What are Car Title Loans?
Car title loans are short-term loans that are meant to provide people who need quick cash to sort emergency situations. A car title loan is a way for those who own a car-free and clear and the title in their name to obtain quick cash in emergency situations. Hence, whether you need to pay for unplanned medical expenses, pay rent, or fix a broken car, you can easily apply for a car title loan near me.
Is a Car Title Loan a Secured Loan?
A car title loan is a type of secured loan, this means before you can get a car title loan, you will need collateral like it is needed for other types of secured loans. The only difference here is that what is used as collateral is the title of your car, unlike other secured loan where you can use any of your priced asset or valuable such as car or house as collateral to secure a loan.
Emergency Types Of Loans
A car title loan is one of the methods with which you can get emergency loans that can help to serve as a kind of bail-out fund in handling unexpected or unplanned expenses that may arise as a result of one occurrence or the other. Most times, the ideal place to get emergency loans are not banks or other financial institutions because you may experience a delay in getting approved and remember you are running against time. For this reason, the best place to get an emergency loan is through specialized loan providers who offer title loans and other types of loans that you might not get in banks.
What Happens If I Have a Bad Credit?
Trust me, your bad credit isn’t a barrier as far as getting a car title loan is concerned. You can get a car title loan even with your bad credit profile. Do not allow your bad credit to define who you are. When you apply for a car title loan with your bad credit, your lender is not focused on how credit profile, they are more focused on whether you have a steady source of income and the worth of your car. This is why most lenders have a benchmark of what the worth of your car could be before you can even apply for a car title loan at all. Most lenders use $2,500 as the benchmark using the Kelly Blue Book for the evaluation. Hence, once your car is worth $2,500 you can apply for a car title loan with these lenders.
Find a Car Title Loan Near Me.
The interesting part is that your lenders are closer to you than you can imagine, all you need to do is to hit the internet log on to their website and apply online with just a few clicks and you get approved almost immediately. You will be required to fill a few information when you apply online and also provide a few documents and you will be contacted by a representative from your loan company as soon as you submit your online application. It is that simple, easy, and fast to apply for a car title loan.