Unless you are dame rich, you must have been in a situation where you felt desperate and with little options left. Being broke can be so stressful especially when you need to make mandatory payments. In fact, from statistics, over 80% of stress-related cases were due to financial constraints. With fewer processes and a short turnaround time (TAT), the car title loans have become the easiest remedy for many.
But when is the right time to consider this type of loan?
To supplement your own money when making a large purchase
Car title loans are not just for people who are badly off, nope; excellent financial planners find it a perfect way of bridging financial gap especially when they are making quite a large purchase. For instance, one might want to get a new car and don’t have enough for a down payment, or maybe what they have may lead to more payment in the future. A car title loan would help them acquire the car and after repaying in full, the cars can be resold and thus a higher ROI.
When you have to make a payment soon and don’t have the money
Big bills can pop up any time. You could get a hospital emergency where someone gets sick and they have to be rushed to the hospital. If they are not under insurance cover or in one way r the other the insurance company declines to pay, then one has no option but to get money immediately. Car title loans are the best option in such a case. Here, you only need to present your title to the Hialeah Title Loans and in a few hours; you have got the money and thus sorted.
When your credit score doesn’t allow you to get a loan from the bank
It is possible that your credit score could be too low and no bank would like to take such a risk. Thus, you end up disapproved by the bank. In fact, over 30% of Americans are reported to score too low on credit and thus it’s a reality many people are battling with. To qualify for a car title loan, you don’t need a good credit score; in fact, it’s not a determinant. Within hours, you have the drawdown.
Many people who apply for these loans need the cash for basic purchases or make payments for what they already own. If you are struggling to pay bills on time, you can apply for a car title loan and pay in advance. Then you will have time to reorganize your finances.
When you have another loan with a different company whose terms are turning punitive
There are times you could be having a loan facility with a financial institution, which is harassing you. When you make your calculations, obtaining a car title loan is cheaper than continuing to pay that loan. Then it is a perfect option to pursue. Get the loan and pay off the existing one and you can enjoy friendlier repayment terms.
A car title loan is an excellent option when you need cash immediately. With less paperwork and not much reference on credit score, you have the money in a few hours and pay later.
