How Your Car Can Boost Your Borrowing Power
Posted by admin at 14 June 2020, at 08 : 41 AM
For some people, trying to get a loan or any form of finance can be very difficult. Often, this is because they have a low credit score, a low income, or other issues that affect their ability to get credit from mainstream lenders. If you really need to get your hands on money for any reason, this can pose a serious issue.
The good news is that there are more financial solutions available these days, many of which are designed to cater to a range of needs. If you struggle to get a credit card, bank loan, overdraft, or other types of finance, you may be able to use your car as borrowing power. This is because you can take out a loan secured against your vehicle, making it a valuable asset that enables you to borrow money.
Why Choose a Title Loan?
In order to qualify for a title loan, you need to be the owner of the vehicle and it must be registered to you. It should not still be on finance, and the value of the vehicle will determine how much you can borrow. Some key reasons why you should consider using a title loan to raise money are:
Your Low Credit Score
One of the reasons why so many people are turned down for a credit card, bank loan, and other types of finance is their low credit score. If you have had credit problems in the past, your credit history and score may be too damaged for you to get mainstream finance. However, if you own a car, you can get a car title loan even if your credit score is very low. So, if you have damaged credit, your car provides you with a great way to get a loan when you need one.
Fast Access to Money
Sometimes, you need to raise money very quickly – for instance, if you have emergency repairs or unexpected bills. However, with many types of finance, you may not be able to get the money you need as quickly as required, which can leave you in a predicament. When you use your car to get a title loan, you can look forward to faster access to your money. You may even be able to get it on the same day, which means you can stop stressing about finances.
Continue to Drive
If you rely on your vehicle to get around and commute to work, you won’t have to worry about being left stranded when you use it to get a title loan. With the best car title loans, you can continue to use your car and drive even while you are repaying the loan, so you won’t be left without any transport. All you need to do is to ensure you keep up with the repayments as arranged.
As you can see, your car can prove to be a valuable tool that gives you increased borrowing power even if your credit is low.