When to Consider a Car Title Loan
September 23, 2011
A car title loan may be your best option if you are facing a temporary financial shortfall. A car title loan is a way to obtain quick access to cash that you need by using your vehicle as collateral. You do not have to relinquish your vehicle when you take a car title loan, as long as you repay the loan, and car title loans generally allow a much longer period of time to repay than a payday loan. Although car title loans shouldn’t be viewed as a long-term solution to financial trouble, they are a great way to get out of a temporary tight spot.
When a Car Title Loan Makes Sense
A car title loan makes a lot of sense if you have an immediate financial need that you need to take care of. The money can be used for literally any purpose you could possibly think of, and its all for you to use at your own discretion. People often need this kind of help when faced with big one-time bills or purchases that greatly exceed the amount of their whole paycheck.
While car title loans may have a higher interest rate than most traditional bank loans, taking a car title loan can be a far better option than not having the money to meet an immediate and important need. Bank loans can take a long time- sometimes several weeks- just to be approved (or denied). That is why a car title loan may be your best option when you need same day cash to address an urgent financial need.
A car title loan, unlike a bank loan , can be approved within a few minutes in many cases. In addition, as long as your vehicle has adequate value, you can generally obtain a car title loan no matter what your credit score is. This means that regardless of your past credit history, you can obtain the money you need quickly and easily to handle any emergency situation and keep you and your family safe.