With presence of so many financial institutions someone might argue that why to opt for a car title loan. Well they may be right based on their experience but as we all know every people has his own needs and requirements and based on this he prefers a service. For instance a person having good past experience with a payday loan service will always give payday loans an upper hand over other financial services and a person who had a good experience in getting a loan from a bank will prefer a bank for most of his loan requirement in near future. So the point is that every individual react and opt for a service based on his prior experiences. Not many people will give a car title loans a thumbs up because they might have never opted for it or are not referred by someone.
But in reality car title loan is the easiest medium to arrange quick cash in need of emergency or to pay bill to avoid penalty. There are numerous benefits a loan applicant gets when he opts for a car title loans which makes it worth every second of your time and effort. So let’s quickly find out what are the different factors that constitute to make personal as well as commercial vehicle title loans the most popular unconventional medium of getting money for cash emergency situation.
Less Paperwork: Unlike lengthy bank loan process where to get a loan a loan applicant has to sweat hard and to wait for months the car title loan services consumes less than a day to sanction loan if all the conditions are met. All that a loan applicant has to present is the title of the car which should belong to him/her, insurance details, no lien holder, government issued identity, address proof and some minor details to qualify for the loan. The lender verify the paperwork and inspect the vehicle to evaluate the current value of the car. Based on the value of the car the loan applicant is sanctioned loan within few hours. So this way a lot of time is saved and there is no need to put extra efforts to get quick loan.
Flexible Payment Options and No Pre-Payment Penalty: Though people can get loan easily but situation changes after the loan. Things like coping with the payment method including the rate of interest and pre-payment penalty is an unwanted burden. But this is not the case with car title loans as the borrower has the freedom to personalize his payment options by discussing with the lender. The rate of interest is also very low and there is no penalty imposed on making a pre-payment of loan amount. So this is another way by which you not only saves money but a lot of your efforts to save for the extra interest every month is saved.
Significant Loan Amount: The loan amount that a borrower can get in car title loan is also very high. Based on the value of the car a loan applicant can get loan of $2500 up to $50,000 which is enough to tackle any kind of emergency cash situations. This makes car title loan worth the time and efforts because the high loan amount not only saves you from a critical situation but you need not to make special efforts to get the loan. All that you need is a vehicle and proper documents and you can get the loan as and when you want.