Whenever you realize that you need urgent cash to take care of unexpected bills, but you are relatively low on funding now, then, it is time to explore other options to get quick cash. Basically, you may inquire of your loved ones for some money but if you do not get any financial assistance from them, you will have to move on to other options. This situation is worsened for individuals with bad credit. This limits their loan options except for people who possess a credit score that is impeccable. However, there is another option that we are bringing to you today. Do you know that some of your assets have some form of hidden casual in them? One of such assets is your vehicle and it is possible to get loans on your vehicle.
Although many persons are aware that your car title can be used as collateral, they really do not grasp how car title loans operate and what the process involves. So, let us fill you in on what you need to understand with respect to getting loans on your vehicle.
How It Works
Just like other collateral loans out there, car title loans do not work any differently. You need to present your assets which is the title of your vehicle in order to secure a loan. The title is held by the lender as a guarantee that you will pay back the loan. Your vehicle's value is the principal determinant of how much you will be able to get in loans from the lender. So, you will have to grant approval to the lender to place a lien on your car’s title. As soon as you have paid off your loan, you will get your vehicle's title back and the lien will be removed. However, if you are unable to repay the loan as stipulated, the lender will retain ownership of the vehicle. https://www.tfctitleloans.com/how-does-a-car-title-loan-work/
The best part about our title loans is that even if your car serves as the collateral for us to grant you emergency loans, you will still be able to possess your car and keep driving it while the loan is still being repaired. Yes, even though we will keep your car title, you will still get to drive your car. Then again, we issue out car title loans and your vehicle for different kinds of cars. We, also, accept motorcycles and more.
Equity loans are possible
If your car is financed and you still owe some money on it, we will still offer you a title loan on your vehicle if you have positive equity in it. We understand that borrowers have various circumstances and have a need to use their vehicle as collateral for quick and urgent cash and we will work with you to ensure that you obtain the emergency funds that you need.