When in need of urgent cash, more people are turning to the car title loans as a solution. An auto title loan is a cash loan where you put up your vehicle as collateral.
Most lenders in San Diego, California who offer car title loans require that your vehicle is paid for, it is less than five or six years old and some other requirements. If you do qualify, there are several benefits that you don’t typically find with other types of loans.
It’s hard to overlook the convenience factor when dealing with car title loan. Getting a loan can be a terribly complex process, especially when you need it quickly. A car title loan is convenient because there are definite criteria you have to meet, and if you do, that’s all there is to it.
Another advantage of car title loans is speed. In many cases, you will have access to your money within 24 hours or even in the same day. If you meet the requirements and your car is worth at least the amount you need to borrow, there is no delay. These features beat the other types of loans because there are just times in life where you need access to money in a hurry, and a car title loan delivers.
No Credit Issues
Credit issues are a stumbling block for many loan requests, but that usually isn’t the case with a car title loan. All they want to know is that you own the car and the car is worth more than they are lending you. This is a secured loan, so if you don’t pay, they will just take your car from you. If you have bad credit, a car title loan may be the answer you are looking for.
Favorable Repayment Schedule
Even though you can get the money quickly, you don’t always have to pay it back quickly. Many lenders will work out a longer repayment schedule if that’s what you need to make it work. You will end up paying more in interest this way, but you will get the money you need when you need it.
You Can Keep Driving Your Car
One benefit that not a lot of people consider is that you still get to drive your car during the loan. As long as you make your payments on time and don’t default, you’ll get your money and still be able to keep your car and drive it just as you did before the loan.…