5 Myths about Car Title Lending

There are many myths about car title lending, but we are here to set the record straight. From sky high interest rates to inflexible payment plans, we have heard it all! However, as you have probably learned from an early age, don’t believe everything you hear. Allow us to debunk some of the most common title loan misconceptions.

Title loans require a credit check – A credit check is a major part of almost every loan option, but not title loans. The absence of a credit check means you can be approved with good, bad, or nonexistent credit. The approval process for car title loans is lightning fast. You can apply today and collect your cash within as little as 24 hours. If your credit score has held you back from getting the money you need, take advantage of a bad credit title loan today.

Title lenders keep your car – This is probably the biggest misconception when it comes to car title loans. Many people are worried that they will need to relinquish control of their auto and will not be able to drive. In reality, the opposite is true. You will be asked to temporarily hand over your title as collateral, but not your car. You can continue to get to and from important destinations while you pay off your title loan. Once you have paid in full, your title will be returned.

Auto title loan repayment plans are inflexible – If you think your auto title loan repayment plan will be inflexible, think again! A majority of title lenders allow you to take as long as 42 months to pay, so you should have plenty of time to find your financial footing. If money is particularly tight one month and you need to adjust your schedule, lenders are usually willing to work with you. In addition, there are no prepayment penalties. You can pay ahead of schedule without worrying about any negative consequences.

Car title loans have high interest rates – Interest rates are important when it comes to any type of borrowing option. Although some title loan companies have adopted predatory lending methods, we set ourselves apart by offering the lowest interest rates in the industry. In fact, we will match any competitors’ rate. A car title loan should be a helpful tool – not an additional financial burden. Your monthly payments will align with your current abilities.

You must fill out an extensive application to get a title loan – No one enjoys filling out a stack of paperwork and undergoing a financial examination. When you apply for a title loan, you can do so from the comfort of your own home. The online nature of our business allows you to submit your contact and car information via the form on our website. You will immediately receive a free quote and be contacted by a car title loan specialist. He or she will finalize the remaining details and connect you with a trusted lender in your area. You can collect your cash in hours and drive off in the very same vehicle you used to get your loan.

Tags: , , ,

Comments are closed.