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Why you should consider a car title loan?

Earning a living these days is tough. You show up every day, you work hard, and you have little to show for it.

The cost of living is high and a lot of jobs pay just enough for you to get by, and sometimes not even that much. If you live paycheck to paycheck, and you find yourself coming up short on cash every once in a while you’re far from alone. Many Americans struggle to make ends meet.

You try to save money so that you have emergency savings, but it’s not easy. Then one day disaster strikes: your spouse gets laid off, your kid gets sick, your furnace gives out in the middle of winter, and now you have a bill and no money to pay it. So what do you do? Did you know that your car could secure you the money you need?

What is a car title loan?

If you’ve ever heard of a car title loan, or sometimes just a title loan, but didn’t know what it meant, you need to learn more.

This kind of loan works for anyone who owns a car outright. You don’t have to worry about having good credit or any other qualifications. The loan is secured based on your vehicle. You go to a lender and hand over the title to your car, or other type of vehicle. The lender may also want to have a set of keys, so have those ready.

The lender will evaluate your vehicle and its worth in the current market. If you still have a few payments left to make on it, the lender still may consider you for a loan. Based on the evaluation, the lender will approve you to borrow a certain amount of cash.

It’s similar to a loan you might get from a pawn shop. You bring in something of value and get a loan based on what it’s worth. With a car title loan, though, you don’t have to hand over your car, just the title.

Most lenders will let you roll the loan over for another period so you can keep your car, but this means accumulating more interest.

 What are the benefits of a car title loan?

As you first learn what this mysterious title loan is all about you may think it seems too risky. Would you really pawn your car? A car title loan in Anaheim is not as risky as it sounds if you plan well and use it appropriately. There are several reasons why you should consider this kind of loan:

  • You can still use your car. Unlike pawning something of value, the lender won’t actually hold your car as collateral. The lender will only hold your title, and possibly your extra keys. They won’t take the car from you unless you don’t repay or you neglect to roll over the loan when repayment is due.
  • A car title loan in Anaheim gets you quick cash. There are few ways that you can get cash really quickly. With a car title loan you can even get money the same day you decide you need it. It’s perfect for those emergency situations.
  • The lending process is simple. Just bring the car title and keys to a lender to prove that you own the car. There is very little paperwork involved in lending on the strength of your vehicle.
  • You can have bad credit or no credit. Car title loans have absolutely nothing to do with your credit score. If you’ve made some bad financial choices in the past, or you’re young and you haven’t built up a lot of credit yet, it can be tough to get a loan. But, if you have a car, you can get an auto title loan.
  • This is a short-term loan. Another issue with traditional loans, besides the whole inconvenient credit check thing, is that they tend to be large loans that are designed to keep you in debt for years. A car title loan is designed to be short. You aren’t supposed to keep rolling it over again and again.

Car title loans are often misunderstood and maligned. This type of lending has its place and can work for you in certain situations.

If you own a car, you have a hard time keeping savings, you earn a regular income, you have credit issues, and you need cash quickly, a car title loan is for you.

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