When you need money, you might think about selling your possessions that can fetch you money and your vehicle is an asset that you can think about selling. But before you actually take out a loan on your car, it is good to reconsider your current situation and see if it is feasible to take the loan with the shortlisted company or shop around more to get a better price.
When you considering the advantages and disadvantages of a Phoenix title loan and of selling your car, the only thing that is in favor of a auto title loan is that you get immediate cash wherein you will need to wait for a few days to get the car sold at the price that you are looking for. However you may sell the car and get the cash to use as you need. But if you need the cash the same day for an emergency, taking a Phoenix car title loan is the best option as it helps you get the cash while you get to keep the car too. But if you sell the car, you might use some of the money and keep the rest for a rainy day.
If you have the pink slip to your car and looking for some extra cash, Phoenix vehicle title loan seems to be the best thing to get for quick access to money. But there are aspects of car title loans that you need to consider before signing on the dotted line. The best benefit is that you get the money on the same day without much hassle and to do that you will need to get the pink slip and the related documents that prove that you qualify. Another benefit is that your credit score is not counted when you apply for Phoenix auto title loan and the only thing that is counted is the model of the car and its present condition.
But there are few disadvantages which you need to be on the lookout for and one of them is that the full repayment is due within 30 days so you will need to pay off the loan quickly. Additionally, if you cannot pay in full within a month, high interest rates are applicable on the remaining amount that is unpaid. Irrespective of the reason for taking the car title loan, if you default on it, chances are high that you might end up losing your car as the title loan company will take the car and it will be sold by them to recover the unpaid loan amount.