Having a business is part of many people’s dream. America is full of stories about self-made business owners who started from nothing but were able to parlay perseverance, hard work and a good idea into successful businesses.
The funding part is what trips up many people, causing them to put their dreams on hold. However, instead of letting the lack of a few thousand dollars crush the spirit of your entrepreneurial, you should consider car title loans as an alternate source of capital.
Here’s a Step By Step Guide for Using Car Title Loans to Start a Business
- Submit an Application: Many lenders offer auto title loan online. Therefore, all you have to do is find a place that offers satisfactory rates, requirements and terms. You can complete your application online. To be considered for car title loans, you must be at least 18 years old, insured, employed, own a vehicle that’s less than 10 years old and does not have an existing lien, and be able to supply personal references.
- Wait for Approval: Once you submit your application, a loan professional will verify your information to ensure that everything is correct. Thanks to the speedier verification procedures and Internet, applying for them online means you get a quick turnaround time. Depending on the lender you choose, you can have an answer within an hour.
- Receive Funds in your Bank Account: Upon approval, your loan amount will be sent to your bank account through electronic transfer. Normally this happens on the same business day if your approval goes through or on the next business day after your paperwork has been processed.
- Start Building your Business: Businesses usually revolve around providing services, labor or selling products to other people, so you have to ensure you have all the necessary equipment on hand. For example, you might need to buy some landscaping tools and lawnmower if you intend to offer yard services or you might have to buy rollers, ladders or paintbrushes for your painting business. And don’t forget advertising costs. Fliers and business cards are a must if you want people to know you exist. You can make use of the money to pay for these things.
- Pay back your Debt Promptly: While building your business in your free time, you should continue going to your normal job so you can make your monthly payments by the end of the month. The penalties for defaulting on car title loans or missing payments include notations in your credit report, late fees and repossession of your vehicle.
Some of the largest corporate successes in America were built up from humble beginnings, which should serve as a reminder not to abandon your business idea due to a lack of money. If other avenues are not open to you, check out title loans as a means of getting cash for your startup. You can obtain car title loans from TFC Title Loan today!