Why Car Title Loans?

Every emergency has some direct or indirect relation with money and if a person has the money he can tackle any kind of circumstance without any hassle. This is one of the general fact we all are aware of. But the irony is that not every individual has the resource to arrange quick money because the financial status of every individual is different. Some people look towards their friends and relatives for financial help but if the money is not arranged then the individual has to look for other mediums to get quick cash.

Another thing to consider here is that people in need of quick money either intentionally or forcibly exchange greater value asset for small amount of loan. People going through cash crunch seem to be ready to do anything to get out of the emergency because of which they fall prey to financial institutions or private lenders that indulge in malpractice. This all happens because people are not aware of the different micro financial alternatives which are readily available and are always ready to lend money if the borrower fulfills certain eligibility criteria.

Commercial vehicle title loans is one such medium that can help people in need of some quick money to get the money and repay it within the agreed time period. Car title loan is better in every aspect than other micro loans and the strict rules and regulations these lenders follow make it even more customer centric. So let’s have a look at the points that make car title loan a preferred choice of people in need of quick money:

Minimal Paperwork: The loan process of car title companies is such that they doesn’t indulge in too much paperwork as there is no need of it. All that a loan applicant has to present is the car title, income proof, residential proof, government issued identity and some other minor details. So when the paperwork is less the entire loan process becomes quick and the loan can be sanctioned within a quick time after evaluating the eligibility of the borrower.

Stress-free Process: Car title loans lenders basically have a very swift and easy process because the format of car title loan is such that it is sanctioned based on the value of the car. The value of the vehicle must be greater than $1000. Beside this the borrower must possess car title, must have a residential identity, income proof of minimum $1200 per month, and some other minor details.

Quick Loan Sanctioning: The biggest benefit associated with car title companies is that they don’t take months to sanction the loan. Because the process is quick and require less paperwork the entire loan process becomes real quick. This enables the car title loan companies to sanction loan within few hours if the borrower is eligible for the loan.

Loan on bad credit score: It is a fact that most of the people are not intentional defaulters but due to unavoidable situations their credit score rating takes a toll. The biggest advantage of commercial vehicle title loans is that people with bad credit score can also get the loan as credit score is not the only parameter the car title loan company takes into account. The lender keeps the title of the car as collateral and if the borrower doesn’t pay the loan amount he puts the car on sale to recover the loan amount.