It can be difficult to figure out what to do when you are strapped for cash and have unexpected expenses. Even the most diligent and prepared person can find themselves facing the possibility of a mountain of debt when unexpected medical bills, a car repair, or some other large expense threatens to wipe out your savings or make a huge dent in your monthly budget. When these unexpected expenses come up, consider the benefits of a title loan. Most people have an asset that they can use as collateral for these loans, allowing them to get the money they need to pay those bills.
How it Works
When you need cash and don’t have credit cards available, or you are unable to apply for traditional loans because of bad or nonexistent credit or lack of time, title loans are a simple way to turn your existing assets into cash.
The process begins with a convenient and quick application, and since you’re using equity you already have in a vehicle, ATV, RV, or other asset, there is no need for a lengthy and time-consuming credit check so approval is quick and easy. Once approved, you can get immediate cash based on the value of your vehicle, and you even get to keep the car or other vehicle during repayment.
Common Collateral Items
There are some items that are very commonly used for collateral when applying for a title loan, and chances are you have one of these things in your possession today and could take advantage of the cash benefits. While they are sometimes called “car title loans”, they aren’t limited to just automobiles. They can include:
- All-terrain vehicles (ATVs) such as four-wheelers or ranger side-by-sides
- Motorcycles, including street bikes, dirt bikes, and bullet bikes
- Recreational vehicles, motor homes, or trailers
- Snowmobiles and other cold-weather transportation
Important Things to Know
With title loans, you must own most or all of the item that you are planning to put up as collateral, which means if you are still making payments on your car it may not be eligible (since the bank still owns it). It’s also important to make sure you repay your loan on time, which can help you rebuild damaged credit or build credit if you don’t have any. Some lenders will even let you borrow if you lost the title to your vehicle, and many have very competitive rates that make it a more attractive option than high-interest credit cards.
To find out if you qualify for a title loan and learn more about the process and how easy it can be to get your cash right away, contact Utah Money Center today.