Car title loans give you the opportunity to qualify for a loan easily by tapping into the equity in your vehicle. You vehicle or motorcycle is an asset with value, and the money you put into your car is essentially locked into that asset and not easily accessible, or liquid, to you. Car title loans give you the opportunity to use that asset to your advantage by taking out a loan and having your car be used for collateral for the loan.
There are plenty of benefits to taking out a car title loan versus borrowing money from a bank or having family and friends lend you money. Car title loans aren’t meant to be solutions to financial problems, but they offer you a long-term loan without having to turn to a payday loan. You can enjoy driving your vehicle with a car title loan, and most title loans give you up to five years to repay the borrowed money back. This gives a person plenty of time to get their finances back in shape, and at the same time costing you no penalty to pay the loan off sooner to reduce the amount of interest paid.
When you qualify for a loan with 800LoanMart, you have the ability to receive a loan fast, even if your credit is bad. In most cases, there’s no credit check with a car title loan because the value of the car is used to secure the lender’s investment. Because the loan is based on the value of the vehicle, you usually have an approval on your loan within minutes and receive your cash in a few hours.