Car title loan is an unconventional loaning concept where you secure your money with your car title. Your vehicle is the collateral here what lender can repossess if you fail to repay the loan. It is a short-term loan where one can borrow cash for a short time period. Mostly these loans are used for financial emergency, when one cannot wait for a bank loan to be approved. One can loan a small amount from this loan unlike usual bank loans. This article is to discuss about fundamentals of car title or auto title loans.
Auto title loans San Antonio is to be believed as the fastest and most unfussy solution of urgent economic needs. You can apply and get an estimate of loan amount even the approval entirely on internet without moving anywhere. Here you don’t have to worry for spending time doing chain of formalities for getting cash. If time is key factor, auto title loan is the best solution for you. With the time issue the bad-credit friendly nature of these loans is another reason of their rising popularity. While getting bank loans become difficult and sometimes even impossible on having a faulty credit history, car title loans don’t even go through your credit record or your eligibility don’t depend on it. No matter how you have messed up with your past credits, you still can get a loan if you have a car with no payment left.
People tend to think auto title loans San Antonio lends you the money equal to its market price but in reality, you can get as much as half of the resale value of your car. In a car title loan you can also borrow a small amount but the interest rate will be much higher than any other loan you can get from any other financial organizations. Interest rate depends on the lenders and it can be in between 100% to 300%. You get thirty days to repay the loan. Defaulting you end up entering a rollover period with a new loan program more expensive than previous ones. Without getting the money back your lender can repossess your car. With auto title loan you know you are risking your car.
There are both facilities and threats in taking auto title loan and there are some simple ways to use the loan without risking your car. If you have a steady source of income and you know you will repay loan in time then car title loan is made for you to get rid of financial emergency in fastest possible speed.