If you’re looking into auto title loans, you may have seen mixed reviews about this loan product come up in your research. It is always good to ways the pros and cons of a big financial decision but if you have bad credit a title loan may be a good choice for you. The benefit of taking out a title loan is that it offers cash almost immediately after you’re approved. You can use this instant cash opportunity to pay off that unexpected medical bill or other high-interest debt. In turn, by paying off your debt and responsibly paying back the auto title loan you can boost your low credit score.
Depending on what your car’s value is determined as you can get up to a $100,000 loan from the bad credit lenders at Tio Rico. If you have a newer, more expensive car, you’ll get approved for a hefty value loan. If you have an older car, you’ll be approved for a lesser value loan. However, a lot of the cash value determination is based on things other than the model year such as gas mileage, condition, upkeep, and brand.
When you’re looking at the pros and cons of vehicle title loans from bad credit lenders, the advantages definitely outweigh the disadvantages, regardless of your financial state or credit score value. Most auto title loan lenders will help you no matter your credit score because this loan type is secure, as your vehicle is taken as collateral rather than a numeral value from the bank that’s tied to your social security number. You do have to attain an official document or deed stating that you forfeit the title of your vehicle to the name of the lender, but you still get to keep and drive it around. Once the loan is fully paid for, the deed is then destroyed.
Be sure that you work with licensed bad credit lenders that have ethical policies and aren’t trying to scam you. You need to find a bad credit lender that provides you all the honest details of the title loan that you intend taking. To learn more, contact our team today or get approved online in under 5 minutes.