Even with bad credit you can still apply and be approved for a collateral vehicle title loan.
A subprime borrower is a term for people with low credit scores, anything below 670, and is thus considered as high risk borrowers. Because of this loans applied with short term loans and unsecured bank loans are denied. Fortunately, collateral vehicle title loans don’t need credit ratings for approval. These loans have the lowest interest rates in the whole lending industry and the lowest interest rates even when compared to unsecured and short term loans.
You still need collateral to qualify for the loan
To qualify for collateral car title loans all you need is a fully owned and paid for car. You also need a lien free car title to leave with the lender as collateral while you keep using and driving your car. The lender simply puts a lien on the title until the loan is fully repaid. The lien is then removed and the car title returned to the borrower. The borrower only needs to present a valid driver’s license and proof of permanent residence.
Know the benefits of collateral vehicle title loans
Applying for a collateral car title loan means it gets approved in one hour after the vehicle title and the vehicle itself is thoroughly inspected and appraised for its true market value. Loan payment terms will usually range from 1 year and up to 5 years, making it the most flexible ever. Between $1,000 and $25,000 can be borrowed.
Do ask about the low interest rates
Interest rates for no credit check title loans are the lowest in the whole lending industry. They are certainly far lower than short term loans or unsecured loans. Up to 70 percent lower interest rate can be given versus anything the closest competitors may offer. No early payment penalties will be charged if the loan is paid off early.
Snap Car Cash is a leading collateral title lending company. This locally-owned and managed company has been helping in individuals with their finances offering collateral title loans for vehicles. They give borrowers a chance to get quick cash easily, with the lowest interest rates and loan payment terms from 2 years to 5 years. For more information about the company, its title loans and other services, call Snap Car Cash free at 1-888-886-SNAP (7627) and apply now or apply online.