Traditional loans from the bank have always been the main way to go about obtaining financial assistance. Whether it’s a mortgage or personal loan you need, banks have always had the monopoly on approving or denying petitions for traditional loans.
New Options Needed
With the economic crisis of the last decade, a series of alternative lending options began to grow in popularity and use. Because of this shift, banks have lost their previous exclusive control of the processing and granting of traditional loans. This economic climate had produced new players, proposing new formulas that are better suited to the needs of the average individual. In a short amount of time, we have gone from a lending industry completely controlled by banks to a lending industry with options and solutions that work for everyone, not just traditional loans.
The Internet Provides Help at the Click of a Button
The increasing presence of the internet in our daily lives has created a space in which a large number of new financial institutions have found their audience. In addition, the growth of new business in the lending industry has led to increasing competition amongst financial institutions making it relatively easy and inexpensive to find a personal loan that will meet your needs.
The nation’s economic crisis has been dragging on for years leading to high unemployment rates and a climate of financial insecurity. American families are increasingly seeing traditional loans or credit cards as the only solution to alleviate the struggle.
A Solution on Wheels
But how can you obtain a loan if you don’t have a perfect credit score? One of the solutions is to get a secured loan on a piece of collateral. An auto title loan allows you to use your vehicle as collateral for a loan of a substantial sum. When you get a title loan, you get the money you need without having to get rid of your car! Moreover, during the duration of the loan, you will be able to keep driving your car, exactly as you did before applying for the loan.
How is this possible, you ask? Very simple, we sign onto your car’s title as the lienholder meaning that the vehicle is a guarantee of repayment for the loan. By letting us become lienholder, you are using the market value of your car (or motorcycle) as a means to demonstrate your financial solvency. When you pay the entire loan off through monthly installments, we will take our lien off the title and return it to you.
Advantages of Car Title Loans
Apart from the convenience of continuing to use your vehicle, as usual, these types of loans have many other advantages, including:
Immediacy: Companies that offer loans using your car as collateral usually carry out the entire process in a very quickly compared to banks. The bureaucratic procedures and documentation needed by banking institutions are excessive while Car Title Loans require only the basics to approve you.
All credit scores: Since your vehicle is being used as collateral, your credit score is not as important as it is to banks. Individuals with all kinds of credit score get approved for title loans. The only things we check for is to make sure you aren’t in active bankruptcy or currently undergoing credit counseling.
Customized loan: The amount and terms of the loan will depend on your unique situation. The monthly payments and interest rates will be customized to your particular needs. There are also no prepayment penalties so you can repay the loan at any time you like meaning you can customize the length of your loan if you wish to pay less interest.
Where should you obtain your title loan?
On the internet, you will find endless options for title loans that you don’t know how to pick one. Finding the best place to get an auto title loan is important! Make sure they operate in your city by consulting their website or the customer service phone number. Make a list of all of your options and analyze in detail the various terms that they offer you. We strongly urge you to consider TFC Title Loans for your car title loan. We would positively love to work with you.