Earlier people use to consider the traditional loan process as the most genuine and popular loan option. But slowly due to the immensely quick processing and structure of the title loan, it is gaining massive popularity among the borrowers. Most of the borrower now relies on the auto title loan process to deal with emergency situations or financial crisis which demands quick cash. The simple approach, easy loan structure and the benefits associated with the title loan is considered as the prime reason for the growth and increasing demand of car title loan.
Here are some of the benefits and features of the car title loan process offers to the borrowers:
1. Easy loan process with fast approval
The first advantage with title loans is the easy loan process. One can easily start the loan process by filling up the loan application form with vital information. One can either visit the physical office of the lender or can fill the loan application form online at the convenience of home. Car title loan applications are simple and straightforward and they can be completed in minutes, without the need for providing plenty of paperwork. The process is quick in comparison to other loan process due to the absence of the financial background verification and hefty paperwork. One doesn’t need to wait for days or weeks for the loan processing rather the borrower is provided with the instant access to cash within the same day of applying.
2. The vehicle is not possessed by the lender
The title loan lender doesn’t physically possess the vehicle of the borrower, the licensed lender only posses the vehicle title of the borrower with a lien placed on it for the loan period until the amount is repaid. In the case of title loan the borrower is free to use the vehicle while making the monthly payment to the borrower
3. Doesn’t determine the financial condition of the borrower
Unlike other loan processes, the car title loan Bakersfield lender doesn’t require the borrower to have a good credit score or to have the sound financial condition. Car title loans are suitable for all applicants who own a vehicle and they have the advantage of loan approval without credit and employment checks. The car title is used as the collateral for the loan process which secures the loan amount and reduces the risk rate involved in the loan process. The presence of collateral reduces the need to determine the repayment ability of the borrower.
4. Provides the borrower with convenient and flexible repayment structure
One of the trickiest parts of taking out a loan is making sure that you’re able to make the repayments. Often no thought is given to repayments while defaulting can lead to an even worse financial situation. Most of the quick cash loans provide the borrowers with high interest rates in the provided fund but the presence of collateral in case of title loan helps the borrower with flexible and affordable repayment structure.
Getting a car title loan is really easy and convenient. One can smoothly overcome the crisis by wisely using the ownership of the vehicle in case of financial emergencies.