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Benefits of Getting a Car Title Loan

If you’re looking for short term cash, then the car title loans provided by Quality Title Loans are the best way for you to acquire short term cash. If you have lost your job or you have a medical emergency or you need immediate cash for your child’s school tuition, the cash from a car title loan can be used for anything you want. The car title loans Dallas TX is much cheaper when compared to other sources of short term cash. It also has a number of advantages over other methods of raising cash. Some of these advantages are listed below.

Instant Cash

Access to instant Cash is one of the biggest advantages of car title loans. If you can walk into your local convenience store and buy a lottery ticket, then you can get a car title loan easily. If you get approved, you can have the money with you within a couple of minutes. Car title loan companies can provide loans so quickly as they do not require any kind of lengthy paper work or credit check to approve a loan.

No Credit Check

The car title loans are available to all consumers regardless of their credit status. Since this loan is given against the title of the car, credit worthiness of the borrower is not required to be checked. This also saves money for the borrower as there is not always a processing fee. So, if you have a bad credit history and are in need of urgent cash, you can easily get the money you want.

Qualification

The qualifications for getting this type of loan are very simple. You need to be above 18 years of age and you must be the owner of the vehicle you are going to get loan against. The vehicle should be completely lien free and it must be properly insured. Also, the borrower must have a valid government issued ID card.

Amount of Loan

The amount of maximum cash which can be raised depends on the make and model of the car. A car with higher value and in good condition will fetch a higher loan amount than a lower value car. The amount of loan is dependent on the resale value of the car.

Time Taken

Getting a car title loan does not take a long time. Unlike banks, which take a few weeks to approve or disapprove your loan application, car title loan works in a completely different manner and are able to provide you with cash within the same day.

Loan Terms

The terms of the specific type of loan are very flexible. Also, these terms can be varied as per the customer needs. There is also a provision for rollover of the loan if a customer is not able to service the loan at the end of the service period.

Customer Keeps the Car

In this case, only the title of the car is temporarily in the name of the loan company. Customers are free to use the car as per their needs.

Prepayment Penalty

In case of loans provided by Quality title loans, no prepayment penalties charged to the customer. So, if you are able to repay the loan much earlier than you anticipated, you are not charged anything extra for repaying the loan ahead of schedule.

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