We all come across financial situations that demand quick access to money but not everybody is fortunate to have mediums that can help him arrange money quickly. Though there are traditional mediums like banks and other financial institutions that have the business model to sanction money to people in the form of loans. The loan can be personal, vehicle loan, house loan, education loan, vacation loan and many more to mention here. But these traditional mediums are not the swiftest of mediums for people who need quick money. For instance banks sanction loan only when they are sure that the person or the loan applicant is capable of repaying the loan.
Beside this there are other problems like the loan process is very lengthy and generally consume weeks if not months. So for a person in need of quick money these traditional mediums are not the idealist because these mediums tend to consume time and never compromise with their terms and conditions. So a person in need of quick money has to look for other options that are feasible and have swift process and most important of all sanction money quickly. So now the question is what are the options other than the traditional ones a loan seeker can opt for?
Well there is plethora of options handily available but to choose the best one is the task here. Car title loan in this regard is the best loan alternative available for people looking for quick money with added benefits. So let’s evaluate what auto title loans provider has to offer to people looking for quick cash.
Less Paperwork: Unlike traditional mediums the paperwork in auto title loans is kept minimal because the business model doesn’t require much documentation. This is because the sole motive of car title loan is to sanction loan to the borrower based on the value of the car. So the loan applicant has to provide documents related to vehicle and some identities like address proof, driving license etc.
Bad Credit Score Loan Approval: This is the biggest sigh of relief for people who somehow unintentionally or intentionally have bad credit score. Traditional financial institutions doesn’t entertain people who have bad credit but in car title loans the loan applicant who doesn’t have a good credit score can also apply for the loan. This is because in car title loan the lender approves the loan based on the value of the car and not on the financial stub of the borrower. If the borrower fails to repay the loan amount the lender has the authority as stated in the agreement to put the car on sale and recover his loan amount.
Refinancing Options Available: If the loan applicant is already paying a loan on vehicle but feels like if he has been paying too much interest rate or is fed up of the previous loan provider service then he has the option of opting for the refinancing package that car title loan provider offers. If the borrower applies for the refinancing package of his choice the lender pays off his previous dues and all that the borrower has to pay is the current car title loan.