12 January 2017

Auto Title Loan: Your Automobile Is The Key To Your Financial Freedom

You may not run at a constant speed on the economic turf. Sometimes your financial situation turns in such a shape that you suddenly fall into a trap of emergencies. You need quick funds to settle those emergencies but you fail to arrange adequate amount of money. In such situations you need not wonder in the market with the loan applications. Rather you just need to relax and go for the auto title loan.

A bit about these loans

Car title loans are loans that are supposed to be small loans to get you through to your next payday. With this type of loan you give the title and a copy of your car keys to the lender. A car title loan may be useful only in the rarest of situations. For instance if you know you're getting paid in the next 24 hours but you must have cash immediately for some dire reason.

The statistics regarding these loans

As your car stands collateral for this loan, so you can apply for an amount of 80% of the cost of it. The interest rate on these loans is around 15% to 20% APR. Auto title loans are short term loans, so you are required to pay the amount back in 15 days to 3 months time. The earlier you settle the debt the more you get.

The sources for auto title loan

Though this loan is available in local market as well as on the World Wide Web but online resources are the preferred ones. The reason behind this is that the online resources are quite quick and easy that save you from the traditional latencies and hassles associated with the local market. You have to apply to the lender via internet giving the details of your requirement and the vehicle you are offering as collateral.