For people in need of brief financial assistance or quick cash for an emergency, a car title loan is a great option. At Loans for Less, we’re here to help you capitalize on any equity you may have in your car to get you a great rate to help boost your financial flexibility. Title loans are much easier and simpler than many other types of loan, but this doesn’t mean there aren’t still several things to keep in mind and be diligent about. Let’s look at a few basics to be aware of before you begin the process.

Car Condition Matters

When you receive a title loan, you’re borrowing against the value of your car. As long as you owe less on the car than its current value, you have equity in the car which you can capitalize on for the loan. It stands to reason, then, that the condition of your car will matter a great deal. The better it is, the more your car is worth and the more you can likely get back in a title loan.

Short Repayment Period

Keep in mind that while several details of title loans are indeed much simpler than most other loans, there are trade-offs. Title loans have much shorter repayment periods, so you won’t have as much time to recoup the money – which is fine in most cases when you’re just using it for an emergency or brief financial flexibility. It’s still good to remain aware, though.

Clean Title

You can only take out a title loan on a vehicle if you are the clear and clean titleholder for that vehicle. If you still owe too much money on the car and the title remains in the name of your original lender, there’s a chance you won’t be eligible.

Rollover

There are practices in place for if you’re unable to repay the money in the short window, and this is called rollover. The debt is carried forward to a future date, but again, there’s a trade-off here: Your interest rate will increase every time you have to roll a title loan debt over. Make sure you’ve planned out your finances well enough to avoid any crippling recurrences here. Want to learn more about this or any of our personal loan programs? Speak to one of our brokers at Loans for Less today.

It happens to the best of us—there comes a time in your life when something comes up and you need cash fast. Whether it’s an unexpected bill or you need cash for other expenses, car title loans are one of the greatest ways to get the cash you need quickly. If you are interested or thinking about a title loan, take a look at these benefits to car title loans:

Easy Access

Applying for a car title loan is fast and easy; you can either go online or make a phone call. The process is so simple you can be done in about 10 minutes. What’s even better is that you will typically get a fast response on your application and if approved funds could be picked up that same day.

You Qualify if You Have a Vehicle

You can qualify for an auto title loan whether you have a car, motorcycle, RV, SUV, or truck. These loans are based on collateral by using your vehicle’s title, not your credit.

Credit is a Not an Issue

If you are concerned about your credit or just don’t want to have an additional loan reported on your credit account, an auto title loan is known as a no-credit check loan and is based off of collateral – your vehicle’s title.

You Can Still Drive Your Car

Even if you get an auto title loan, you can still drive your car. The title is used as collateral in case you can’t pay the loan back. Once you make the final payment, the title is returned back to you. You don’t have to worry about how you are going to get around if you get a car title loan.

Cheaper than a Cash Advance

Auto title loans use your vehicle as collateral, and because of this, they have a layer of protection, so they don’t have to charge as high of interest rates.

Easy Repayment Options

Quick and efficient repayment options are offered. With these loans, you will have an upfront schedule, that way you will know when payments need to be made.

Alleviate Stress

Life gets hard at times. If you are going through a tough time financially, a cash title loan can help you get back on your feet. There is no reason to live with extra stress when you are in need of quick cash.