Car Title Loans: Risks and Advantages
April 03, 2022
Just about anyone who has ever needed cash fast and is unable to go to a bank or a traditional lender knows about Car title loans
. That's because car title loans can be the difference between facing unexpected debt or getting the money you need to stay afloat when a financial emergency arises. For this reason, car title loans are extremely helpful. Like any kind of loan, however, there are both risks and advantages to car title loans. That's just the nature of the business. At Quick Cash Auto Loans, we pride ourselves on being upfront and completely transparent with our customers. It's a part of what separates us from other car title loan companies. For this reason, we want to address the topic of the risks and advantages of car title loans.
Advantages of Getting a Car Title Loan
There are many advantages to getting a car title loan at Quick Cash Auto Loans. One of the biggest advantages is how fast you can get loan. As long as you have the documents you need and a car title in your name, we can often get you a car title loan in as little as thirty minutes. Another advantage is that there is minimal paperwork involved, and the only documents you need are a valid driver's license, a social security card, two utility bills to show us where you live, and your vehicle title and registration. Once we take a quick look at your vehicle, we can issue you a loan.
No credit check is another advantage of a getting car title loan through Quick Cash Auto Loans. For many Americans, a poor credit score can prevent them from getting a loan when they need it. Even having no credit score at all can sometimes be a hindrance. At Quick Cash Auto Loans, we never check your credit score so it isn't a factor. We won't know if you have good credit, bad credit, or no credit at all. Your loan and the amount of the loan is based solely on the equity in your vehicle.
Another advantage is that you keep driving your car. If you try getting a loan through a pawn shop with your vehicle, you'll be required to leave your car behind. We understand that you simply can't be without your vehicle, especially at a time when you are already facing some financial hardships. All we need to issue a loan is the title and registration to your vehicle, which will be returned to you as soon as your loan is paid off.
Unlike banks, we won't ask you why you need money. A big advantage to getting a loan through us is that there are no restrictions on how you can use your loan. Maybe you have bills to pay, maybe you just want to go on a family vacation and need a little extra money for the trip. Once you get a loan through us, it's yours to do with as you please.
Risks of Getting a Car Title Loan
Some companies will minimize the risks associated with giving you a loan. Payday loan companies, which are completely different than car title loan companies, will downplay the risks associated with getting loans through them. Even some less than reputable car title loan companies will downplay the risks. That isn't fair to the consumer, so at Quick Cash Auto Loans, we will never tell you there aren't some risks associated with getting any kind of loan, including a car title loan. The biggest, and most obvious risk, is that you can lose your car if you don't pay back your loan. While this is certainly true, at Quick Cash Auto Loans we work hard to make sure that doesn't happen. We are in the business of making loans, not repossessing cars. As we mentioned earlier, we are always clear about terms and work with our customers to ensure an obligation they can easily meet. We don't want to take your car any more than you want to lose your car.
There, now that we have that out of the way, what about other risks associated with getting a car title loan. Many people will tell you the interest rates are high, but at Quick Cash Auto Loans, we have some of the most competitive rates in the business.
We could mention the risk of your vehicle being stolen or damaged while you have a car title loan out. We require insurance on vehicles that are being used for a car title loan, so even if that happens, the insurance will go toward paying back your loan.
Unlike payday loans where you have to pay the loan back on your next payday, we offer loans for up to 12 months, meaning you can budget your loan in over a longer period of time. This prevents you from getting caught up in the vicious cycle associated with getting loans through a payday loan company.
So, are there risks associated with getting a car title loan? There are risks with getting any kind of loan. As we said earlier, it's a part of the business of loans. There are risks with bank loans that require collateral, there are risks with payday loans that require quick paybacks, and there are risks with pawn shops that are happy to sell your property when you don't return the money you borrow. At Quick Cash Auto Loans, we go out of our way to keep the risks to a minimum. Our goal is to help you get the money you need when you are facing a tough financial situation. We strive to give you the absolute best car title loan experience you'll find anywhere. You can get the process started by visiting one of our offices or by filling out the form here on our website. You can also call (786) 600-3411
to speak with one of our qualified loan experts who will be happy to answer any questions you have regarding a car title loan with us.
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