Are you indebted and you’re looking for a way out of it? Peradventure, you are at a crossroad where you urgently need cash to satisfy your needs. Whatever may be the case, a car title loans orange county can solve your financial problem, if you own a personal car.
What is a Car Title Loan?
A car title loan refers to a sort of loan opportunity which allows you to borrow some money against your own car. It’s specially made to be accessed in times of emergency as regards your financial need such that you wouldn’t have to rush to your bank for loans. Title loans enable you to get the money you urgently need. You should be aware of this fact however that the sum of money you can borrow is dependent on the estimated market value of your vehicle.
How is Title Loan Obtained?
As far as car title loans Orange County is concerned, you only need to agree with the simple terms attached to it. You can easily obtain a car title loan as long as you own the car involved. As a borrower, all that the lender requires of you is submitting your title certificate together with a bunch of keys, though the vehicle will still be in your possession. You should note that loans are only given on a short-term basis. Try to understand the terms put across to you so as to ensure that you’re taking up a safe and beneficial loan contract.
Now, when you repay your loan within the specified period of thirty days, you’ll be given your title certificate alongside the keys; but if you default, you have an opportunity of rolling the loan over to the following month, and this condition attracts more interest rate – 2 to 3 times the initial loan contract. If, for one reason or the other, you can’t pay the money back, the lender will confiscate the car to settle the debt.
What are the Benefits of a Car Title Loan?
Car title loans Orange County really provides you with a number of opportunities that suit your personal emergency purpose. Here are major ways you can benefit from title loan:
Access to Fast Cash: With a title loan, it’s possible to get instant cash for your use. Other forms of loan are time-consuming and you’ll have to wait for many days before you obtain an approval.
No Deprivation with Poor Credit History: Unlike bank loans which depend on your credit history, auto title loan only focuses on your vehicle as collateral, even if you’ve experienced a form of bankruptcy or foreclosure.
Opportunity to Pay Off Loan Early: Unlike many other kinds of loans, you are free to repay borrowed money early without being penalized, even if after few days of collecting the money, you choose to repay the money quickly, you won’t be penalized at all. So while awaiting your salary, you may obtain a title loan!
Lastly, if you can afford to make the required monthly loan payments, you are a good candidate for such car title loan since you’ll be able to repay such loan on a regular basis.