If you are employed, and you have a job which pays at the end of the month, but that date is far from your payday; that time is where we are most vulnerable financially. If you happen to have some kind of emergency, it would be a pain to try and solve it.
These emergencies could be anything from repayments and mortgage loans, school fees for your kids, to even unexpected situations like some form of illness or accidents. Crises like these require a lot of money to settle, especially if your single source of income comes at the end of the month.
This is where car loans have emerged as a great alternative to helping you get out of sticky and unwanted financial situations. The whole point is to get yourself a lifeline before you receive your paycheck at the end of the month.
Recent statistics have emerged saying that car title loans have gotten a lot popular in recent days.
During a loan, you are required to use your car as a collateral, and loans can range between $150 to $1500 and some as high as $5000! Of course, the amount you get is determined by the value of your vehicle. In most cases, the loan is around 45% of the market estimation.
How to apply for a car title loan
To apply for a title loan, you can do it eighter by applying online or by making your way to their offices. Upon submitting your application, you must send a photo identification of your four-wheeler along with your car title.
After that, the company asks for your keys and for you to buy a roadside plan. After they determine the value of your loan, it will be sent in the form of a cheque. The lenders expect you to pay the amount back which now includes interests and other fees.
If you don’t pay, you might end up getting your vehicle repossessed and sold.
However, car title loans in Fort Lauderdale have lots of advantages. Some of them are:
1. Ability to provide cash
A car title loan helps you in time of financial difficulties by offering you cash quickly. This can be very helpful especially if your next payday is in two weeks.
2. Get money fast
Compared to other types of loans, car title loans are fast and can take a day, or two tops. There is no waiting in line and no new applications. As soon as you are approved, you are good to go.
3. Minimal requirements
To get processed for this type of loan, all you need is your car. There are no banks and no credit cards involved. Your vehicle will be used as collateral if you fail to pay back, therefore, it’s easy to process this.
4. You can use the car just as usual
The great thing about you getting money this way is that you can use your car after, just as you were before. All you have to do is keep making prompt payments for your vehicle in order to avoid being repossessed.
5. No stress
Car title loans are great because they relieve you from financial stress. Emergencies can happen to anyone, and these are easy and fast approved.