Alisha Delphi holds a degree in Economics and Commerce from USC. She started out as a financial advisor with a bank and has moved on to become a loan consultant with more than ten years of experience. Apply for automobile title loans now.
What are automobile title loans?
- Automobile title loans are short-term loans, usually with a 15 to 30-day repayment cycle, although flexible options may be offered by some agents.
- To avail of this loan, you have to keep your automobile title as the collateral. So, make sure there is no dispute regarding your car title.
- The rate of interest is very high for these loans, for example 25% for one month. However, if one chooses to repay over a longer period of time, yearly interest rates should be considered before opting for such a loan.
- Most automobile title loans include roll-over policies. This means that your loan can be renewed a number of times over if you miss your payment when due, of course at a higher rate of interest.
Advantages of opting for automobile title loans
Easy accessibility: Since these loans are easily available with hardly any documentation required for proof apart from your car title and can be availed within an hour’s time, there can be nothing as convenient if you are in need of instant cash without any hassle.
You do not pawn your car: Unlike pawning where you would have had to deposit your car as security, you can continue driving your car while you reap the benefits from it. Automobile title loans do not bring about any danger to your vehicle as long as you make your repayments on time. It is only when your payment is overdue and you do not commit to a repayment policy at a higher rate of interest, the lenders can reclaim your car.
Improve your credit rating: A bad credit rating does not prevent you from approaching for automobile title loans because you can avail it in spite of that. In fact, if you make a timely repayment, it helps you improve your credit score as recorded by credit bureaus, therefore improving your credibility as a customer for future loans.
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