Loan to Start a Business
April 24, 2013
There are various reasons that someone may want to start a business. You may be tired of working a dead-end job or hate sitting in 3 hours of Los Angeles traffic every day. Maybe you’ve always had the entrepreneurial spirit. Whatever the case may be, you have decided to go the route of self-employment.
Alright, you’ll just resign from your job and open up shop tomorrow, right? Probably not.
To start a business, you’ll need funding. This means that, if you do not have enough money to get off the ground, you’ll have to borrow some or all of it. Did you know that you can get a loan based on the value of your vehicle?
A Car Title Lender Can Help
If you don’t have a good credit score or would rather just avoid traditional lenders, a car title lender may be a great fit for you. Unlike traditional lenders, car title lenders typically don’t require extensive amounts of paperwork to be completed or for you to wait days or weeks for a decision. Instead, assuming that you meet relatively minimal requirements, you’ll walk out with a loan of just the amount that you need without filling out excessive amounts of paperwork. In fact, Car Cash Loans will typically have you in and out in around just one hour!
How Much Can I Borrow?
The amount that you can borrow depends on the value of your vehicle.
For example, suppose that you intend to run a pottery business out of your garage in Los Angeles. Let’s assume that, after you tally up your start-up costs, you need $6,000 to get the ball rolling.
Car Cash Loans offers loans of up to 50 percent of a vehicle’s value. So, if you own a vehicle that’s worth $12,000 or more, you could get the entire amount of cash that you need. Even if it’s worth a bit less than that, you can still get most of the money that you need and work a week or so longer to get the remaining amount.
Will I Have to Go Through a Credit Check?
Luckily, your credit history is of no concern. At Car Cash Loans, you won’t have to go through a credit check. They’ll be more concerned with the value of your vehicle, as it will be used as collateral for your loan.
How Long Can I Take to Pay My Loan Back?
If you’re just starting a business, it could take a bit of time to begin raking in a steady income. Car Cash Loans offers payment plans that are compatible with this timeframe, as they’ll permit up to 5 years to pay your loan back. That’s plenty of time to get your business going strong and pay your loan back comfortably.
Is a Car Title Loan Right For Me?
Deciding whether or not to take out a car title loan is a personal financial decision.
Chances are that you have sufficient income to pay off a loan if you are in the position to start a business. People typically don’t quit their jobs unless another source of income is available. So, you should already have sufficient income to pay your loan while your business income steadily grows.
Just be sure to take out an amount that you can afford to pay back. Doing so will help get your business off the ground while minimizing your interest expenses. Let this be an exciting time in your life by making sure that your business grows and that you pay your loan back comfortably!