Loan Options in Solana Beach
Auto title loans have become a household name nowadays, however, not everyone fully understands what it is and how it works. So this article will further explain what this type of loan is, how you can apply for it, and it benefits.
Introduction To Auto Title Loans
Also known as ‘car title loan,’ this type of loan is considered as a short-term loan. It’s almost the same as payday loan wherein you need to repay the amount in as fast as 30 days, depending on your loan contract. However, the amount is bigger than cash advance and it can go up to $10,000. As a secured loan, it is backed up by collateral, therefore allowing the lender to provide a larger cash amount with a lower interest rate.
Nevertheless, the borrower can still bring the car home and drive it anytime he wants even during the repayment period. The borrower will just surrender the car’s title to the lender and the lender will use it as a protection against the loan amount. In the case of defaults, the lender can use the title to repossess the car legally, sell it, and use the money to settle for the auto title loan.
How To Apply For Auto Title Loans?
Applying for an auto title loan in Solana Beach is easy and convenient especially if you found the right lender. If you’re from California, you can check out Fast Money Loan as they offer quick and easy cash. their application process is impeccable and you can choose whichever from the three options you think is best for you. Whether you want to apply online, call their office, or visit their physical store, Fast Money Loan guarantees that you can get the cash in as fast as 15 minutes!
To apply, you must get your proof of income and car’s title ready and when you’re done, you can now have the money you need to cover your expenses.
Benefits Of Auto Title Loans
Basically, auto title loans are advantageous because the borrower can still keep the vehicle even after their loan was approved and all throughout the duration of the loan. It also offers a huge amount of money that can be used for various purposes such as paying for electric bills, medical expenses, home repairs, and more.
An auto title loan is also beneficial to those who have poor credit scores or no credit history at all. Furthermore, since they are under secured loans, the interest rate is relatively smaller than the other types.