When it comes to borrowing money immediately, you usually have few options. Qualifying for a bank loan often requires good credit, a long application process, and extensive verification of income and job history. Getting a credit card also requires good credit and, even if you qualify for a card, the amount of money you can borrow- especially if you need a cash advance- is often limited. Car title loans provide an easier and more readily available alternative to those traditional credit-based loans.

Why Choose Car Title Loans

It is possible to qualify for a car title loan in just a few hours or in a matter of days, simply by finding a car title loan lender and taking the title of your vehicle to that lender. The lender will assess the worth of your vehicle, take a brief look at your income in order to verify that you’ll actually pay back the loan, and make a decision on how much money to lend you. In the vast majority of cases, as long as you own your vehicle outright, its worth enough to support the lender’s minimum loan amount and you don’t owe money on it to someone else, you are going to be successful in getting a car title loan. Continue reading →

A car title loan involves borrowing money and using your car as security. You get to retain possession of your vehicle and continue to drive the car when you take a car title loan, as long as you repay the loan according to the terms of your agreement with the lender. The lender will take your vehicle and sell it to recover the money that they lent you only if you fall behind and do not make the payments as promised. This means that it is essential that you understand your repayment agreement and are confident that you are able to abide by the terms of your agreement and make payments as promised.

Repaying Your Car Title Loan

When you repay a car title loan, you must repay both the principle balance that you borrow as well as any interest and applicable fees associated with the loan. When you take out your loan, your lender will explain to you exactly how much you will be responsible for paying in interest and will let you know how much you have to pay back to repay the loan in full. This will give you a good idea of exactly what kind of obligation you are taking on. Continue reading →

When it comes to car title and payday loans, there is a great deal of suspicion among financial experts who mostly deal in theories. You may be told that because car title loans have high interest rates that they are a bad choice for obtaining financing.  However, in the real world, car title loans are often the best available option and can be a real lifesaver in certain urgent situations.

Why Car Title Loans Can Be a Good Thing

It is important to understand that car title loans may have a higher interest rate than certain other types of loans such as bank and credit union loans. In many cases, the loan rate are somewhat similar to rates charged on payday loans (but generally much lower), but a car title loan typically gives a much longer period of time for  repayment and is a less expensive option than a payday loan, which can be very beneficial, especially if you need to borrow money for a longer period of time.

However, while car title loans have higher interest rates than bank and credit union loans, this does not mean that car title loans are a bad thing. In fact, the idea that taking a car title loan isn’t a good choice is a major myth, because it ignores the fact that sometimes a car title loan makes good sense. Continue reading →

A car title loan, like a payday loan, allows you to obtain a cash loan much more quickly and easily than traditional credit based loans from banks and credit unions. A car title loan does not require a credit check and the amount of money you can borrow is not based on whether you have a good credit score or a bad one. Instead, a car title loan is based on the amount of money that your vehicle is worth.

How Much Can You Borrow On a Car Title Loan?
The amount of money that you may borrow on a car title loan depends on how much your vehicle is worth. Car title loans may be offered based on any type of vehicle that has some significant value to it, whether you have a car, a truck, an SUV, a motorcycle or some other kind of vehicle. As long as you do not owe money on the car and the car is not already acting as collateral for any other loan, and the value of the vehicle is enough to support the lender’s minimum loan size, then a title loan should be available to you..  There may be a few minor easy to meet conditions after that, such as being able to show that you have some means of making the payments. Continue reading →

A car title loan is a loan that allows you to borrow money based on the equity in your vehicle. When you own a vehicle, whether it is a car, a motorcycle or some other type of vehicle, that vehicle is an asset. It is not a liquid asset, however, since you can’t easily take the money out of the car that you paid in order to buy it. A car title loan allows you to use the equity you have built up in the car in order to borrow the money you need to deal with a financial emergency or a pressing need for cash.

How Does a Car Title Loan Work?

A car title loan is offered by special lenders who lend you the money in exchange for holding on to the title of your vehicle. You do not have to give up your car when you take a car title loan. Instead, you simply go to the lender and bring the title of your car with you. After the lender verifies some basic information, including that the car has value, that there is no one else who has an interest in the vehicle (like another lender) and that you have the income to repay a loan, the lender will approve you to borrow a certain amount of money. The amount of money that you can borrow is directly based on how much the vehicle is worth. You credit score is not a factor and often your credit is not even checked when you take a car title loan. Continue reading →

Most forms of financing or loans require a long period of time to get approved. When you take a cash advance from a credit card, if you have a card available to you, you may have to wait to make a request with your creditor and then wait days or weeks to get the money in the mail or deposited into your bank account. If you don’t have a credit card already, applying for and being approved for a credit card is going to take even longer. A bank loan can also take several weeks, and require an extensive application process, before you are approved. None of these options will provide you with quick cash that you need in order to deal with a financial emergency. A car title loan, on the other hand, can get you the cash you need in as short as a few hours or a few days.

