In the face of an adversity, we look out for the best option to resolve the situation. Likewise, in case of a financial crisis, the most uncomplicated way to get quick money is to go through the process of attaining title loan or vehicle equity loan as per your preference.
Every now and then, you come across difficult situations in life that you have to power through. Be it personal, social, physical or financial. But as the adage goes, when life gives you lemon, make lemonade! Applicable in practical life, if you are facing some sort of financial crisis, it is easier to get quick cash rather than being reluctant about asking it from relatives or friends.
If you wish to get a personal loan from banks to meet your financial needs, an intense procedure follows. All your financial transactions are recorded and tracked. Banks also gain access to your credit score and in case you turn out to have a bad credit score, banks turn down your application of personal loan.
Instead of depending on bank loans, a simple and an easier way to get quick cash is to rely on auto title loans. Also known as pink slip loans or simply title loans, they are a type of secured loans where the borrower can use their vehicle title as collateral. Borrowers need to assign the lender to place a lien on their car title, and temporarily surrender the hard copy of the vehicle title in exchange of a loan amount.
The auto title loans are typically short term and tend to carry higher interest rates than other sources of credit. Lenders also do not necessarily check credit history and only consider the value and condition of the vehicle that is used as collateral. The good thing is that while the loan is in the process, you can still use the vehicle. The repayment terms can vary from 14-31 days.
This short term loan option proves out to be the most preferred way of getting easy loan amount from the bank. However, before you apply for such loans, it is imperative to understand the nature of these loans. Auto Title Loans also go with the name Auto or Vehicle Equity Loans. These are used unanimously; however, they are not exactly the same. Here's a closer look on the details of each loan type.
Auto Equity Loans: These loans are for borrowers who are still making payment on their vehicle and do not hold title under law. Legal owner is the lien holder (bank or credit union) that originally purchased the car. The only rule is that you will be able to get loan in the amount of 50% of your equity. People with poor credit ratings may have trouble getting approval for these loans.
Title Loans: Auto titleloans or simply titleloans are similar to auto equity loans in many respects. The only difference is that in order to qualify for titleloans, you must own your car outright. If you are still making monthly payments on original loan or if there is any type of lien on the vehicle, your application will not be considered. Many people with bad credit or no credit may still qualify for the titleloans.
Understanding the basic difference between the Auto TitleLoans and Vehicle Equity Loans, there are other general terms, conditions and qualification criteria that you need to be aware of before applying. To get more information on the specifics of both vehicle equity loans and auto title loans, visit [https://www.tfciloan.com/what-is-car-equity-loan.php]. Always ask the lender to review the particulars of your case before moving forward with the application.
Every now and then, you come across difficult situations in life that you have to power through. Be it personal, social, physical or financial. But as the adage goes, when life gives you lemon, make lemonade! Applicable in practical life, if you are facing some sort of financial crisis, it is easier to get quick cash rather than being reluctant about asking it from relatives or friends.
If you wish to get a personal loan from banks to meet your financial needs, an intense procedure follows. All your financial transactions are recorded and tracked. Banks also gain access to your credit score and in case you turn out to have a bad credit score, banks turn down your application of personal loan.
Instead of depending on bank loans, a simple and an easier way to get quick cash is to rely on auto title loans. Also known as pink slip loans or simply title loans, they are a type of secured loans where the borrower can use their vehicle title as collateral. Borrowers need to assign the lender to place a lien on their car title, and temporarily surrender the hard copy of the vehicle title in exchange of a loan amount.
The auto title loans are typically short term and tend to carry higher interest rates than other sources of credit. Lenders also do not necessarily check credit history and only consider the value and condition of the vehicle that is used as collateral. The good thing is that while the loan is in the process, you can still use the vehicle. The repayment terms can vary from 14-31 days.
This short term loan option proves out to be the most preferred way of getting easy loan amount from the bank. However, before you apply for such loans, it is imperative to understand the nature of these loans. Auto Title Loans also go with the name Auto or Vehicle Equity Loans. These are used unanimously; however, they are not exactly the same. Here's a closer look on the details of each loan type.
Auto Equity Loans: These loans are for borrowers who are still making payment on their vehicle and do not hold title under law. Legal owner is the lien holder (bank or credit union) that originally purchased the car. The only rule is that you will be able to get loan in the amount of 50% of your equity. People with poor credit ratings may have trouble getting approval for these loans.
Title Loans: Auto titleloans or simply titleloans are similar to auto equity loans in many respects. The only difference is that in order to qualify for titleloans, you must own your car outright. If you are still making monthly payments on original loan or if there is any type of lien on the vehicle, your application will not be considered. Many people with bad credit or no credit may still qualify for the titleloans.
Understanding the basic difference between the Auto TitleLoans and Vehicle Equity Loans, there are other general terms, conditions and qualification criteria that you need to be aware of before applying. To get more information on the specifics of both vehicle equity loans and auto title loans, visit [https://www.tfciloan.com/what-is-car-equity-loan.php]. Always ask the lender to review the particulars of your case before moving forward with the application.
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