Top Benefits of Auto Title Loans
There are at times when you run into an emergency need that needs some extra cash in hand. Regardless of the need, you need to prevent the imposition of late penalties and interests by getting instant cash. Even if you decide to consider borrowing from the bank, this will be a painstaking haul of the process that will take a considerable amount of time to process and transact.
Instant Cash
One of the major reasons most people opt for car title loans is instant cash and an easy loan process. Ideally, if you need a quick loan that you need to settle for your emergency cases, you need to take this type of loan. The auto industry has come up with this option to help most car owners with the easiest way of getting money when they are in a fix.
On the other hand, when applying for this kind of loan, you will notice that the application process is easy. In most cases, you can complete the process within ten minutes, and once your application is approved, you will get the money within the same day.
If You Have a Vehicle You Can Qualify
There are basic requirements needed, and if you own a car, it will be an added advantage. Even if you have a truck, SUV, RV, motorcycle, and a car, you have high chances of qualifying for this type of loan. You need to understand that these loans are not based on your credit, but they are based on collateral by using your car’s title. Therefore, if you have a steady flow of income and a vehicle, you will get this loan.
No Credit Score or Guarantor Needed
Just as the name indicates, an auto title loan does not need a guarantor or a credit score for you to qualify. If you have a vehicle, it makes a good assurance for the loan. Since it is an emergency loan, there are little requirements required.
Convenient Repayment Options
Another benefit that you will get with this auto type of loan is that it has convenient repayment options. Therefore, once your loan is approved, you will have a schedule upfront, and this will help you know when you are likely to repay your loan.