When you are searching for getting quick money for an expense or emergency bills, getting an Phoenix car title loan seems to be the best solution but have you weighted out the pros and cons of the loan? The major benefit of taking an Phoenix car title loan is that it is easy to avail and you can still use the car unlike if you sell it, you are left without transportation, which can be a huge drawback.
If you are having problems with your finances and need instant cash, you can get Apache Junction auto title loan the same day with ease. Irrespective of the credit score, you can avail the loan based on the condition and model of your car so in case, you have a car that has high value and you need the loan for an amount equal or lower than the car value, you will have no problem getting the loan issued. Usually, all that the Phoenix car title loan lender will look at is the condition of the vehicle and calculate its worth.
It only takes about 20 minutes at the Phoenix car title loan store if you have all the paperwork in order and the requirements are usually listed on the lender’s website. For approval, your background checks and credits cores are not needed so even if you are unable to get any loan processed due to low credit scores, you can get a car title loan easily. And these are secured loans.
When you take an Phoenix vehicle title loan, you are basically handing over the title of your car to the lender for a fixed period of time wherein the title loan is paid back with interest. Usually the secured loans are less of a risk for the lender as collateral is offered in lieu of the loan. Having your car as collateral ensures no denials and faster loan accessibility.
With an Phoenix title loan you can keep your car and still get money on it. You can continue using it as you pay off the loan and as it is a secure loan, the lenders consider it as a guarantee that you will repay it. It is only under due rest when the loan is not repaid that the car is taken away and sold to recover the amount due on the loan. Another disadvantage is the high penalty when you default on payments as repayments needs to start within 30 days.
In case, you have a urgent need for money which you know can be repaid over a period of time, taking out a car title loan helps you keep the car and gets you the much needed cash. If you sell your car, you have no means of transportation which can prove to be another issue. Think well and decide what works for you.