At the rate that we are going, our economy is not exactly showing signs of getting back in good shape any time soon. These days, people are finding it harder and harder to work and earn enough just so they could keep up with their daily expenses. There are even many people that try to keep more than one job so that they will be able to cover their expenses at home. The sad thing about this though is that no matter what we do, how come it is still not enough? Even with overtime work day in and day out many people still find themselves short of cash even before payday arrives. During these crucial times, all of us need access to cash and we need it real quick.
One of the best ways to get your hand on some quick cash these days is through a car title loan. The best part about a car title loan is that they provide low risk for both the lender and the borrower. You are given lower interest rates as compared to other conventional types of loans plus you wouldn’t really have to put your home down as collateral.
Your Car’s Value:
The amount of a car title loan will be based on the value of your car. This value is also known as equity and this is computed when you subtract the amount that you still owe on the car from its total price. This means that the equity value of your car is the amount of the car that you own, as opposed to the part of the amount of the car that the bank still owns.
How Do I Apply For A Car Title Loan?
The idea of a car title loan is to give car owners real quick access to much needed cash in times of emergencies, this is why they can be received very quickly. Home loans may require a long process plus tons of paperwork whereas car title loans are much more convenient to apply to. All that an applicant needs to do is to prove that your car is in good condition and is of value, state the amount of loan that you need, and you just sign over the title to the lender of your choice. The best part about this is that you still get to drive home with your car while you pay the loan back to the lender. After paying the loan in full, the title of the car is given back to you.
Bad Or Low Credit Score? No Worries!
What most borrowers love about car title loans is that it doesn’t involve any credit checks! So your credit score doesn’t even affect your loan application. All that you simply need is the title of your car and that’s it. It’s actually a win-win situation for both borrowers and lenders. Borrowers get access to quick cash with low interest rates and they still get to drive home with their cars. Lenders on the other hand are secured with the title of the car so they don’t risk anything at all plus they earn interest from borrowers. A bad credit loan can help pull you out of an immediate hole. Bad credit lending companies like BHM Financial are here to help you.