In the past, most Americans utilize different kinds of loans to pay expensive expenses such as houses, cars, and vacations, among others. However, because of the economic situation, those who have negative credit rating find it difficult to get approved.
Individuals who have credit cards do not want to use the said commodities because of the high interests that they charge. It is a good thing though that there are auto title loans that can help those who need instant cash. Below are some of the advantages that the said loans offer.
Applicable to those who have bad credit
The primary advantage of auto title loans is the fact that they can be availed by those who have negative credit rating. In fact, reputable companies do not examine their borrower’s credit rating. This is definitely helpful to those who have negative credit rating and need to settle emergency expenses.
Practices fast closing
Another notable advantage that is offered by auto title loans is fast closing. In conventional loans, the application as well as the approval procedure takes days to be accomplished. This is not the case with auto title loans where the whole process takes about 10 to 15 minutes.
Offers low amount loans
Many lending institutions release loans that are as low as 100 USD. This is quite unique because the minimum amount that many lending companies approve is 1,000 USD. Such feature is quite handy for those who only need small sums of money. Individuals who need cash to settle emergency expenses are not stuck with high interest loans on amounts that they do not really need.
In the end, auto title loans are ideal options for borrowers who own vehicles and need a substantial amount of cash for emergency purposes. This is because there are no credit examinations that need to be passed and there are no long lines discourage certain individuals to pursue their loans.
A lot of times, borrowers can even apply their loans at the comfort of their own home and then drive their vehicle to the office of the lender so that it can be inspected to determine its market value.
Some auto title loans companies even send their personnel to check their borrower’s car. With all the advantages that the said loans offer, it is no wonder that many individuals choose them over conventional ones.