Understanding How a Car Title Loan Works

What can you do in a situation where you urgently need to raise funds? You can apply to your bank for a loan. However, the process requires lengthy paperwork, which may not be ideal if time is critical. In such a situation, a car title loan provides a good option to arrange quick cash.

Your Car is Your Credit

The main collateral here, as the name suggests, is a car. The borrower has to be the owner of the car to qualify for such a loan. This means that the title of the car is on the borrower’s name and he or she must be ready to show that title. The better the condition of the car is, the higher the amount of the loan will be. A fraction of the resale value of the car is the amount that one can get from car title loan.

Bad Credit? No Problem

Some people think that car title loans are only for those with very bad credit and it is a desperate measure of last resort. Nothing could be further from the truth. If your car title loan is repaid on time, the little bit of interest you will pay for the use of those funds plus the ease and quickness that you can get your money make it all that much more attractive as a least-hassle way to go for quick cash.

Overall, if you are having troubles finding a loan anywhere else, have bad credit, but need cash fast for any reason, a car title loan may be your answer. These loans require minimal paperwork and take very little time to process.

For more information on the interest rates and terms of payment, you can contact us at Pit Stop Loans through our toll-free number 1-800-514-9399. If you want to apply today, you can also apply online by completing the simple application form in our website. What are you waiting for? Use our car title loans to your advantage now!

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