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“Nationals October 2019

3 benefits of a car title loan

| June 20, 2019, 12:04 PM

Life is full of unexpected twists and turns. You never know when you might need cash in a hurry. Whether it’s for quick home repairs or medical bills, it can be tough to come up with a way to get money quickly when you need it.

Traditional loans through a bank or credit union can take more time than you have and can be complicated. If you have a less than stellar credit score or have yet to establish a credit rating, a secured loan could be the best option for you. Talk to the experts in car title loans to get the details on how much your vehicle may be worth.

A secured loan involves putting up an item of collateral to secure the amount of money that is being borrowed. This brings the risk to the lender down to a workable measure and makes loans easier and faster to process for the borrower. If you own a vehicle you could qualify for a car title loan and get the money that you need fast.

No Credit Check

A secured loan relies on collateral to reduce the risk taken on by the lender. In this case, you can often get a loan for the valuation of your vehicle. On average, car title loans can be granted between $2,000 and $15,000 depending on the vehicle. The lender will do a full car appraisal of the lien-free vehicle that you own and quote you an amount that you can borrow.

Even if you have poor credit or no credit, you can still borrow against the value of your car. The interest payments and repayment schedules on these kinds of loans are often much more affordable than other options for borrowers with bad credit.

Fast & Easy

If you own your vehicle outright with no liens against it, you can bring it in for a title loan appraisal. You must be 18 years of age and a resident of your state to qualify for a loan application. You should be able to show that you have consistent and reliable income so that repayment terms can be arranged.

Once you fill out your application and your car has been estimated for a loan value, it’s not unusual to have a check in your hand the same day. When you need cash fast, a car title loan is one way to avoid endless paperwork and red tape.

Keep Your Car

When you take out a title loan, it is similar to a pawn loan, except that you will be able to keep your car while you make your repayments. If you don’t repay your loan, then your lender will take possession of your car, but until then the car is yours to use as you normally do.

With regular payments you can not only keep your vehicle and get cash for its value, but you can improve or establish your credit rating. Repayment terms are flexible enough to make this a great option for anyone with credit issues that needs a chunk of cash in a hurry.

Severn Bank

Category: Local News, NEWS

About the Author - Stephanie Maris

Stefanie is a local blogger and social media content marketer from Maryland and most recently a wife and a mother. She has an unhealthy obsession with puns, sarcasm and caffeinated beverages.

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