If you have ever been need of a quick injection of cash, either to pay for an unforeseen emergency, or to cover a cost that will help your business, or just to make ends meet, chances are good that you have considered taking out a loan. True Financial offers what we consider to be some of the best title loans
There are quite a lot of different types of loans, however, and depending on both your current financial situation and your financial past, the kind of loans that are available to you might differ. If you are looking to borrow money, but do not have the kind of credit history that allows you to take out an unsecured personal loan, you might opt to take out a loan called a vehicle title loan.
So what are vehicle title loans, and why are they so popular? Continue reading to find out.
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How to find the Best Car Title Loans
Before we go over why they are so popular, we must first break down what a vehicle title loan is. The basics of a vehicle title loan are really quite simple. Basically, a vehicle title loan is when you take out a loan against the value of your, as you might expect, vehicle. In many cases, the lender will only consider working with you if you have already paid off your entire vehicle and own it outright. That means that your vehicle is lien free.
Once those factors have been established, the lending company will decide how much they are willing to lend you depending on the value of your car. Car title loans typically range between $100 and $5,500, but the maximum amount that some lenders are willing to lend can reach as much as $50,000, with some of the best car title loans.
The amount you can borrow is based on the equity that you have in your vehicle and the value of that vehicle, but that in no way means that you will get a loan that is equal to your vehicle’s value. Lenders want to make it as likely as possible that they’ll be getting their money back, so they will lend you only what they can get quickly and easily in exchange for your car in the event that you fail to pay back your loan. Most lenders will offer you a loan equal to between 25 percent and 50 percent of your vehicle’s total value.
Speaking of your lender wanting to ensure that they can easily get their money back in the event that you fail to repay the loan, it is important to know that some lenders will require you to install a GPS tracking device on your car so that they can easily locate it in the event of a repossession. If you didn’t think that they were serious about taking your car if you fail to pay, or pay on time, be forewarned that they are very serious.
So now that you know the main characteristics of vehicle title loans, you might be wondering why they are so popular. The truth is that there are quite a few reasons.
If you were to go to a financial institution such as a bank or a credit union, or even an online lender, chances are very good that you will be subjected to a credit history check. Those institutions check your credit score and report to gauge how much of a risk it would be to lend money to you. Those who have a great credit score will likely be granted a personal loan with a favorable interest rate, but those with bad credit scores won’t be as lucky. That’s where vehicle title loans come in handy. Most lenders do not subject their applicants to credit checks. That’s because the loan is a secured loan with its value tied to the value of your car. It makes getting a car title loan rather easy.
With the best title loans - You Get Cash Fast
If you’re already asking yourself, “Where are there best title loans near me,” you’re going to want to keep reading! On top of no credit checks, vehicle title loans are known for getting money to their customers fast! Often within a matter of hours. While there are some documents that need to be examined, along with your car, the process can move very quickly if you are fast about offering the necessary documentation. Typically, processing a vehicle title loans takes much less time than other kinds of popular loans.
Some of the best title loans can be applied for, examined, and approved all online. That means no driving to a brick and mortar institution, no waiting in line, and very little back and forth. You can do all of that from the comfort of your own home. While some lenders do require you to retrieve your cash in person, some can even deposit your loan directly to your bank account. It’s an incredibly easy process, which is one of the main reason why so many people take advantage of it.
You Can Still Drive Your Car
Unlike a vehicle pawn loan – which requires you to leave your car with the lender until you pay back the loan – a vehicle title loan or pink slip loan allows you to drive and operate your car as you normally would during the life of your loan. The only thing you have to give up as collateral is the actual title of your loan. That means that you won’t have any changes to your day-to-day life while you are working to pay back your loan.
Large Range of Payment Terms
While most title loan repayment terms last just 30 days, there are also loans that have much longer payment terms. Large vehicle title lenders that offer the best title loans are known for payment terms that can last anywhere from 6 months to several years. While this does mean that you will, over the life of the loan, be paying quite a lot in interest fees, you can certainly find a vehicle title loan that works for you and your financial situation. This, and all the other reasons, is certainly something to keep in mind if you are considering taking out a vehicle title loan.
