When looking for a traditional loan, having good credit is a huge factor. However, this does not mean that there aren’t any other options available. If you need money urgently, a bad credit car loan can be a quick and easy solution. By using your vehicle as collateral, you could have the money you need on the same day itself. Here is more information on the car title loan, and why they may be the best loan option for those with low credit scores.
The situation might be such that you need quick cash to start a business, as extra support to settle some personal needs, a fund for your education, home repair or for a medical emergency. Bad credit car loans are the best option to receive instant cash during difficult times.
Because of the secured aspect of the loan, bad credit car loans are a popular funding option for individuals who have both good and bad credit. The main qualifying factor that is used to determine eligibility for the loan is the equity of the vehicle. In order to get a bad credit car loan, you need to have a fully owned vehicle, it can be a car, SUV, truck, etc. Once you are approved for a vehicle title loan, a lien will be put on your vehicle’s title, but don’t worry. You can keep driving your car as long as you keep depositing the monthly payments on time.
How Do Car Title Loans Work?
Car title loans work by letting you borrow money against your vehicle, so you’ll need quick funds through the use of your vehicle as collateral. With bad credit car loans one can borrow an amount ranging from $1000 to $50,000, so you must have at least that much equity in your vehicle to qualify. When you get a car title loan, most lenders will deposit the funds directly into your account, or provide you with a cheque or cash. Moreover, you can still use your car as you normally would.
Online Process To Get Bad Credit Car Loans
The whole process can be done completely online without having to leave your home. In just a few minutes, you may receive the emergency money you need on the same day to tackle the financial crisis.
Step 1- Fill Out An Application Form
The first thing to do is fill out the online application form on the title loan website. You have to provide some basic information about yourself and your car. Completing this first step should only take a few minutes, and the application form could be filled out on any smartphone, desktop etc.
Step 2- Send Required Documents
After submitting an application form, the loan agent will reach out to you and ask you to send in some basic documents. The required documents are down below. You can either scan the copies or take pictures of the documents and email them.
- A government-issued photo ID (like a driver’s license, passport, )
- Qualifying vehicle title in your name
- Proof of residence (like a utility bill, or a voter registration card)
- Photos of your vehicle to verify the make, model, year, and condition
- References (personal or professional)
- A valid driving license in your name
- Proof of legal age as per your country.
Step 3- Get Cash
The lender will just take your vehicle title paper to provide you with funds. After getting the approval for the loan, you can get instant funds as per your convenient payment mode like cash, e-transfer, etc.
Step 4- Keep Your Vehicle
The lender will not store your vehicle, you can continue to drive your vehicle while repaying the loan.
Why Choose Bad Credit Car Loans
Here are just a few of the amazing benefits:
- Affordable Loan Payments
- Competitive Interest Rates
- Fewer Documents
- No Debt check Required
- No Job Requirements
- Flexible Timelines
- Incredibly Instant Funding
- Convenient Online Process
- Borrow up to $50,000 (the loan amounts depend on the market value of the vehicle and its overall condition).
Even though your car will be used as collateral to get a bad credit car loan, the convenient thing is that a borrower will get to keep and drive their vehicle while making timely monthly payments.
You can get the funds and also take your vehicle away with you. So whenever you are stuck in a difficult money situation, don’t hesitate to use your vehicle as collateral to obtain instant money. Therefore, Approve Loan Now is happy to offer you the funds you needed to resolve your financial issues.