It’s true that many of today’s lending services are often a bit cumbersome, with very strict document requirements and other important paperwork, but Car Title Loans is here to prove otherwise. That’s why we’ll tell you some of the main reasons why a customer can apply for a car title loan, along with its long and short term benefits that can work with general needs.
Reasons on why to apply for this service
First of all, we must know the benefits and reasons on why a service like Car Title Loans results in a good investment of money and time for you as a potential customer. Here are some of the reasons why you should apply for a title loan today:
- Helps to solve emergencies
Car title loans help individuals and families meet their emergency and personal needs when rejected by banks, friends or even family and relatives. It’s a good alternative or solution to meet your financial needs, as long as your title lender analyzes your ability to repay your loan in a monthly payment that is affordable to you. The interest rate can be expensive, but the car title lender analyzes the risk involved and needs to allocate potential losses and expenses in the event the customer defaults on the title loan.
- Car title lenders can still use their vehicle
The title lender only charges you for what you lend, unlike banks that charge you for your own money when you cannot meet their minimum deposit requirement. Some banks will charge you a $12 monthly maintenance fee if you don’t maintain a $1,500 daily balance. The car title loan is a simple interest loan. Most of the companies only charge interest on the main balance of your car title loan. You can pay less interest by paying more than your monthly payment or even paying before your due date.
Car title loans have no prepayment penalties, so you can pay off your vehicle title loans early without incurring any additional costs.
- Getting car title loans is usually quick and easy
You can apply for title loans online or by phone, and get approval instantly. Once you send all the required documents, you can get your money right away.
- The system is much cheaper than a payday loan
This type of business is a better alternative to a payday loan and has an even longer term to pay off your loan. The term is normally 24 to 44 months, so that the monthly payment is made within your means. Yes, the car title loan has a higher interest rate than a conventional loan, but what if that conventional loan is not available to you?
Remember, you should only get car title loan when you need it and make sure you make your monthly payment on time or even pay off your title loan in full. Use the money for your personal and emergency needs.
Title loans have definitely helped many individuals and families get out of their emergency and personal situations. Here at Car Title Loans, we want you to know and analyze your situation, and make sure you can make your monthly payments on your car title loans. We can also help you get a better rate on your existing title loans by refinancing with us.