We all desire to drive a vehicle. The challenge comes after owning one. A car requires money to service and care for it to remain operational. It is different from a home that appreciates in value or stock that pays you a dividend in the end. The worst is that it depreciates with time. In fact, it can depreciate by about $1500 during the first year. This is why most people regard cars as assets.
WHAT IF YOUR CAR IS CONSUMING A LOT OF MONEY?
In case you find yourself spending too much on your car, then it pays to sit back and do the math. Experts recommend that the amount you spend on your vehicle should go hand in hand with your financial condition. In case you have lots of debts to service, then it is good to be conservative when buying a car. There are cases where your vehicle can hold you back from accomplishing other economic goals. It is good to buy a car you can manage and service without impacting on your financial life.
BUT DID YOU KNOW THAT YOUR CAR CAN BE AN INVESTMENT?
The same used car can help you acquire a loan. It comes a time when you seriously need cash and lenders seem not promising. In such a case, car title loans can save the situation. Regardless of the age of your car, you can get approved for a quick loan. Car title loans are different from payday loans. They require you to put up collateral as part of the agreement for the loan which is your car.
HOW USED CAR TITLES WORK?
For you to pledge your car and get a title loan, you should have sufficient equity to fund the loan. It means you should have cleared all the loans associated with the purchase of your car. The amount you can get depends on your car’s value or the equity in it. About 25-50% of your car’s value is often used to determine the amount of loan you can get.
BENEFITS OF AUTO TITLE LOANS
They don’t involve long, complicated transactions
Transactions involving car title loans with no credit check OR no credit check loans are quick and have no complicated procedures. Provided your car is in good working condition, you can get a decent loan in as quick as one day.
Your credit status doesn’t matter
Just as the name suggests, car title loans have no hard credit checks. Therefore, it is easier for you to get the loan despite having a bad credit record.
You still use the car
Getting a car title loan doesn’t mean you’ll stop driving your car and surrender it. It doesn’t affect your daily commutes.
Affordable and convenient
Since auto title loans use your car’s title as collateral, it means the loan is secured. The interest rates are relatively low.
Repayment is expedient
With these loans, you can enjoy easy and quick repayment options. You can roll over or make a balloon payment.
Your car can be both an asset and an investment. You can use it to get a car title loan which is a savior during times of financial crisis. The loan doesn’t involve lots of complicated requirements and serious background credit checks like with most types of loans. It is affordable, quick and repayment is convenient. The best of all is that you still use your car.