How to Get a Car Title Loan

When you are in need of immediate cash to pay bills or handle other financial necessities, a car title loan can be a great answer. You shouldn’t turn to car title loans for every single financial situation, nor should you think of them as some kind of magic bullet that will remedy regular expenses being higher than your income, but they can easily be your best available option for dealing with temporary financial shortfalls.  When those one-time unexpected “emergency” type situations crop up, often when a person is least prepared to handle them, it is in that time of need that a title loan can provide a welcome life-line. Continue reading →

When you apply for many types of loans, from credit cards to a bank loans, your credit score is the most important factor that determines whether you will be approved or rejected. Unfortunately, a history of just a few late payments, or more serious credit challenges such as a repossession, foreclosure or, bankruptcy, or even simply never having had any credit in the past, can make your credit score too low to qualify for these conventional credit-based lending methods. If you find yourself in this situation and you need to borrow money to meet your financial needs, one option that you can consider is a collateral-based car title loan.

Qualifying for a Car Title Loan

When you apply for a car title loan, your credit score is not going to be determinative in whether your loan is approved or not. In fact, in the vast majority of cases, a lender who offers car title loans will not even check your credit. This makes it possible for many people to qualify for financing, even if they have made financial mistakes in the past. Continue reading →

Car title loans allow you to qualify for a loan quickly and easily by tapping into the equity in a vehicle that you own. Your car, motorcycle or other vehicle is a valuable asset and the money you paid for that vehicle is essentially trapped in that asset and not accessible to you or “liquid.” A car title loan allows you to use this asset to your advantage by taking a loan and using your vehicle as collateral.

Benefits of Car Title Loans

There are many benefits of obtaining a car title loan instead of borrowing money from a traditional bank loan or taking a loan from friends or family. While car title loans are not meant to be a permanent solution to financial problems nor a long –term form of financing, car title loans can provide you with a longer-term loan than payday loans. Because you can continue to drive your vehicle even after taking a car title loan, you also get to enjoy the benefits of your vehicle even as it makes it possible for you to get the cash you need. With some car title loans, you may take as long as 5 years to repay the money you borrowed. While that should  give you plenty of time to get your financial life in order, at the same time there is no penalty for paying off much sooner, as most people do, to reduce the interest paid. Continue reading →

Many people are interested in exploring alternative loan and financing options in order to get quick cash when they need it. This is especially true of people who do not have access to credit cards and who do not have the credit scores necessary to qualify for traditional bank loans. One option considered in these situations is a car title loan; however, some people are fearful that they will need to give up their car when they take a car title loan. The reality is that you do not have to give up your vehicle when you take a car title loan as long as you are able to make your payments as agreed.

Understanding Car Title Loans

When you take a car title loan, your lender will take the title to your car. This is a piece of paper that signifies your ownership of the vehicle and you must bring this with you when you are interested in applying for a car title loan. Your lender will hold on to your title as the “lienholder” for as long as there is an outstanding balance on the loan. This may be any period of time that you and the lender agree upon as being appropriate.  While car title loans are generally not meant to be a source of long-term financing, sometimes people will take a car title loan for as long as 5 years if they might need that amount of time to get their finances on track and to repay the money they borrow. For the duration of this time, you will not have access to the title of your vehicle and you will not be able to borrow more money against it in most cases.  You can sell your vehicle, but the proceeds must go first to payoff the title loan so that you can get the title to the buyer. Continue reading →

Car title loans and payday loans are often grouped together and considered to be the same type of financing. This happens for several reasons, including the fact that both car title loans and payday loans provide options for people who might otherwise be shut out from borrowing money from traditional credit based lenders such as banks and credit unions. In some situations, the same lenders also offer car title loans and payday loans, creating a further blurring of the line between these two forms of borrowing. In reality, however, car title loans and payday loans are not the same thing and there are some significant differences you should be aware of so you can make the right borrowing choice for you.

Understanding the Differences Between Car Title & Payday Loans

Payday loans are loans granted on the basis of proof of steady employment. The premise of payday loans is that you must repay the money you borrow the next time you get paid. Often, with a payday loan, you must give the lender access to your bank account or write a post-dated check that can be cashed on the date of your next payday. In these loans, your income is the deciding factor as to whether you may borrow money. Continue reading →

A car title loan may be your best option if you are facing a temporary financial shortfall. A car title loan is a way to obtain quick access to cash that you need by using your vehicle as collateral. You do not have to relinquish your vehicle when you take a car title loan, as long as you repay the loan, and car title loans generally allow a much longer period of time to repay than a payday loan. Although car title loans shouldn’t be viewed as a long-term solution to financial trouble, they are a great way to get out of a temporary tight spot.

When a Car Title Loan Makes Sense

A car title loan makes a lot of sense if you have an immediate financial need that you need to take care of. The money can be used for literally any purpose you could possibly think of, and its all for you to use at your own discretion.  People often need this kind of help when faced with big one-time bills or purchases that greatly exceed the amount of their whole paycheck. Continue reading →