Get Money Quick with an Auto Equity Loan
Auto title loans have become widely popular in these times mainly due to their ability to generate fast cash within hours. The reason why you’re able to get quick cash with car title loans is because these loans are processed quickly (there is minimal documentation), so there are no delays.
Benefits of a Car Title Loan
There is no need to have a great credit history to access these loans. This is mainly because you’re offering your car as collateral and the loan amount depends on its value. To get this loan, the only things you need are your vehicle documents and your driving license to prove that it really belongs to you.
The biggest difference between settling a medical bill or a credit card debt versus a auto title loan is that lender here actually holds the title to your vehicle and can repossess it anytime, and auction it to recoup part or all of their money. Therefore, they are in a much better position to negotiate. They offer exciting rates on easy terms and most of them do not report to credit bureaus so in the case which you settle, it most likely won’t affect your credit score.
Another benefit of auto title loans is that you can still keep your car and drive it after obtaining your loan. Although you will have to give title and one of your car keys to the lender, you can still keep your car. This means, there won’t be any change in your usual lifestyle even after securing the loan.
The car title loans are quite easy to pay. This is mainly because the amount is small and the interest on these loans is the only thing you really pay. It’s best to start paying the installments from the time you take this loan. You can always restructure installments if you find it increasingly and genuinely hard to make ends meet. If you fail to repay the loan, the lender will sell away your vehicle and use the proceeds to offset your loan. Once this happens, all your major liabilities are aptly taken care of. Therefore, auto title loans are best for all those who’re buying a new vehicle.
Because auto title loans are mainly based on equity you’ve built up in your vehicle, with most title loan providers, you’ll be required to own your vehicle outright. If you’ve financed your car, and its title is still with the bank, you won’t be able to use it as collateral for the loan. Other requirements include proof of your residence, minimum age, and your income proof.
Read the large and fine print!
Driving your vehicle to the title company to quickly get money you need may seem simple enough, but before you get this type of loan, you need to know what you’re legally committing yourself to. Therefore, it is important to read the fine print.
We provide auto title loans to our valued customers in Corpus Christi Texas. Fill out a small online application form on the right hand side of the page to get started. We’ll get back to you within hours to complete the formalities and transfer the loan amount to your bank account!
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