Car title loans – Get them with easy steps

24 Jan

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If you are in need of quick cash then you can take use of car title loans as well. If you have a bad credit and are unable to acquire a normal traditional loan then car title loans can be the answer to your prayers.

Car title loan requires minimum income verification and does not need a lavish credit score. You will get a loan or some quick cash against your car. Though if you are unable to pay your dues back then you can even lose your car as the right would go in the hands of the lender, still these are an excellent means to get money when you have no one standing by your side.

When the situation is tough getting any kind of loan is going to be a lot difficult if you do not have a credit score which is in the good range. A lot of individuals are not aware of the ways in which they could improve their credit ratings. By the time they set on the process of improving the credit score, they are already too late since they are pressed with immediate need of cash and cannot wait for the credit score to improve. Improvement of the credit score is a gradual process and takes its own time. It is a gradual process and the improvement will depend on a lot of factors which are beyond your control and hence nobody could guarantee the time required to replenish the credit ratings.

Hence when in need of urgent cash a lot of people take to loans which can get them cash immediately like the payday loans, cash advance loans or the Car title loans.

How Car Title Loans Work

In case of a car title loan you can go to personal loans lender, pledge your car against a sum of money, agree to terms and conditions applied on the same and take a loan. You would be charged with interest which you will have to pay on the borrowed sum. Also if you are not able to pay back the money to the lender the lender can sell your car in order to recover his or her money. This is somewhat similar to what pawn shops do with your valuables. You should pay within the stipulated time in order to save your car from losing.

The lender first evaluates your car and on the basis of it gives you the loan you deserve and what he or she thinks is the worth of the car. The lending company then keeps your car till the time you pay all your dues back. In case you are not able to do that then the lender has all the authority or right to auction your car in order to recover his or her money. This type of credit also comes with hefty interest rate. It is normally short term in nature and you don’t really have to have a great credit score to avail it.

Alternatives to Car Title Loans
In case you are still apprehensive about pledging your car in order to earn some cash then you can look for these alternatives which can actually prove to be good and would not leave you with a risk of losing your car in case of any default.

  • Credit cards:

Credit cards are an instrument to meet your immediate financial problem. In order to solve your short term cash requirement you can make use of this. You can make your payments using credit card and pay for it later to your bank. Although you will be charged with some interest rate in this case. You can have a higher credit limit card if you have a good payment history and your bank agrees to do so. The interest rate charged in this case would be lower than the car title loan and you will not be at a risk of losing money even.

  • Emergency loans from work:

Sometimes the company in which you work also has a provision for providing some immediate cash help in case of emergency. You can take help of your workplace if you face some financial problem. Such options vary from employer to employer. The best thing about such loans is that you might not have to pay any interest rate or very little interest rate under such category of loans.

  • Personal loan from your bank:

You can also take help of banks for borrowing money. Banks offer personal loans to individuals. They charge high interest rates for the same. You should have a decent or good credit score in order to avail these loans. Or else you will have to shell high rate of interest for availing these loans. The good point of these loans are that you will not have to lose your car in case of any default in the payment. Also you will have to pay back the amount within a set frame of time.

  • Payday loans:

Payday loans can be another useful alternative for car title loans. But these payday loans come with high interest rates. But unlike the car title loan you at least won’t be at a risk of losing your car in case of non-payment.

  • Pawning other Valuables:

You can go to pawn shops or make use of internet for selling those assets which are of not much use to you and you can risk losing such assets. A guitar or a music system, some old gadget or jewellery which you don’t wear can be sold or mortgaged in order to earn some quick cash. You can even auction your products at ebay or such online store for earning quick cash.

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