Are you in a financial bind and need cash quickly? Emergencies happen, and most of the time they occur at the most inconvenient time. An unexpected bill, a medical issue, or any number of other things can require cash that you may not have on hand. These are just some of the reasons people choose to use their vehicle to get a loan.
Less Than Perfect Credit?
While you can generally borrow money from a bank or loan company and use your vehicle for collateral, you may have less than perfect credit. This can create a problem. Unless you have a certain score with the credit companies, most banks do not want to lend you money without a co-signer. When you choose a title loan, you do not have to worry about whether you have excellent credit or not.
Do You Need Money Tomorrow?
Another benefit of using the title to your vehicle for a loan is the rapid response. While loan companies and banks may take several days or a week to look over your application, get it approved or not, and notify you as to the status of your request, a title loan is generally approved within a day. If an emergency arises, you may the need the money quickly and cannot wait a week to just get turned down. This is why companies such as Auto Acceptance Corp. Title Pawn offer auto loans Jacksonville FL.
Motorcycles, Recreational Vehicles, and Boats
A title loan does not have to be on your vehicle. You may have just purchased your vehicle and are still making payments, so you don’t have the title. This is not a problem as you can still apply for a loan on something else you own such as your boat, motorcycle, recreational vehicle or a personal watercraft.
As with any loan, make sure you understand the terms. Find out when it must be paid back, and what happens if you need a little extra time. A title loan can be a viable solution when emergencies happen, and you need some extra cash quickly.