Bad Credit Auto Title Secured Loans – 3 Tips For Getting Approved
When you need money fast but are running out of options for getting cash in hand, you rack your brain trying to think of ways to get funded.
When You Need Short-Term Cash Fast
The need for cash can be painful. After all, the bills and expenses do not stop coming in just because you have run into a rough patch when it comes to earning an income. Whether you are merely facing your regular bills or whether you are dealing with a special expense like a medical emergency, you need cash fast.
Your Options For Getting The Money You Need
So, how to get the cash you need? You have probably already run through part or all of the following list of ideas:
Should you ask a friend or family member? This can work, but it can be hard to muster up the courage to do so. And, it can feel a bit like groveling.
An option many people in your situation consider is to take out a home equity loan, which means you are essentially borrowing against the equity (or owned portion) of your home. However, you can run into problems if you do not actually own a home or if your home mortgage is under water – meaning you owe more than it is worth.
Another option is to take out a personal loan. This is essentially an unsecured loan, meaning there is no collateral requirement. But, what if you have bad credit? You may be charged a very high interest rate.
There is an option that you may just be looking into now: an auto title-secured loan.
What Is An Auto Title Secured Loan?
An auto title-secured loan is nothing like an auto loan, despite the similar name. While an auto loan is used to actually get a car, a title-secured loan involves you putting up your car as collateral against a loan that is made to you.
What if you have bad credit – can you still get approved? Yes, there is always a way to get the approval you need. Reason: unlike with a personal loan, an auto title-secured loan gives the lender the security of getting ownership of your car if you should default on the loan.
Bad Credit Auto Title Secured Loans – 3 Tips
If you are wanting a bad credit auto title-secured loan, here are 3 tips for how to do so:
- Find out how much equity you have in your car: Just subtract how much you owe on the car from how much it is worth (according to Kelly Blue Book or some other reputable source). That is how much of your car you own. Plan to take out a loan for this or a lesser amount.
- Make a list of multiple bad credit loan lenders: More choices is always better. Make a list of multiple bad credit loan lenders and write down their web address and other contact information.
- Research your credit score: Before applying to at least 5 of the lenders, check your credit score. You know it’s bad, but find out your score. Knowing this will help you in your negotiations.
Follow these 3 tips to get approved for a bad credit auto title secured loan.