Should You Resort to Quick Auto Title Loans?

In the current hard economic times, many individuals are jobless. Increasing depression and closure of business units have compounded the issue to a great extent. The backlog of unemployment is increasing at an alarming rate. According to the department of numbers, about 12,206,000 individuals were unemployed till December 2012. Under such circumstances, paying off your bills on time can be a challenging task. Seeking help from your relatives is no longer a wise option. In such a scenario, quick auto title loans are the only source to avail instant cash for your needs.

Such a loan is geared towards individuals who are turned down by mainstream lending institutions such as credit unions and banks. Obtaining a car title loan is quite easy. If you own a vehicle, you can definitely get the loan in no time. However, your title must be clear and free of any lien. Applying for the loan is quite simple; you can either fill the form at the store location or online. It does not take too much time to apply for a loan.

If you can provide your identity proof, residential address proof, car insurance and a free title, you can walk out of the store with necessary money in one day. Issues like credit checks are not at all a problem as lenders provide you money against your car title. However, lenders will inspect and assess the value of your vehicle before offering you money. Usually, the Kelley blue book price is used to determine the resale value of your vehicle. If your vehicle passes this inspection, the lender will offer 30 percent to 50 percent of your car value. The best part of this loan facility is you can use your vehicle for the duration of the loan.

The time of repayment is usually 30 days. After 30 days, you will be required to repay the loan in full along with fess and the amount of interest. If you are unable to repay the money, you will be offered an option of rolling over the loan. However, rollover attracts higher rate of interest. Moreover, you run the risk of losing your vehicle by way of repossession by the lender, if you do not make repayment.

Still, car title loans are not as scary as they appear to be. If you take the loan from a licensed lender, and repay the loan on time, you can reap the benefits of fast cash to resolve most of your financial affairs. Such a facility can be life saver to bring your financial life back to normalcy, if used effectively.

Comments are closed.