For those on a low income or with damaged credit, the range of options available is far smaller. However, the key point is that there are options even in these circumstances. All you need to do is find out what sort of finance you are eligible for in your situation, and then work out which option is best suited to your needs. One type of finance you may qualify for is a title loan, and we will find out more about whether you might qualify for one of these loans below.
Can You Get a Title Loan?
Many people assume that because they have bad credit or a low income, they cannot get any form of finance. However, this is not the case, as there are some very convenient options available. One of these is a title loan, and these have become very popular over recent years.
With this type of loan, you can borrow money secured against your vehicle. This means that you have to own a car, and the vehicle must be in your name and should not have other financial secured against it or still be on finance. If you do have a car that you own outright, you should be able to get a title loan. To get the best car title loans, you should shop around as this can help you find the most attractive deals.
So, how much will you be able to borrow? Well, the amount you can get on a title loan will be based on the value of the car, and to work out the value, the condition, mileage, age, make and model will be taken into consideration. Once the value has been worked out, you can borrow up to a percentage of the value based on the lender and upon your own circumstances.
One thing you should not worry about is losing access to your vehicle for as long as the loan is outstanding, as this is now how it works. With a reputable provider, you get to continue using your vehicle even while you are repaying the loan, so you can carry on as normal and get around with ease. However, you must ensure you check your budget and ensure you can afford the payments on the loan, otherwise, you could lose your vehicle.
If you have damaged credit, this will not make you ineligible for these loans. This is because the decision is not based on your past credit but on your vehicle and current situation. So, you can get the money you need with far greater ease and you can get it quickly with a title loan.