Why stress yourself for bank loan when you can get car title loan easilyby Malini Somra Blogger
While managing an expensive lifestyle, it often gets difficult for an individual to deal with the financial crises. Certain emergency situation like surprise expenses, medical bills or home improvements left one with no option, rather than arranging some quick flow cash. With time, the condition might deteriorate and therefore, one needs to consider borrowing. Some people turn to their friend and family for support while other consider borrowing from the financial institutes.
Getting a bank loan and car title loan are two different processes. Bank loans are considered as traditional loan process but they might not be the right fit to deal with the emergency situation. Traditional loan process which is well known by every individual is considered to have a complex loan process which has higher demands and processing time. In order to qualify for bank loan process, one must have a good credit score and sound financial condition. The lender of bank loan thoroughly inspects the financial background of the borrower before finalizing the loan process, in addition, one needs to carry out hefty paper-work and needs to wait for days or weeks for the final approval of the loan. However, there is no assurity about the approval of loan. The rate of bank loan approval is comparatively lower in comparison to car title loan.
The car title loan process is considered to have the simplest loan structure and the easiest processing; any individual who completely owns the vehicle and posses a clear and lien free vehicle title can easily qualify for the complete loan process. The title loan has gained its popularity among the borrower because of its non-demanding nature and instant access to fund. Any vehicle owner can easily get access to fund depending on the significance and market worth of the vehicle. Make, made, year of manufacture, automobile brand and condition of the vehicle are some of the factors which influence the market value. With title loan one can get a maximum of $50,000 depending on the significance of the vehicle. A percentage of the worth of the vehicle is provided as the loan amount.
However, in comparison to other quick loan processes, presence of collateral makes the car title loans easier for both borrower and lender. It has minimal of paperwork, the borrower only needs to provide the borrower with the original as well as clear and lien free vehicle title, followed by copy of photo identity proof, car insurance paper and regular income proof. Moreover, anyone can qualify for the title loan process irrespective of their credit score or financial condition. The repayment structure of the title loan is designed by the lending company either by using the automated system or manually by a representative of the lending company. The repayment structure is flexible and affordable for the borrower and one can easily get through the loan process.
It is highly recommended for the borrowers to strategies on the repayment of the loan during the early stage in order to smoothly deal with the financial condition without hampering it.
Created on Dec 6th 2018 07:14. Viewed 688 times.