True Financial Title Loans
It is not rare for individuals, families, or even businesses to be negatively impacted by bad credit. Due to uncertain financial periods, people sometimes have to submit partial payments, less payments, or not at all. While those might be necessary at times, they can have a lasting impact on your credit. Because of those circumstances, many people are looking for ways to take out loans despite their bad credit scores. As it turns out the companies that offer the best title loans are often also the best place for car title loans.
Before we go into finding the best title loans with bad credit, let’s go over some basic facts about bad credit.
As a general rule, late payments can continue to make an impact on your credit score for as long as seven years. A bankruptcy can have even longer lasting impacts, and can tarnish your credit score for 10 years. Finally, unpaid taxes can lead to a15 years of bad credit. It’s an incredibly slippery slope as bad credit can make gathering loans harder, which makes paying off debt harder, which leads to even more hits to your credit score.
If you are looking for ways to make quick fixes to your credit score, you may come up empty. Completing a quick credit score fix is often not an option. Over time, you can make incremental improvements to your credit score by paying off outstanding debt, taking care of your bills on time, not maxing out your credits cards, and practice diligence and patience. In many ways, credit works like gaining and losing weight. Really easy to fall into bad habits and put on weight, really hard to stay committed to good habits and lose weight. It’s possible, but it isn’t easy. You might be wondering why this is pertinent to this conversation. You’ll find out by the end!
So, if you’ve got bad credit, you might be wondering how it’s even possible to take out a loan of any kind. One of the clearest answers is taking out a car title loan. If you are wondering what car title loans are, and where the best title loans are offered, don’t worry we’ve got you covered.
Basically, when you are looking for the best place for title loans, you will first be asked to provide a potential lender several documents. These typically include an application, the title of your vehicle that you are putting up for collateral, and a photo ID. Lenders may also ask for documents providing proof of income, bank account information, and may even ask for personal references. Before the loan is approved, lenders will ask to either see a photo of the car or inspect it in person. That will allow them to decide what amount of money they are going to loan you in exchange for your title.
Lenders will also often ask to be given a spare set of keys. They may also ask for the borrower to install a GPS tracker or a remote immobilizer in the car. This will make the car easier to locate in the event of a default and subsequent repossession.
Once you get a title loan, you typically will have 30 days to pay it back in full, including any interest you may accrue. If you are unable to pay back the loan within the 30-day period, you risk the possibility of having to pay additional fees and interest on top of whatever you still owe from the original loan.
Why go for the best title loan?
There are two kinds of car title loans. Single-payment loans require borrowers to repay the loan in one lump sum – usually in the aforementioned 30-day period – with an average APR of 300%. Installment loans let the borrower pay back the loan in multiple payments. The lender typically offers a repayment period of three to six months and an average APR of 259%.
Not only can car title loans offers much-needed cash for those with bad credit, they can absolutely be used to actually help kick-start your credit score improvement. Finding the best place for title loans can also lead you to a healthier financial future. That’s because taking out loans and paying them back can be a fantastic way to prove that you are more financially responsible than you were when you got yourself into credit trouble to begin with.
If you want to use your car title loan to improve your credit, all you have to do is fine a car title lender that will report your loan to the major credit report bureaus. That means that the fact that you are borrowing a loan and paying it back on time will impact your credit score going forward. Borrowing and paying back loans is a great way to improve your credit score, the problem is that when you have bad credit, taking out a loan can be nearly impossible. Car title loans help you circumvent that road block. Also, some of the best car title loan lenders have flexibility in the vehicles they finance - be that older vehicles, high mileage cars, older carsor classic cars. Find out more here
In order for a car title loan to really help your credit, you’re going to have to make sure that you truly can pay it back on time, however. Of course, you think hard out a loan if you are not confident in your ability to pay it back, but with car title loan there is added risk. If you take out a car title loan thinking you can pay it back, only to find that you will not be able to during your repayment period, some loans are better than others, you could risk defaulting on your loan and having your car repossessed. This is just one of the risks associated with any secured or collateral loan, so make sure you have calculated what you will owe and what you will be able to pay before you take the final steps to taking out a car title loan.Another option if you don't have clear title on the vehicle is to consider selling the car online or to a dealer.
True Financial Loans
We consider ourselves as the provider of some of the best title loans you can find. Find out why 1000's of customers consider our loans to be the best car title loans.