
There's a reason why auto title loans are also known as “no credit loans”. This is because they are best against your car as collateral. This makes it very easy to secure them even for people with poor credit scores. As long as you own a car, worth more than the loan you're looking for and a source of income to show, most lenders will not even check your line of credit.
Anyone who has a vehicle qualifies
Most lenders accept any kind of vehicle whether you have a small car, an RV, an SUV, a truck or even a motorcycle. If you have a car and your name appears on the title, you are definitely likely to get a car title loan as long as you have a source of income.
You still get to use your car
When you get your auto title loan, most lenders will allow you to keep driving your car. The only thing they will keep is the title as collateral in case you default on your loan. Once you make the payment, the lender will give the title back to you. You don't have to worry about taking public transport just because you have a title loan.
Cheap compared to cash advances
Given the fact that auto loans have your car as collateral, it means you're protected so the lender doesn't have to charge you very high interest rates. If you compare title loans with cash advances, you will find that they have lower interest rates.
Convenient payment options
One of the major benefits of car title loans is a convenient payment options. You can come to an agreement with the lender about your payment and you will have a schedule to keep and a good way to make the payments until you're done.
Sometimes you can find yourself in a hard to fix situation and financial crisis is something most people go through. A car title loan could be just what you need to relieve your stress by getting the cash quickly. You will get rid of your current burden and take care of the payments slowly.