Have you been considering getting a loan, but you’re stuck between getting a traditional bank loan or a title loan? Let me help make the decision a little easier for you! Auto Equity Loans is the place for you! Getting a title loan has its perks versus a traditional bank loan. First, the process is super easy! You come in fill out an application, get the approval, and get your check, then you’re on your way.
If your bad credit has been a source of worry to you getting an instant loan, you can use your car title. Bankers measure risks differently from a lender and would see your bad credit as a red flag making it difficult for you to receive financial help from them. The banker sees a loan applicant with a bad credit history as a high-risk borrower because your poor credit history goes to show that you might most likely easily default in making your loan payments. The bank might then decide to introduce to you high interest rates and unfeasible repayment plans.
This might put the borrower in a terrible situation and prompt him to look for an alternative source as the bank loan isn’t an option. Except the borrower is interested in being neck deep in dept without being able to offset the loan due to high interest rates. To liberate yourself from these harsh requirements, turning to auto title loans is the perfect idea. They deliver cash to you as fast as you require it, regardless of your financial history. Many customers have been able to sort out their emergencies with an instant loan from a lender.
Bad Credit is Okay
As aforementioned, car title lenders do not depend on your loan history. Your credit isn’t what decides if you get a loan with them but your car title. Verifying your credit only wastes considerable time and energy which isn’t necessary. The lender will need to verify your income source(s) and decide if you can repay the loan. The process is made easy if you have proof of income such as your bank statement or pay slip. Your car is the collateral for title loan. The lender will consider the value of the car when loaning an amount which could be up to 60% of the collateral value with reasonable interest rates. This could be used to handle bigger emergencies. Little wonder car title loans have become a popular option for residents.
Benefits of Car title Loans
Car title loan lenders make sure to access your capability to pay back the loan, so you are not burdened with repayment. Lenders do not include penalty fees or hidden charges. The terms and conditions are clear with enough time to go through them as they are also easy to both read and understand. Interest rates are also reasonable. It doesn’t exceed 30% APR which is a direct contrast with bank loans or pawn broker loans that charge much more, leaving customers almost helpless.
Repayment plan sis also flexible and bad credit records does not count as far as you have a car for collateral. Another advantage is the speed with which you get the loan and the cash. Typically, within 24 hours of submitting your application, you should have your cash. This loan type is a life saver for emergencies or hard times. Applications can also be submitted online at your convenience. Learn more at https://www.finder.com/installment-loans-vs-title-loans