Consumer advocates criticize auto equity loans and other disreputable lending practices. While it is valid to some extent, an auto title loan can help borrowers with bad credit get cash quickly for an emergency. Here are some situations where auto title loans are necessary and helpful because they can get you the cash you need in a few hours.
1. Borrowers who have bad credit
For subprime borrowers who are excluded from conventional, low-interest loans, there are very few options apart from payday loans or unsecured debt instruments, both of which have their disadvantages. When you are in need of quick cash to pay for an emergency, and have nowhere else to turn, an auto equity loan can get you the cash you need for an emergency.
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2. Medical, dental or veterinary expenses
When tragedy strikes and you need quick cash to pay for hospital bills, a medical procedure or an emergency surgery you can use your car as collateral for an auto equity loan if you don't have the insurance to cover medical emergencies.
3. Funeral expenses
When a loved one suddenly passes away, funeral expenses can add up to cost thousands of dollars. Putting your vehicle up as collateral for a title loan may be your only option to pay for such an emergency.
4. Bail expenses
If a loved one is arrested and you need thousands of dollars for bail, you have to come up with cash otherwise you loved one will be subjected to physical and emotional harm. A vehicle equity loan can be your best option to get the cash you need quickly.
5. Home and roof repairs
Leaky roofs can cause significant water damage to your home and emergency repairs could cost thousands of dollars. A homeowner can't always wait until they have enough money saved to fix their roof. Often an auto title loans can help them get the cash they need quickly before the damages get worse.
6. Car repairs
A failed transmission or a full auto repair could prevent you from getting to work and cause you to loose you job. Not having a vehicle to carry out your routine, can negatively affect your family's lifestyle. In this case, you may need cash quick, so you can get back to the business of earning a living.
7. Making mortgage payments
Missing mortgage payments can result in foreclosure. Auto equity loans can help families get current with their mortgage payments so they don't have to face the frightening prospect of losing their home.
Get An Auto Equity Loan Using A Clear Pink Slip
To take out auto title loan, all you need is a clear vehicle title as collateral. When you finance a new or used car, it counts as a lien against the pink slip or car title. Until all the payments are made on the vehicle, the financer will typically keep the pink slip. A pink slip that has a lien against it is not free to be used as collateral.
Should the borrower default on the loan, it becomes the property of the lien holder, and therefore it cannot be used as collateral for a car title loan. But when the vehicle is completely paid off, the owner receives the clear title from the lender. Only a vehicle that is owned outright can be used for collateral to back a car title loan. Some lenders will approve borrowers if the vehicle is nearly paid off.
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