Banks and finance companies cannot be expected to help you out in times of money crises and financial emergencies, as they are too tied up in credit risk assessment and credit scoring procedures. The vehicle title loan fortunately do not suffer this glaring defect and make doubly sure that you get the money quickly without wasting valuable time probing your background, and without ferreting out reasons (justified or imaginary) for rejecting your loan request.
Here are ten reasons why bank loans suffer in comparison with loans for title when you badly need cash:
- Banks are averse to lending smaller loans for shorter durations as they do not consider them profitable; pink slip loans have no such inhibitions.
- Banks prefer lending in the longer term as they (the banks) make a richer haul through interest payments by keeping you in debt for a longer duration; the pawn car title loan can be repaid in the short term and frees you from loan liability rather quickly.
- The interest charged by banks is many times larger than cash title loan, and this interest gets compounded and combined with penalties and late payment fees to add considerably to your repayment burden.
- When you consider home equity loans and home refinance you may finally end up repaying multiple times the original amount borrowed, but in the auto title loan your repayment program becomes much smaller without stressing out your income.
- Banks are unwilling to finance without substantial collateral; with auto collateral loans you get a lien marked on the title to your car that you retain till the loan is completely paid, the car continues to be of use to you.
- With bank home loans and bank car loans your options are limited but with a title loan you can spend the money taken as loan for any purpose you like.
- Bad credit can still make you eligible for a fast car title loan but not for bank loans, as banks view you as an unacceptable risk.
- The longer bank repayments can be a huge drain on your income particularly when that income shrinks or stops or gets strained by mounting expenses, thereby increasing your risk of default; the car title loan is easier to liquidate.
- The installment loans in California retain more flexibility in adapting repayment programs that suit your real income levels, and adjustments like rollovers or extended repayments are permitted in exceptional circumstances.
- Banks suffocate you in lengthy formalities and credit appraisals that may take weeks and months, whereas the car equity loan is usually disbursed in minutes.
So, why risk bank loans? Try the auto equity loan for all the good reasons.
Submit your ID proof, residency proof and income proof along with your pink slip car registration papers, get your car checked to ascertain its resale value, fix your loan amount and collect your cash, all done in less than fifteen minutes at any of our offices near you.
Placentia in Latin means a pleasant place to live in; it has a population of 50,533 and is located in Northern Orange County, California. The establishment of the first successful imported orange grove in 1980 led to a boom in cultivation of the orange hybrid named Valencia that became famous for its texture, sweetness and flavor that eventually became the reason for naming the county as Orange County, California. The city soon became the epicenter of the Valencia orange growing and packing trade, and the Santa Fe Railroad placed the city on the national map.
Placentia has developed as a bedroom community efficiently connecting Los Angeles and neighboring growth centers Fullerton, Yorba Linda and Anaheim. It is blessed with lovely suburban homes, high quality schools, majestic churches, and wholesome entertainment and recreation. The downtown Placita-Santa Fe area dishes up the best Mexican cuisine in Orange County. The city’s beautiful sunny weather, laid back lifestyle and family friendly atmosphere with good schooling, exuberant youth oriented athletic programs and annual events like the Heritage Festival and Parade, make it an equally memorable experience for the traveler and the resident.