A tough economic time has nearly hit almost everyone in recent years. In the wake of things, car loans have gained popularity as an alternative to accessing quick funds. Financial institutions such as banks have raised their bars so high in giving out loans since the credit crunch hit the economy. Let us say you have a bad credit rating and your home equity is not good enough to get you a secured loan. What other viable option do you have? At this point, the answer to your prayers lies in an unsecured loan that is in the form of your car. Read on below to find out how you can benefit from car loans in such tough economic times.
Quick cash
Once you approach the borrower with an auto title in hand, the reason for which you require the money will not matter. You will access money fast. It may not total the amount that you need at that time, but it will be able to help with the situation at hand. Approval wait times may vary between the various lenders, but be rest assured your can have the money at hand as fast as in a day; depending on the agreement reached with the lender.
Credit ratings do not matter
Your car title is guarantee that you will get the money. Credit scores and bad credit ratings do not really play any significant role; most car companies do not do a credit check to any potential borrower. The amount you will be given will depend on the value that your car will be worth at the time of the assessment. Failure to repay the loan the lenders will put up your car for sale to recover the debt as well as their profit from the business transaction that transpired.
You keep your car keys
Most if not all financial lenders will allow you to keep your car keys. This is one of the biggest advantages of using Rapid Auto Loans for title loans. Your life does not simply stop neither is the luxury of an available means of transport disrupted, because your car acts as collateral. The lenders may only ask you to do one of the following either buy an extra insurance or give them a set of spare keys to your car.
Minimum paper work involved
The only paper work involved with some of these financial lenders may include your statement of income as well as some identification. This is unlike banks that would require a lot of paper work handled prior to processing and approving any loan that may take days if not weeks.
You earn money by referring friends
In any kind of business traffic and volume of sales is what really makes people earn a living. A number of financial lenders actually pay you some money some amount of money for referring a client to them. This not only allows you to help a colleague, but also gives you an opportunity of making that extra amount to appreciate your own efforts in helping out a fellow in need.
If you are going through a tough time and debating on whether to use your car as collateral, do not be scarred to try it out, you may be surprised at the benefits that come with such a decision. These benefits can turn the tides in your favor and make the match needed difference to help you out through a hard economic time.