Top 3 Common Myths Regarding Auto Title Loans

Top 3 Common Myths Regarding Auto Title Loans

Hundreds of thousands of individuals use auto title loans each year to meet their ongoing financial requirements. Also known as vehicle title loans, it is one of the fastest growing loan types in North America. The loan amount allows individuals or even families to utilize the money for any kind of expense they may have. This includes paying bills, getting repairs completed on their house or other assets, paying other loan obligations amongst others. However, there still remain a few myths about auto title loans which confuse few potential applications. The top 3 myths regarding these loans are as follows:

Myth: You can qualify only if you have a car and not another other type of vehicle.

Fact: This is the most common myth as the loan is usually referred to as car title loans as well. However, the fact is that you can use absolutely any type of vehicle you may own. This includes trucks as well. As a matter of fact, if you own a mobile home or a RV, you can use that as well to apply for a vehicle title loan. Mobile home or RV owners often qualify for quite a high loan amount. Hence as long as you have a four wheeler or in case of mobile homes more than a four wheeler, you can apply for this loan without facing any kind of problem.

Myth: You need to keep your vehicle with your lender.

Fact: This is another common misconception. The beauty of auto title loans is that even though you are using your vehicle title as collateral to acquire the loan amount, you keep your vehicle with you at all times. In fact this is one of the best aspects of this type of loan and people have used their vehicles regularly to meet cash expenses while they are free to drive anywhere they wish during the loan period. It is similar to having a mortgage. You continue to live in your house while your house is mortgaged. The only difference being auto title loans are much easier to obtain and the procedure is nowhere as complicated as a home loan.

Myth: You need to have a good credit history to apply for auto title loans.

Fact: This could not be further from the truth. It is for good reason that these loans are also known as the most ideal bad credit loan for individuals. Your credit history or credit score does not matter whatsoever while applying for auto title loans. As long as your own a vehicle, you are already qualified.

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