What Are The Benefits Of A Title Loan?
A title loan is a secured loan where you use your car or truck as collateral. With our direct lenders, you can borrow up to as much as $15,000 to pay for medical bills, car or house repairs, or any other urgent financial needs. Best of all, with Auto Cash USA you don’t have to go to a bank or go through a traditional approval process—just fill out the form, and a loan lender will call you to help you with your request.
Title loans are simple and convenient if you have the items needed to qualify, but is it the right loan for you? Read on to find out more about the advantages of a title loan.
Title Loan Benefits
You Can Get Approved Even If You Have Bad Credit
Banks view anyone who has a credit score below 600 as a credit risk. If you have a borderline score, you may be considered for a loan, but only if you submit other financial documents: income statements, bank account statements, proof of employment, and length of employment history.
Just gathering those documents can take weeks—and at the end of all of that, you may still be denied or told to ask someone to co-sign your loan.
However, one of the advantages of a title loan is that your credit score is not as important as it is with a traditional loan. Since you are offering security or collateral for the loan, all credit types are welcome to apply.
You Can Still Use Your Vehicle During The Loan
You don’t have to worry about getting to work or running errands without your car. One of the advantages of a title loan is that you can keep driving your car while you pay off the loan.
The loan vendor will place a lien or legal claim on the title of your vehicle, which is lifted the moment you complete the payments. The only restriction of a lien is that you can’t sell your car or use it as collateral for another loan—other than that, your loan won’t affect your daily routine or plans.
You Can Borrow Larger Sums Of Money
Unless you have a high income or high credit score, it’s hard to borrow a large sum of money. But some financial emergencies like medical treatments or house repairs may require you to raise thousands of dollars overnight.
One of the advantages of a title loan is that you can borrow larger sums of money. While the loan amount is determined by your vehicle’s market value, which is based on its model, age, mileage, and overall condition. you have the opportunity to get up to $15,000. That’s 10 times more than what you can get with a payday loan.
You Can Get Same Day Approval
Do you need money right away? Then don’t waste time applying for a personal bank loan: they can take days or even weeks to review your request, not including the legwork you have to do in order to get the documents they request.
One of the advantages of title loans, especially if you work with one of our licensed vendors, is that you can get approval and release of payment in just one business day—sometimes even less than an hour! So, if you’re in dire need of fast cash and can’t wait any longer, you’re better off taking out a title loan rather than using traditional lenders such as banks or credit unions.
The Process Is Easy And Convenient
You already have other things to worry about—applying for a loan shouldn’t be one of them. Just follow this simple process and you can have your cash without stress or delay. You don’t even have to line up or wait for your turn because our loan vendors can come to you.
Fill Out The Online Inquiry Form
This takes just a few minutes, and rest assured that your information is confidential, secure, and only used to contact you.
Once you fill out the form, it’s sent to one of our vetted, licensed loan vendors. At that time, they will assign a loan agent to personally assist you with the title loan process.
Talk To The Loan Agent
The loan representative will explain the requirements, the loan amount you are eligible for, your monthly payments, etc. If you have any other questions about the advantages of a title loan, feel free to ask them during this call.
Set up an appointment with the loan agent to show your vehicle title and your state-issued ID, and undergo a quick vehicle inspection.
If approved, the agent will give you your loan packet, which will show the loan amount and other details. He or she will explain everything to you. If you agree to the terms, the final documents will be emailed to you for your electronic signature.
Receive Your Cash
Once you have signed the loan documents, the money will be sent straight to your bank account the same day or the next business day.
Fill Out Our Online Form Now!
Now that you know the advantages of a title loan, find out how you can get one with the help of Auto Cash USA.
Just fill out the online form to start your title loan request and speak with one of our licensed lenders now.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.