It’s possible to use the equity in your car as collateral to borrow money. Many people have used this option to obtain funds because they need some fast cash and may not have sufficient credit to justify a standard loan. However, because of how they work, an auto title loan, may not be the best option for you.
Auto Title Loans Requirements
To take out an auto loan, you must show documented proof that you own the vehicle or hold the title. Most of the automobile must be paid off or you won’t be considered for the loan. It’s the equity in your vehicle that is used as collateral, so you need to own a significant portion of it.
Auto Title Loans Can Be Risky
If you default on your loan, your car can be repossessed. For a lot of people this is what makes this form of loan less than ideal. For some of us, that risk is not worth the benefit, especially in this uncertain economy. We need our vehicles to get to work every day, and losing that ability could cripple your finances.
Consider a Less Risky Option
As a valuable alternative to auto loans, USA Web Cash can offer you consumer installment loans, with low APR, high loan amounts and customized repayment plans that allow you to slowly pay off your loan over time. You don’t need a bank account and no credit check is necessary. Call 1-800-618-6576 or fill out our online application to get started. Whether you live in Chicago, St. Louis a smaller town, funds will be available in just minutes after you are approved. Contact us today.