Using Title Loans the Right Way to Overcome a Cash Emergency

You need cash to pay urgent medical expenses for your spouse’s cardiac operation and there are deductibles relating to your healthcare that need to be funded immediately. These cash emergencies can catch you totally unprepared, and unless you have saved up emergency funds there may be no other option but to seek an emergency loan from a bank or a private financier. This is, however, the moment when you should weigh your options carefully and resist the temptation of falling for payday loans or similar quick fix loans that have the potential of exacerbating your financial condition.

The cash loan for title is one of the safest options that you can avail, and it is good to be aware of the strengths of this loan and how this loan can be wisely utilized to solve your financial crisis. The car equity loan is one of the fastest loans available in the short term lending market and your choice of the right lender will save you from many hassles and formalities.

  • The auto equity loan can be applied directly from the comfort of your home through the internet. The best companies have a reliable and safe online network that can be accessed 24/7 for applying the title loan.
  • Enter your bare essentials and the particulars of the vehicle, and you can get an instant quote for the loan amount that fits your eligibility. For the record, all that you need for a car equity loan is submission of proof that you own the vehicle and that you have no loans or liens pending against your title.
  • Proof of residence, proof of income and some proof of identity like a social security card is all that is needed to get you started on the road to an auto equity loan.
  • You can get the vehicle assessed in any store near you to determine its current resale value. The auto collateral loan approves sums equivalent to a major portion of your car value, and lenders have no hesitation is financing up to 60% of the car value if you need that much.
  • The car title or the pink slip itself forms the collateral for a cash loan for title but you will have no problems using the car for the duration you repay the loan.
  • Interest rates may be a little higher than a bank personal loan, but you can rest assured that rates will not cross 25% APR, and this is competitive considering the fact that short term loans like payday loans exact a higher price. Your credit background may not be satisfactory but that will not deny you the pawn car title loan.
  • Repayment is another strong point of an auto collateral loan because you get to choose from a wide array of repayment options that can be leveraged to repay the loan within a shorter period or over a much larger period, especially when the loan amount is larger.
  • The pink slip loan repayment program adjusts easily to your level of income whatever that might be, and if you were to repay the loan earlier, you need not shell out prepayment charges or penal interest.

As with any other loan, title loans need to be availed and serviced with due care to prevent any possibility of default:

  • Before you avail the loan consider whether you have a backup plan to liquidate the dues, if needed, in a shorter timeframe.
  • Generate extra income from day one of the loan to ensure that you will always be financially comfortable in servicing this debt.
  • If possible link the lender to your checking account and arrange an automatic installment transfer so that the lender gets each of your pawn car title loan installments on time.
  • If you surplus cash accelerate the title loan repayment to reduce the balance outstanding. Because interest rates are already high you can save a lot of money this way.

If you adhere to these wise precautions borrowing a title loan will be much easier on your purse and you can be confident of handling any emergency life may throw your way.

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