A pink slip may bring in more worries than one can imagine, the thought of losing one's home being foremost due to a missed mortgage installment. Car title loans come to the rescue in such a situation. To avail the loan, all you need is to have is a clear title to your car. You may wonder if bad credit history may come in the way but it does not affect the approval to this loan.
Car title loans are issued without the hassles associated with other loans. So if your mortgage payment is due shortly, these loans could be the only solution for immediate procurement. Some facts associated with car title loans are as follows.
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o You can avail a desired amount by keeping your car as collateral.
o These loans have a short-term repayment cycle, usually within a month or two.
o In case one is unable to repay on time, roll-over policies are provided with car title loans. Roll-overs may be accompanied with higher rates of interest, though.
o If you miss three or four payments, your car is repossessed by the lender and maybe sold at a value far exceeding the amount issued as loan.
Although risks are involved, car title loans do ease you out of a financial crunch, especially if you've got to keep a mortgage payment running because the repercussions of missing even one installment can be scary with a family to sustain. Therefore, it is crucial that one ensures all conditions applying to car title loans before availing it to avoid falling into a worse situation.
A little market study goes a long way in ensuring your peace of mind. Car title loans with a competitive interest rate and flexible repayment policies will help you retain your car as well as your home because, most importantly, you could end up losing both with a single wrong decision.
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