Are Car Title Loans a Good Idea?

The short answer is yes. Auto or car title loans are an easy way to get the cash you need quickly for a reasonably low loan rate.  In the midst of an economic breakdown, people are finding themselves in a major financial bind. Many have to refinance their homes, sell off items that are of significant value to them both financially and personally, and even have to downgrade their living space just to save money. It is inevitable that most people will have a financial emergency at some point where they will need a significant amount of money to help them through their time of hardship. This is where auto title loans can help.

Let’s face it; bad credit cannot get you the loans that you need. Therefore applying for a personal loan may not work to your benefit. Bad credit will only lead to a rejection of your personal loan application and another hit to your credit. If you own your vehicle and you have managed to completely pay it off you can qualify for a car title loan. The lender will only loan you the amount of money that is equal to the value of your car. With a car title loan you put up your car up as collateral to the lender. The lender will be able to loan you as much as half of the value of your car depending on how much it is worth.

One of the great things about auto title loans is that you can apply for these loans online. You do not need to go from bank to bank or even make a ton of phone calls just to apply for this loan. All you need to do is look for lenders who provide auto title loans, go to their website, and fill out all required application information. Most times the only things you will need to have in front of you is a recent pay stub, proof of insurance, the title to your car, and your driver’s license. Having these documents in front of you will speed up the application process allowing you to receive your loan quicker.

The one thing that has made car title loans so successful is that you are able to get cash in your pocket fast. If you are trying to meet that due date on your rent or for other bills it is very likely that you can get the loan deposited directly into your bank account the same day or within an hour or less. It may sound too good to be true but these types of loans are real and if you need cash fast this is the quickest way to get it without dealing with a pay day loan.

Once you qualify for a car title loan and receive the cash you can use the money for anything you need to. If you recently were burdened by large medical bills, are past due on your rent, bills, or mortgage, or need to use it for other emergencies such as car repairs you will have the money to take care of what you need to. If you need money quickly and cannot get a personal loan then an auto title loan may be the best route to go to get the money you need quickly.

A Guide to Title Loans