What can you do when an expense comes up unexpectedly? Perhaps a family member has a health emergency, or you have to pay some fee in your child’s school. You may have a problem if you don’t have the money to shoulder such expenses. Of course, you can try borrowing money from family or friends, but what if they could not lend you either? Well, you can turn to car title loans.
What Is a Car Title Loan?
A title loan is a kind of secured loan that uses assets as collateral. In a car title loan, even with bad credit, you can use the title of your vehicle to borrow money from a lender. The lender will keep the title up until you completely pay off the loan, and they will return the title to you. When you default on the loan, the lender retains the title and your vehicle.
Details to Remember
The money you can borrow from a lender will depend on the value of your car. You also have the right to continue using your vehicle for the duration of the loan. When a lender keeps you from such a right, you better find another cash loan lender here in Provo. You can also find out if a lender has the license to operate in Utah and what vehicles it accepts.
Title Loans of a Different Kind
What if you prefer not to use the title of your car? You can still get a car title loan. Instead of a vehicle, however, you can use the title of a motorcycle or a motor home. You can even use the titles of an All-Terrain Vehicle (ATV) or a snowmobile. When you have other motorized transportation, you can ask around if any lender will accept their titles for a loan.
Car title loans are an excellent way to borrow money within a short time and without much fuss on your credit history. As long as you understand the application and approval process, you can get the money you need.