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Car Title Loans: Choosing the Right Financial Service
How is this a good investment for both the borrower and the title loan company? It is a great investment for the borrower. Here’s why: at this point, let’s assume that the borrower is in some financial position. This means that the borrower may have lost his job, cannot pay his rent, may need money for his child’s schooling; there could be a number of possibilities why the borrower is looking for instant cash. Depending on the borrower’s driving value, the borrower can get up to whatever maximum the loan company can offer. Some loan companies offer up to $100,000 and others may offer lower loans of up to $5,000. Obviously, if the borrower drives a Mercedes or BMW, they will be looking at a higher loan value, but every title loan company is different.
Let’s look at the other side of the spectrum. How is this a good investment for the loan company? If we go back to the first sentences in this article, we can see that the title loan company “uses the borrower’s vehicle as collateral during the loan process”. What does this mean? This means that the borrower has transferred his vehicle title (document of ownership of the vehicle) to the title loan company. During the loan process, the title loan company collects interest. Again, all companies are different. Some companies use high interest rates, and other companies use low interest rates. Of course, no one would want high interest rates, but the loan companies that can use these high interest rates probably also give more incentives to the borrowers. What are the incentives? It depends on the company, but it could mean an extended loan repayment process of up to “x” amount of months/years. It could mean that the loan company is more lenient on the amount of money ended up in the loan.
Back to why this is a good investment for a title loan company (for all the people reading this who might want to start their own title companies). If before the end of the loan repayment process, the borrower cannot come up with the money, and the company was very lenient with multiple loan extensions. The company legally receives the collateral from the vehicle title of the borrower. That means the company gets ownership of their vehicle. The company can either sell the vehicle or turn it over to collections. So are car title loan companies a scam? Absolutely, NO. The borrower only has to worry about his own personal finances. They should know that they should treat the loan as their monthly rent. A borrower can also pay off his loan as well. There are no loan repayment restrictions. He or she could choose to pay it monthly, or pay it all in one lump sum. Just like any situation, the sooner the better.
Car Title Loans: The Pros and Cons
It is very helpful to analyze the pros and cons of a car title loan before you decide to take out a loan. Learning about your financial investment before you commit to anything is a great financial tool for success. A borrower should consider their options fully before making a decision.
If you go online to most car title loan companies and read their “about us”, “apply-now”, “FAQ” pages, you will see how biased their information really is. This is called false marketing. Just like the terminology “false advertising” most of these companies never state the whole truth about their company. They can hire outsourced journalists and columnists to write their content. Read the content before you make your final decision. If the content is kind and uses images in its content, the company is probably crap. Writing jargon in articles isn’t something to brag about, but come on? Really? This is 100% required! An example of bad image content can be: “Tired of thunderstorms and rainy days, get a car title loan today, and turn your day into a bright sunny bright day”. The content should not be a story, if the borrowers really wanted to read a story, they could take out their “corners” and read an article from “Reader’s Digest”. The content should be straight to the point, so that the borrowers want to get a loan from the car title loan company.
The Advantages of Auto Title Loans
The most clearly stated pro would be the advantage of getting instant cash. Anyone could walk into their local 7-11 or convenience store and buy a state lottery ticket. This process is extremely easy; however, the probability of receiving a large amount of cash immediately is extremely low. The probability of getting instant cash at your local car loan company is extremely high. Unlike traditional banks, and credit bureaus, another advantage of the auto title loan industry is NO CREDIT CHECKS. In most cases, borrowers come to tile loan companies because they are stuck in financial situations. Their credit scores are usually bad at this point, after collections had to continually make adjustments because they couldn’t pay their bills on time. That’s a major “Pro” for a car loan company. No matter what the borrower’s credit score may be, the borrower is still qualified to get a car title loan. Another advantage of the car title loan industry (which was actually mentioned earlier in the article) is because the borrower puts his car loan as collateral, it is easy to convince the lender to extend the loan to you.
How does a borrower qualify? As stated earlier, there are NO CREDIT CHECKS, therefore the borrower is already pre-qualified for a loan at this point. However, the borrower must meet the following requirements to get a car title loan. The borrower must be over 18 years of age, the borrower must be the owner of their vehicle title, they must have already paid off their vehicle for free, and they must have a valid driver’s license or state identification card.
How long does the application process take? The simplicity and speed of the application process is another “pro” or advantage for the car title loan. The average online application only asks basic personal questions about the borrower’s vehicle and location. The application takes about a minute or less to complete. Most companies get back to the borrower within a few minutes of submitting an application. After the loan representatives read through the borrower’s application information, they quickly give the borrower a call based on the number provided in the program, and go through the details and process of getting a loan.
How long does it take to get the loan? Each company depends and probably has a different loan process, but it usually takes 24 hours or less to get the “instant cash”. That is another advantage, or “pro” of the lending industry. Traditional banks and credit bureaus can take up to several weeks to finalize the loans. By that time, the borrowers would have already lost their homes, would be in serious debt, etc. Taking out a car title loan is the best financing option. check
The Disadvantages of Auto Title Loans
Now that we have looked at the Advantages, let’s look at the Disadvantages of car title loans. Honestly, no financial decision is 100% perfect. Nothing is perfect, but some things come close. If this article was based on telling the reader that the auto loan industry is the best financial option, then the article would be full of shit. That’s why the title is “keyworded” “Choosing the ‘RIGHT’ financial service. Not the BEST. The “Right” financial service. Remember nothing is ever perfect, especially in finance, but some things come close.
The disadvantages of a car title loan are indeed simple. The borrower essentially transfers the ownership of his personal transportation to the car loan company as collateral to receive a cash loan. As stated earlier, the borrower may face extremely high interest rates- depending on the company. If you have poor to no credit due to your financial situation, and learn that you cannot pay the loan, you will be deprived of your vehicle, and instead of being able to mitigate your debt, you will fall into even more debt. At this point, the collection agencies will be completely done with you. The saying “follow the instructions, and it will be right” is extremely important and accurate when obtaining a car title loan. A borrower can also risk taking a loan from a disreputable company, which will pay additional fees on top of the accrued interest, or immediate hidden sources that were written in the small print in the contracts, which are almost invisible, unless carefully observed with a magnifying glass. Thus, a borrower must be careful before making a final decision in any financial situation, especially when their largest portfolio holding is used as collateral.
Now that this article has carefully examined the Pros and Cons of the car loan industry, it is up to the borrower to make the right financial decision. The final decision is the hardest part. The final step is always the most difficult part because the borrower now has to make a final decision whether he or she wants to take out a car title loan or choose to use another means of financing. Honestly, after everything said in this article, it would seem that choosing a car title loan is the right financial service. Again, banks and credit bureaus take too long to process a loan, so why choose them? If the borrower needs quick cash, they may want to consider opting for a car title loan.
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