Loan Application Response Time
Did you know that the response time with larger financial institutions and nationalized banks can take weeks or months to process your loan applications? After paperwork is over and done with, there is a high possibility; your application can still be rejected. However, if you are opting for an auto title loan, you can avail the cash within the hour for even up to 50% of the value of your vehicle!
Application Processes
Auto title loans will simply want to verify you have a registered address, you own the car (the title is in your name) and maybe you have a regular source of income. These are things you can probably get ready for assessment within an hour or two at maximum. However, when you apply for loans with larger organizations, you may have to submit references, additional sets of documents, and a larger application to fill out which may take up more than a couple of days to complete.
Time to Get Money
Most banks give you one to two months to wait for processing the loan; there can be another waiting period to avail the cash. In total the waiting period can be up to three months with some banks and larger financial institutions. However, when it comes to availing Auto Title Loans, you can get money in hand within the hour of applying for the loan.
Credit Checks
Most banks requires up to 10 years of credit history before offering money in the form of loans. If there are instances of bad credit checks coming up, there is high potential your loans can end up getting declined. However, in the case of availing auto title loans, credit checks and credit history is not required.
Loan Repayment
When you repay loans with larger financial institutions, you can even end up paying extra money to the bank even if you repay the loan before the loan time is over. Auto Title Loans are month – to – month hence; this prepayment penalty does not apply. So you get to pay back at your convenience and do not have to pay any penalty or extra money to the lender.
We hope you have gained an insight into understanding availing auto title loans are the better option for short term cash needs against bank loans. In case you are looking for availing quick cash and are on the lookout for the best, feel free to talk to us atTitleBucks today!
You may end up facing urgent cash requirements without expecting it. However, there is always a practical quick cash solution to this type of situation when you actually need cash. And that is availing an Auto Title Loan. Auto Title Loans will always remain a great option for short term financial needs. Not just safe and simple, but at the same time fast and helps address the state of emergency funding. All you need is the title to your vehicle for authorization and a few basic documentations for identification.