If you are in dire financial need but stuck with a low credit score, seeking financial assistance from banks and other financial institutions is impossible, as not only do they consider your credit score history, but take a few weeks to approve you for a loan. And if you need the money immediately, you can turn to secure loans where your home or car is kept as collateral and you borrow against it. As it is a secure loan, lenders consider it a low risk loan and are willing to provide the necessary finances within a few hours. Thus, Phoenix auto title loans from Auto Title Loans USA are one of the best ways to fulfill your instant financial needs and get a way out of the cash crunch.
In addition to being provided with the cash that you needed, you’ll be allowed to drive your car even though the title has been signed over to the lender. However, the title deed and a spare set of car keys are with the lender and in case you default on the auto title loan, the lender has the authority to repossess the car and sell it to pay for the loan amount. Some lenders get a GPS system installed within the car to ensure that they are aware of the movements of the vehicle.
The Phoenix auto title is returned to you only after you are able to clear all of the payments so ensure that you are able to pay on time. You can talk about and discuss the different schedules for the repayment with the lender before you take a loan to make sure that you are comfortable on the payments without defaulting and incurring high interest.
It is best to shortlist a few auto title loan services and lenders and seek the interest rates and amount of money they’d be willing to pay. Additionally you need to be aware that there are numerous unscrupulous lenders that practice predatory lending practices along with pressure tactics on vulnerable people especially the elderly and those in emergency financial assistance. Not only do they make you sign on contracts that are not in your favor but levy an extremely high rate of interest, so ensure that the lender you work with is BBB accredited.
You’ll be asked to provide a proof of residence, age and income while the details of your car need to be provided to the lender for the evaluation and approval of the loan. If you work with a legitimate car title loan service and have a stable income and repayment plan, Phoenix auto title loans can fill in the gap for emergency cash requirements.