What Makes Car Title Loans A Better Option Than Other Loans?
Every person who faces high times in their lifetime also faces low times, and there is nothing to be ashamed of it. Financial crises can occur in anyone’s life. It can be overwhelming, but if you know the right way to solve your financial issues, then you can be in the safe zone. A lot of people who are scared often think that traditional loan options are the best solution. But the times are changing, and everyone is relying on amazing emergency car title loans. They are simple loan options that have fast approval rates.
Getting title loans is the best way to make use of your car by using it as collateral. However, every state and lender is known to have its own set of rules as well as regulations. Also, this loan option is better than other loan options as there is no involvement of credit score or credit history. They are approved on the basis of your car title.
Different types of auto title loans
There are only one or two types of traditional loans, but when it comes to auto title loans, then there are many. You can simply get a loan on various vehicle types, which offers you the benefit.
Here are some of the common types of title loans mentioned below:
- Car title loans – This is the most common type of title loan in Boise. Many people who have cars use their cars as collateral to get instant cash. Plus, they can keep driving their car even after getting the loan.
- Motorbike title loans – Another type of title loan is known to be a motorbike, where you can use your motorbike as collateral. Plus, the lender will not withhold your motorbike, and you can keep driving it.
- SUV title loans – A lot of lenders also offer title loans on your SUVs. In this type of title loan, you need to use your SUV as collateral, and the rules are similar to car title loans.
- Commercial truck title loans – This is the best type of title loan for businesses where you can use your commercial truck as collateral and borrow money. Plus, there is no rule like submitting your commercial truck to the lender.
- Semi-trucks title loans – This is another type of title loan where the rules are similar to car title loans or motorbike title loans. But you can always ask your lender to guide you thoroughly about it.
What are the common requirements for title loans?
In traditional loans, there are many formalities to complete, which can lead to weeks or months of approval. However, in the case of emergency car title loans, you can get fast approvals with minimal requirements.
Here are some of the common requirements for title loans mentioned below:
- Clean title – To get approved for a title loan quickly, you need to have a lien-free car or vehicle. If there is any other loan going on your vehicle or car, then the lender might not be able to offer the loan.
- Vehicle in great condition – Another requirement to get a title loan is to have a vehicle in great condition. If you have an old or poorly conditioned vehicle, then it won’t be possible for the lender to offer you any loan. The lender needs to verify whether your vehicle is in working condition or not that also includes its inside and outside condition, mileage, model, making, etc.
- Income proof – To get title loans in Boise, you also need to know your proof of income. This is highly essential as it offers assurance to the lender whether you will be able to pay the borrowed money or not. This can be in the form of taxes, paid bills, etc.
- ID proof – The lender also requires your ID proof which should be government-issued. This is required to ensure that you are a citizen of the state that you claim.
- Residential proof – Getting same-day loans also requires you to submit your residential proof to your selected lender. This can be in the form of gas bills, taxes, and much more.
It is essential to know that every lender has a different set of requirements when it comes to offering title loans. This is the reason that you should always ask your lender about his requirement so that there are no delays in getting auto title loans.
Reasons that make title loans better than others
There are a lot of reasons that make emergency car title loans a better choice than other loan options. Here are some of them mentioned below:
- Instant cash solution – Unlike conventional loan options, you can get title loans within 24 hours or even less if you submit all the required documents on time. There is nothing like waiting for months to get them.
- Quick processing time – Title loans involve quick processing time if you send your documents on time and complete all the formalities. There can easily get quick cash within a few hours.
- No credit check – Unlike traditional loan options where credit score should be high and necessary. But in the case of title loans, there are no credit checks. If you are a low credit score or a high credit score, you are still eligible for title loans in Boise.
- No requisition of your vehicle – The best thing about title loans is that the lenders don’t withhold your vehicle even after you take the title loan. However, you need to repay the borrowed money on time. Plus, you can keep driving your vehicle without any restrictions.
Choosing between traditional loans and auto title loans holds a huge difference. Getting emergency car title loans works in your favor, and there is nothing extra that you need to do to get them. Plus, there is a major benefit of no credit checks, and you can keep driving your vehicle. This can help you in many ways to get rid of your financial issues, which is not possible with traditional loan types.