In a situation where you desperately need to raise funds, your vehicle may come to your rescue. Without having to check your credit history and explain bad credit lines, you can still apply and secure an auto loan i.e. get a loan using your vehicle as collateral.
Auto loans are short-term instant loans that you can avail of to arrange for fast cash. The title of your automobile is kept as security against the loan amount borrowed. Auto loans are totally hassle-free and require minimal paperwork or other formalities. In fact, you can take home the cash within 24 hours of application.
Some important things you need to know
o You can avail of the loan only if you are the titleholder of your automobile.
o An auto loan offers you the flexibility of borrowing an amount up to the market value of the car. So if you own a new car, you are eligible for a higher amount.
o An auto loan also is often referred to as an emergency loan. It can be procured instantly without having to go through tedious processes and credit checks.
o Auto loans have a short repayment period ranging from 15 to 30 days. You are expected to reimburse the loan amount by then.
o If, for any reason, you are not able to repay the loan amount within the stipulated repayment period, it is carried forward to a further date under a rollover plan. However, the rate of interest escalates with every rollover.
Although one may find many lenders willing to give auto loans, borrowers should go for these loans based on their ability to take on risk. The risk, however, is not that great if you select a reputable lender to borrow from. Some lenders offer a provision for a flexible loan with a low annual interest rate. Therefore, it is up to you to make an informed decision rather than a hasty one and zero-in on the best rate suitable for you. With numerous options available, the accessibility of auto loans for individuals with bad credit records is no more a luxury.
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