Should You Believe The Car Title Loan Commercials?
You’ve heard the commercials, right? Car title loans aren’t a new idea and commercials make them sound like the solution to every money problem. They almost sound too good to be true. As a savvy consumer, before you even think about getting a car title loan, it would be smart of you to know more about them. How much of what they say in the commercials is true and how much is just hype to get you to bite? Here are a few hard and fast facts about car title loans that you can believe.
Fact 1: No Credit Checks Are Necessary
Not everyone has great credit, no matter how hard you might try. If you’ve paid a few bills late or have some credit card debt, your credit suffers for it. When you hear in the commercials that you can get a car title loan with bad credit, you might roll your eyes. That’s not true, is it? Well, it actually is. Title loan companies don’t even check your credit. How can that be? Your vehicle acts as collateral. They only loan you what the car is worth so if anything happens within the loan, your car can back you up. Your credit doesn’t really matter. In fact, you can use a car title loan to upgrade your credit by paying off credit card bills or other debt that is plaguing you. Then, you just have the one title loan to pay off instead of multiple bills.
Fact 2: The Money Comes To You Fast
If you’ve ever tried to get a bank loan before, you know there’s reams of paperwork to go through. Then, everything has to go through the proper channels before you secure the loan. After that, you have to wait for the money to get deposited into your account. It’s quite a process. Not everyone has that kind of time. If you have a medical emergency, for example, and you need cash right away, car title loans can help. It really is a matter of an hour (sometimes even less!). You bring your vehicle to the loan company, they assess it, you fill out one short piece of paperwork and you walk away with the cash you need. It’s that simple.
Fact 3: You Keep Your Car
When you hear in the commercials that you get to have the money you need AND keep your vehicle, it just doesn’t sound right. Surely they keep the car while you pay back the loan right? Wrong. You still get to drive your vehicle during the length of the loan and when you pay the money back, it’s completely yours again free and clear. You’re just using it as collateral, but you still drive it during the loan process and beyond.
Getting The Car Title Loan
If you think you might be in the market for a car title loan, talk to the professionals at Champion Financial Services. We can help talk you through your situation and advise you as to whether or not this is the right direction for you.