The current state of the world's economy have put everyday people in a tight spot. Californians are rethinking creative ways to refinance and save. That can be difficult to do, but sometimes the best options are right in front of you. One such option is using your car as a way to get quick money. Does that mean selling it? No way! This is about borrowing money by using your car title as collateral. It's called a car title loan and in the great state of California, it's also called a pink slip loan. and it's a solid option for getting quick access to big money.
The concept of an auto title loan is as simple as it sounds. If you own the title to your vehicle, you can use it as collateral to set yourself up with a cash loan. You provide a hard copy of your car title to a lender, and you receive a cash loan in return. Once the loan has been repaid, the title is returned to its original owner. Because the process is so straightforward, many lenders do not require extensive credit or background checks when approving clients for a title loan.
These are a short term cash solution - loans that are typically smaller in size and don't take much time to pay off. You can set yourself up with a cash amount as small as $100, all the way up to $1,000 and more. Getting the loan prepared is as simple as handing over your car's title, and collecting your money. Often times this process can take as little as 15 minutes to complete.
The value of the vehicle itself does matter, of course. How a title loan works is based on this value. If a borrower defaults on his or her loan payments, the lender may use the title to repossess the car. It is collateral, after all. But because auto title loans are work as smaller short term cash solutions, borrowers typically have no problem in paying back their cash on time. On top of that, it doesn't mean you can't drive your vehicle while you borrow money. That's complete okay.
Let's recap some of the advantages of using car title loans as a refinancing option:
Sometimes getting creative means using what's already in front of you. In this case, your car. Title loans offer an opportunity for those with bad credit to get some quick money and on a minute's notice. It involves a lot less paperwork and background screening than other refinancing options. Plus, the cash loan is short term. You can use it and get it off your back fairly quickly.
Like many others, you find yourself seeking a car title loan as a way to relieve some financial stress. All in all, it's a solid cash solution that everyone should be aware of and use at their disposal.
By working with our lenders, you could end up saving up to 20% on your repayment, and eliminate the risk of being taken advantage of.
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