The Times Are A Changin' With An Auto Title Loan!

From time to time everyone experiences a financial emergency. Those unforeseen, medical, dental or repair bills can create a lot of stress and anxiety, especially during these troubling economic times. Today, more than ever, credit is becoming more difficult to obtain because lenders have increased their qualification standards despite having money to lend. That's where an auto title loan comes in.

Surveys of typical borrowers suggest that today, more than 40% of the U.S. population have credit scores less that 600, and since most banks, credit card and finance companies require credit score of above 680 to qualify for a typical unsecured loan, more than half of U.S. families can't qualify. There's no doubt that during the past decade, the credit world has changed. In years past, borrowers would walk into a bank, meet a banker, discuss their needs and fill out an application. Now, it's nearly impossible to arrange a face-to-face meeting or even find a banker with decision authority.

The good news is that if you find yourself in this situation you still have options. Payday and cash advance lenders are popping up everywhere. But payday and cash advance lending is usually for a very short period of time, usually until your next payday, their rates are high and terms very limited. An auto title loan can get you more cash and more time to pay it back.

For many borrowers an auto title loan is a smart alternative, because like a payday loan or cash advance, auto title loans are easy to obtain and seldom have a credit check, yet unlike payday loans or cash advances, auto title loans can be paid over a longer period of time with smaller, regularly scheduled monthly payments.

The principle difference with an auto title loan is that with an auto title loan the lender holds the "pink slip" for your car or truck as security until your auto title loan is paid in full. But the benefits of arranging your auto title loan are substantial, because they usually include:

*Lower interest rate *Longer and more flexible repayment terms *Lower fees *You still get to use your vehicle just as you've always done

Remember, there's no difference in using your car or truck to secure your auto title loan as there would be with any financed vehicle purchase, so using your car or truck to secure a new auto title loan isn't unusual. Obviously, to qualify you must own your car or truck free and clear and have the means to pay back your auto title loan in a timely manner. And, remember, as longs as your payments are timely, you can still drive your car or truck just as you've done in the past.

Comments? Questions? Email Here

© HowtoAdvice.com

How to Advice .com