Want To Know How Your Car Is Your Asset For Quick Cash?

by Malini Somra Blogger

We all tend to get lost when facing emergency situations and don’t have an idea where to go to arrange the money. People generally heads toward pawn shop or payday loans or micro financers but they are more a hassle than convenience. The irony is that people are not aware of other feasible ways that are more convenient and handy. Most of the people owns a vehicle and this vehicle is not only a handy medium for commute but it is their asset which they can use to apply for quick loan.

Most of you might be thinking that now we are going to talk about mortgaging the car but you are wrong. The medium to get quick cash is by using the title of your car as collateral. Today there are many car title loan companies that accept your car title as a collateral to offer you quick money. This system has many benefits that are mentioned below:

Minimum Paperwork: Car title loans Riverside don’t have paperwork like the banking institutions and never makes the loan process lengthy for the borrower as they know people need money when they are in bad financial condition so it is necessary that loan must be sanctioned quickly so that the purpose of lending money is fulfilled. Car title loans have minimal paperwork and all that a borrower need to show up is some government issued identification like driving license or passport, car insurance details, residential proof, income stub etc. The process is generally very quick and loan is sanctioned as quickly as in 1 or 2 days. People who cannot present income proof can also get the loan as car title loans consider retirement, unemployment and even bad credit score so that no one is left behind.

The Loan Amount Varies As Per The Car Value: The first thing to note is that car title loans are sanctioned on the value of the vehicle a borrower owns. Based on the value of the vehicle the loan amount of $2500 up to $50,000 can be sanctioned. So based on the value of the car the borrower can get quick cash to meet every type of emergency situation like paying medical insurance, medical bills, rent, mortgage, student loans, utility bills, credit card bills etc. The loan amount that is sanctioned in car title loans Riverside is also very higher in comparison to other micro financial institutions or payday loans.

Repayment Flexibility: The biggest advantage of getting a car title loan is that it provides enough time period to the borrower to pay the loan amount which is generally 24 to 36 months. Not only this but the borrower can also repay the whole loan amount early. For early repayments there is no pre-payment penalty imposed on the borrower. On the other hand if you will notice the loan terms and regulations of the micro finance institutions you will find that they charge a certain percentage of amount as penalty for making pre-payment of loan. With car title loan you can save hundreds of dollar by making pre-payment of the loan.