You may have wondered why car title loans are very popular nowadays. A lot of people have now preferred securing a car title loan when it comes to quick cash solutions because of the many benefits it has to offer compared with other short-term loans like payday loans or bank loans. Aside from benefiting those with a bad or zero credit, are there other advantages of car title loans?
Payment Dues. When it comes to reimbursement regulations, car title loans offer longer terms. In contrast to payday loans which you have to completely repay in a week’s time, car title loans have term offers which you can choose from. It ranges from one month or so. It is even possible to have a term of a year or two. For instance, Instant Loans Canada offers Richmond Hill car title loans for a maximum term of two years!
No Credit Inspection. What you can expect from car title loans is that you won’t need to go through the hassle and stress of credit checks. This is because Richmond Hill car title loans are not dependent on your credit rating. Car title loans are approved to anyone who owns a car, which is fully paid and with no other liens, guaranties or securities attached thereto. If you have a car, most likely you won’t have any problem securing a car title loan despite having a bad credit rating or not having any credit at all.
Drive Your Car Away With You. The best perk with car title loans is the fact that you get to bring your car home with you. Even though you need to register or submit your car’s title to your lenders, it does not necessarily mean that you have to deposit your vehicle as well. Upon loan application, lending agencies will just have to check if your vehicle has met the requirements for the loan. After said inspection, the company will allow you to bring your car with you together with your cash!
Fast Transaction. The reason why people go for short-term loans is because they need the cash fast. This is an assurance you can’t get from any other type of loan. If you apply for a payday loan or a bank loan, for example, you can hardly have a loan approved in just one day. That is true notwithstanding the fact that you have a good credit rating. Yet with Richmond Hill car title loans, you can have your cash within one day. This kind of timeliness is very significant if your purpose of obtaining the loan was for an emergency.