Rebuilt Title Loans
You find yourself facing an unexpected financial emergency. Friends and family cannot give you the cash that you need. You want to use your vehicle as collateral to get a loan. However, your vehicle has a rebuilt title. This means that your vehicle has been salvaged. Does this automatically prevent you from qualifying for a loan?
The short answer is no. It does not automatically disqualify you. However, it is not always easy to get a loan with a salvaged vehicle. There are a number of factors that lenders are going to take into consideration when deciding whether or not they will allow you to use your rebuilt title as collateral.
The Challenge of Getting a Loan with No Credit
In a world where cash is considered king, credit seems to be the ultimate ruler. All it takes are a few poor decisions in youth or a few unfortunate financial setbacks for your credit to be ruined. If you have poor credit and you try to secure a loan from a bank, you will likely be rejected. A bank may be willing to loan you money if you have something of value to offer as collateral. If all you have to offer is a vehicle with a rebuilt title, banks are going to think twice about loaning you money. They understand that a rebuilt vehicle could easily break down.
Although your rebuilt or salvage title vehicle is valuable to you, from their perspective it’s worth virtually nothing. You might find the rare bank that is willing to work with you. However, they are not going to lend you a significant amount of cash. Does this mean that all is lost and that you have to give up? No. Thankfully, there are options that can help you secure the loan you want with your rebuilt vehicle.
What Is a Rebuilt Title Loan?
Title loans are different than bank loans. Title loans were created based on the idea that not everyone is going to have the ideal credit score. These loans serve as a way to help individuals with less than perfect credit get out from under financial trouble. If you have never heard of a rebuilt title loan, here are a few highlights of how they function:
• Apply for a loan, either online or in person
• Use your title as collateral for the loan
• Collect money for the loan
Does the process sound too simple to be true? It really is that simple. You can apply for a title loan and have it approved in as little as 24 hours. While you will have to fill out some forms, they are not overwhelmingly large piles of paperwork. Getting access to the money you need has never been easier.
Benefits of Title Loans
Based on what you have read up to this point, do you think that a rebuilt title loan is the right option for you? If so, you will be pleased to hear about some of the additional benefits that rebuilt title loans offer.
Title loans are characterized by their speed of approval. Do you have a bill, such as an electric bill or mortgage payment, that you don’t know how to pay? A title loan may be the right option for you. You could try to go through a conventional bank, but the process will take weeks. With a title loan, you could possibly have the money in your hands within 24 hours of your applying for it.
Are you struggling with bad credit? If so, you know how difficult it is to get the money you need to get yourself stabilized financially. If you have poor credit, it’s difficult to get even a questionable bank to work with you. You don’t need a credit check to get a title loan. However, if you make your payments on time, you might be able to improve your credit score. Some people who don’t need money right now will get a title loan just so that they can pay it back and up their credit rating.
Are you ready to get some control over your financial situation? If so, submit a simple online form or call us. We stand ready to help you.