It’s not unusual to get into financial difficulty if you have an unexpected bill or expense and it can often cause a lot of anxiety or you can lose sleeping trying to think of a solution. If you own a decent car, it can be used as leverage to get you out of a financial rut with a simple form of finance known as a car title loan. Something to bear in mind with this form of lending is that you can only borrow against a car that is free of finance and so you need to prove you own it outright.
It’s extremely easy to get a car title loan – subject of course to the condition, age and value of your vehicle – and there’s no credit check involved. Your car acts as collateral for the lender and if repayments aren’t met with, you stand the chance of forfeiting your vehicle to pay off the loan. It’s very similar to the process of pawning jewelry only the difference is that you keep your car while the lender keeps its ownership title until you’ve settled the debt.
So what are the benefits?
The main benefit of car title loans is that you can get the finance very quickly, often within the hour and you still get to drive your car around. The only difference is that the lender keeps hold of your car’s title papers and only releases them back to you when you have repaid the loan in full.
Repaying the Car Title Loan
A car title loan works in exactly the same way as any other kind of personal finance in that once you have qualified, you will be told how much your installments are and on what date you have to pay. You will see how much the cumulative balance is once interest has been applied and see clearly how much you are paying for the loan. There are usually several payment methods including visiting the lender’s branch or wiring funds with Western Union and so a car title loan is a very simple form of borrowing with no nasty surprises.
Best Form of Finance for Unexpected Emergencies
Without the benefit of being able to see into the future, we can’t possibly predict what expenses might arise out of the blue in the future. A car title loan allows you to carry on exactly as usual in your life, with full use of your car but gives you the cash boost you need to meet any urgent costs. Because the approval process is so fast, you can take care of things immediately for complete peace of mind and also takes the pressure off other members of your family having to contribute to your expenses. Car title loans give you a flexible level of financial independence at times when you need it most. Getting a car title loan is as easy as going online and applying!