There are many title loan myths out there that can be debunked with ease. This loan process works for many people. It has helped a lot of people get money that they need right away when they had no other options to turn to.
You Need Good Credit to Get Approved
This is a myth because title loan companies will not even check your credit score in most cases. The loan that you will get will be based on the value of your vehicle and not based on your past history. Many people with fair or bad credit have been approved for title loans.
You Have to Wait for Your Money
This is not true because title loan companies understand you are going to them for fast money. This is actually one of the biggest benefits to going to a title loan company. You will not have to wait days to see if you are approved for this type of loan. Instead, you can get a fast answer on the same day.
You Will Lose Your Vehicle
This is not true at all unless you fail to repay the loan. The title loan company wants you to keep your vehicle. As long as you make your payments on time, your car will stay in your possession and you will be the owner of it.
You Have to Have a Brand New Car to be Approved
This is another myth. The title loan you receive is based on the market value of your vehicle and not on how old it is. Your vehicle will be briefly looked at, and you will receive a loan offer based on the condition and value of the vehicle. You do not have to have a new model. Older model vehicles will work just as well.
There Will be Hidden Fees
This is not true either as long as you are dealing with a professional and trustworthy company. You should be shown exactly how much you are going to have to pay back before you sign any paper work. Title loans should not have any hidden fees. You should know all of the information that you need about repaying your loan upfront.
Once you understand the myths about getting a title loan, you can learn the truth about getting one. This type of loan helps many people to be able to afford what they need in an emergency situation, and a reputable company will make sure that you know all of the loan details before you agree to anything.