Car Title Loans Dallas Texas
Get Cash Fast With a Car Title Loan Dallas
Car title loans are ideal solution for those who are lacking financial back up in time of need. It could be only option for those who have a messed up credit history. However, these loans have fair share of negative traits too, high percentage rate, rollover of loan are some of them. It is a good idea to approach title knowing both positive and negative aspects of the same.
Pros: Credit history remain unimpeded
Conventional loans are good for who has a neat and clean credit score to show. Possibilities are, your loan application has been turned down by conventional banks due to some glitch in your credit history. Then car title loan or auto equity loan is ultimate solution for you. Loan only consider the title of your car that is the collateral of such loan. You get loan on basis of current market value of your car. Your credit records have nothing to do with this loan. So, clear credit record or not, you get the loan if you have a car.
Pros: Application is a painless process
One who is only aware of conventional bank loan may expect a blow of tedious formalities to come before you get but truth is applying for easy as a computer mouse click. One need to search on internet and fill an on line form with basic information of car, submit fundamental information and that will be all. Faster than any other loans.
Car title loans Dallas is faster than any traditional loans you can get. While in bank loan, you waste time doing endless formalities and keep submitting loads of testimonials along with additional paper works, you get approval sitting in your place doing a simple online form fill up job. If it is an absolute necessity, you may get your money transferred to your account the same day you applied.
Cons: Higher interest rate
Auto title loans usually demand a high interest rate, much higher than any conventional loan. It is usually as much as 36% but in some places, it can be even 100%. If you somehow default to pay the loan back in fixed schedule, it may rollover with an even higher APR.
Cons: Short time to repay
The limited short time period of repayment may look good in initial stage but high repayment amount within short time span only makes thing difficult for borrowers.
Cons: You risk your car
Taking a car title loans, you always risk your car. You can use the car during the period but if you are unsuccessful to repay your loan in time, your lender can repossess the car and sell it to get back the money.
Tips and Warnings
During emergency car title is really a convenient option. If you have enough confidence that you can repay the bill within time auto equity loans can be a good help in your requirement. You can borrow huge amount from these loans but critics advice to loan only the amount you need only. The high the amount is, the big the risk is. So consider all other options and if nothing helps you, go for car title loan only after thorough research.