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Cars Could Be a Quick and Easy Option
It’s no secret that having a good credit score in America can open many doors for people. With an above-average number, you can get traditional loans more quickly, obtain loans with reasonable interest rates, and have more options when it comes to housing. While this seems ideal, perfect credit is not always possible for everyone to achieve.
There are many reasons why you may have a lowered score. Perhaps you have a few missed payments on your record, or maybe you have high balances on your credit cards. The worst part about having bad credit is that you can’t always get the financial help you need when you’re down. Getting approved for a traditional loan may come with high-interest rates and hidden fees. On top of that, bad credit can make it harder to find housing and cause your insurance premiums to go up!
If you have a less-than-perfect credit score, there is an option available for getting financial help! You can inquire about title loan funding to potentially receive access to the financing you need. While your credit score will be considered during the approval process, it may not necessarily be the main focus. Learn more about how you can apply for a car title loan even if you have bad credit history by visiting this website today.
How Does a Title Loan Work With Bad Credit?
The answer is simple! Whether or not you have bad credit, title loan lenders offer funding based on how much value is in a person’s car and if they have the income to repay the loan. A car title loan works by using the value of a person’s car in exchange for money by placing a lien on the vehicle title during repayment. Once the cash is paid back, the lien will be removed!
Therefore, what matters more during the approval process is how much your car is worth and it is less about your credit score. This is considered a ‘secured loan’ because a personal asset is used as a form of insurance to the lender.
Your credit score will be considered during the title loan inquiry process, but having a low score may not be an issue! This can be an excellent opportunity for people with a rocky financial background who need to access money quickly.
The inquiry and approval process for a car title loan can take place online or over the phone.
What Are the Requirements for a Title Loan With Bad Credit?
The requirements for a title loan can often be less demanding than traditional bank loans. They are accessible to individuals from different financial backgrounds, making them an excellent option for people with bad credit scores! However, knowing the criteria you must meet before beginning the loan application process is still essential. For a title loan, you must:
- Be an Adult at Least 18 Years or Older
- Have a Qualifying Vehicle With Positive Equity
- Show Proof of a Steady Income
You must prove that you are an adult at least 18 years or older to apply for a title loan by showing a government-issued photo I.D., like a driver’s license or passport. Next, you must also have a qualifying vehicle with positive equity to potentially get approved. Title loan approval and funding amounts can depend on how much value is in your car; therefore, it’s important to know this before starting!
Finally, you must be able to show proof of a steady income. Title loan lenders want to ensure that a person can repay the money, and showing evidence of an income every month is the best way to do so.
You don’t need to work a traditional career to potentially qualify for this type of loan. Many alternative income forms, like Social Security Benefits or worker’s compensation, may be accepted during the inquiry process. Contact a title loan agent to determine if your circumstances are acceptable for the inquiry!
Get Money With a Bad Credit Score Today
Changing a bad credit score into a good one can take time and effort. If you don’t have the luxury of waiting a few months to see improvement, consider applying for a car title loan! While your credit score will be considered during the inquiry process, it may not affect whether you qualify for funding.
If you’re in a challenging financial situation, need money quickly, and have a low credit score, inquire about title loan funding today! The process can be quick, easy, and hassle-free.