subject: Benefit Of Getting A Car Title Loan [print this page] Car title loans are loans that can be received by using the title to your vehicle. You do, of course, need to take your title with you, when you go to the loan company in mind, to obtain a loan.
One large benefit of a car title loan, is that you get to keep your car. The lender will want to keep your original title to the automobile in his office, until you pay off your loan.
Car title loans are beneficial because they are simple and easy to get, without going through the process of applying for the traditional loan. You are not required to have any credit, or even to have a job. No credit necessary, means that you get the loan instantly, without having to wait days, on a loan application to clear. Normally, you are charged less on interest rates also, by going through a lender that accepts car titles than by obtaining a payday loan. Car title loans are less than half as much interest normally as a payday loan. So it makes more sense in many cases to get a car title loan than a payday loan.
You are using your vehicle to secure your loan, which makes it less risky for the lender that is loaning you the money. If you are in a bind for cash, this is one way to get it fast. Cleaning your automobile up, and even giving it a wax job, to make it look more appealing is one sure way to make a lender even happier.
Your loan does not have to be paid back until the due date, which is determined by the lender. Some want the cash by the following month, while others, may be more lenient and let you make payments toward the loan. They do of course, keep the title on your automobile, until the loan is paid in full.
Instant car loans should not be used on a regular basis, but as an emergency option, for when you need the cash immediately, and have no other resources. These loans are easier to get, and are normally considered to be instant loans, since they require no credit applications that have to clear; and they require no collateral. A very promising opportunity for those needing the instant cash right away.
Your title should be in your name, since you are the one taking out the loan. You are also the one that will be responsible for repaying the loan.
