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Are Car Title Loans As Good As They Claim To Be?

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There is a lot of publicity both positive and negative regarding vehicle title loans. Are you finding it difficult to distinguish the plain rumors from the stark truth? Is there reasonable ground to doubt a loan that is at your disposal within fifteen minutes of your application? The pure and simple truth is that a title loan has more to offer than many other financial alternatives, considering how effectively it mitigates the seriousness of your financial situation.

Financial emergencies can occur at any time, and the beauty of the title loan lies in the swiftness of its delivery-when you avail the loan the emergency becomes history. This is a very important consideration-your need to overcome a serious cash shortage within a limited time frame. Pink slip loans seem to have worked out solutions faster than any other loan. It does not take rocket science to probe the reasons for their success-they rely on fewer formalities and regulations.

When you approach a title lender you will in all probability be asked to submit a fixed set of essential documents, they publicize them very effectively-
  • Proof that you reside in anywhere in California, and your personal identification.
  • Proof that the car you own is registered in California, and there is no bank loan pending against it.
  • You need to submit pay slips or pay stubs to show you have income.

With such a request the parameters for your title loan eligibility are clearly spelt out. In contrast there are a lot more ambiguities in bank loans that compel you to go through detailed credit appraisals.

Now look how effectively lenders of auto collateral loans handle their eligible clients. There are no voluminous (bank) application forms that take days and weeks to complete, and leave you bewildered.

  • Clients have the option of logging online and determining their loan amount within minutes.
  • Clients need not bring their vehicle physically to the title loan office for its evaluation. They can do this online or fax particulars or simply phone the lender, and request his assessment. Whereas banks make you do the running, title lenders prefer you sit at home and complete the formalities.
  • Clients, if they provide the necessary documentary proofs, can get their cash within minutes, saving weeks and months of delay associated with bank loans.

Therefore, it is now established that cash loans for title are leagues ahead of bank loans simply through reduction of their procedures and formalities.

There are many other factors that make them superior to other loans:
  • Pay Day loans cannot offer the larger sums car title loans promise, loans that can solve more serious issues and financial hassles like home repairs or car refurbishment or educational needs.
  • Home equity loans involve more valuable collateral like your home and the penalty for default is forfeiture. Not so with car equity loans that are easier to repay in a shorter time frame.
  • Credit cards suck you into a vortex of debt involving highest interest rates, shorter repayment periods and painful litigation. Such debts have driven people to apply for bankruptcy, not so with auto equity loans.
Installment loans in California only compel you to look to your priorities and take loan decisions that don’t strain your income:
  • With car pawn car title loans you only need to take the loan that is sufficient to tide over your cash crunch, you need not feel compelled to draw cash up to your maximum eligibility.
  • You are free to choose low interest bearing loans that do not strain your monthly income stream.
  • You have the flexibility of adopting a repayment schedule that compliments your level of income, as opposed to banks that force you into uniform “one size fits all” repayment programs.

It goes beyond doubt that fast car title loans are far superior to many other loan options in their ability to douse the flames of your financial emergencies, and if these loans are wisely utilized they can do wonders for maintaining your financial health and well-being.

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