Do you own a vehicle outright? Are you in need of cash quickly?
If so, then you should strongly consider a car title loan. Car title loans are widely available in Downey.
These loans are loans that are given based on the collateral of your vehicle. As long as you have a vehicle with some value, you should have no problem getting a title loan, though most lenders will also require you to have proof of income to show that you will be able to pay back the title loan as agreed upon.
The more your vehicle is worth, the more you can typically borrow. Your credit or lack thereof doesn’t even come into play the way it does with other, more traditional types of loans.
So, even if you have been turned down for other types of loans in the past, you may still qualify for a title loan, which offers many excellent benefits.
Car Title Loans Downey
While there are many reasons to take out a title loan in Downey, California, one of the main reasons is because of how quick and easy the title loan process is.
With traditional loans, such as bank loans, the approval process alone can take weeks or sometimes even months. And, it’s even longer than that before you receive the funds you are eligible for.
Title loans, on the other hand, are a whole lot quicker and easier to get. Providing you have all of the information and documentation required by your lender, you can sometimes get your title loan funds in cash the very same day that you apply for them. And, for most people, the title loan application process will rarely take longer than a day or two.
In some cases, you may even be able to handle the application process entirely online, which means that you never have to leave the comfort of your own home.
If you need money quickly for any reason, a title loan is definitely the way to go.
No Questions Asked
Something else to appreciate about title loans is the fact that your lender will not ask any questions about what you intend to do with the title loan funds.
With many lenders, you will have to explain the use of your funds, and if your reason isn’t considered good enough by the lender, you will not be approved.
With title loans, though, you will never be asked about your intentions for your funds. This means that you can get them for any reason and that your reasons will not be judged or factored into the decision of whether or not you qualify for a loan or of how much you are eligible to borrow.
With bank loans and other types of more traditional loans, your lender will typically ask for all kinds of documentation and information in order to even begin processing your loan application.
However, this is not the case with title loan lenders.
While you should always check on the specific requirements of your lender, in most cases, you will only need to provide the following:
● Proof of identity
● Proof of income
● Proof of current address
● Proof that you own your vehicle
● Proof of insurance
● References or contacts
As long as you have these basic things or at least access to them, getting a title loan should be no problem.
Keep Your Vehicle
A common misconception about title loans is that, once you take one out, you will have to forfeit your vehicle over to the title loan lender. Thankfully, however, nothing could be further from the truth.
With title loans in the Downey area, your vehicle never has to leave your sight. You can continue driving your car and using it throughout the course of your title loan agreement.
The only time your vehicle would ever leave your possession would be if you fail to make your payments as agreed upon and the lender repossesses it. However, title loan lenders are used to dealing with people with financial difficulties and, thus, are typically very easy to work with.
As long as you maintain good contact with your title loan lender and work out alternate arrangements when you cannot make a payment as agreed upon, you should always keep your vehicle in your possession at all times.
Sometimes, circumstances may occur that make it difficult to meet the requirements of your title loan agreement.
Should this happen to you, you will be glad to know that many title loan lenders in the Downey area offer refinancing of your title loan or can refer you to outside refinancing companies.
With refinancing, you are able to renegotiate the terms of your title loan agreement should any situations change in such a way that it becomes difficult to meet your original loan terms.
Refinancing may allow you to owe less on your loan overall, to lower your interest rates, to lower your regular payment amount or payment dates, and/or even to borrow more funds if needed.
Hopefully, you’ll meet your title loan terms with no problems, but, if something does come up, refinancing is almost always an option.
Customizable Repayment Periods
Every title loan agreement is different, just as every borrower is different.
Downey title loan lenders understand that title loan borrowers are individuals with unique needs, income levels, and responsibilities. Thus, there is no set repayment time that is applied to every borrower.
Different repayment periods are allowed. Some people might opt to pay off their loan in six months, while others might take a year or more. Most lenders are more than willing to consider your opinions and your overall situation to come up with a repayment timeframe and schedule that works for you.
The key is just to be open and honest with your lender, as well as with yourself. If you are realistic about how much you can afford to pay back and by when, you can easily work out a repayment period that fits you and your lifestyle.
And, remember, as mentioned above, should anything happen to throw your plan off course, you can always work with your lender and/or refinance your title loan.
In all of these ways and many more, title loans can be a wonderful option for Downey, CA borrowers.