When you need a quick infusion of cash, where do you turn to? Over the past few years, most financial institutions have aggressively tightened their collective purse strings due to economic conditions and lending regulations, making it nearly impossible to obtain a quick, cash loan. This is not helpful when you have a timely electrical or mortgage bill past due that requires immediate attention. Say hello to the Auto Title Loan. Tio Rico Te Ayuda is the king of fast cash loans, including title loans. Below we dive in on what a title loan is, and how to obtain one.
What is an auto title loan?
In the most basic terms, an auto title loan is a short-term loan which uses your vehicle as collateral. The loan amount is based on the value of the vehicle and its title. The more value your vehicle carries, the more money you can access.
What are the benefits of an auto title loan?
- Borrower has quick access to cash, typically same day
- Credit checks typically not required, fast cash loans are based on vehicle’s value
- No drawn out inspection necessary
- Borrower may still drive their vehicle while repaying the loan
Useful Auto Title Loan Facts
- Auto Title Loans are typically given for about ½ of the vehicle’s wholesale value
- Interest rates are typically higher than conventional loans
- Good credit. Bad credit. No credit. Credit typically does not play a role in loan distribution
- Auto Title Loans should only be used in dire situations
- Seek auto title loan companies with high approval ratings from consumers, such as Tio Rico Te Ayuda
Now that you have some information on auto title loans, how do you go about obtaining one? Applying for an auto title loan is an easy and fast process. Most lenders, including Tio Rico, offer online applications so customers can be pre-approved before they even walk through the door to finalize their title loans. Most customers will have cash in hand in less than an hour. Tio Rico offers six convenient locations throughout the state of Arizona. Next time you are in a pinch for cash, turn to Tio Rico Te Ayuda for help.