September 10, 2019
5 Reasons to Get a Title Loan in Florence, Alabama
The explosive pace of people turning to title loans as an alternative to getting financing from a bank has been fueled by innovative companies disrupting the finance industry and finding new and better ways to satisfy the needs of the consumer. The dated finance products offered by banks and building societies no longer meet the needs of most Alabama citizens, who are often turned away for financing because they don’t meet stringent criteria or a set credit rating decided by an outdated model. Car title loan companies in Alabama offer much more flexible products to a wider range of consumers.
A car title loan simply leverages the value of your vehicle by using it as collateral for a loan. You keep your vehicle and make repayments to the loan that you can afford. You’re able to borrow a larger amount than you would be offered for a personal loan or salary loan because the collateral makes your loan less risky for all involved. This also means that the interest rate that you pay can be lower than the rates you’d pay for other alternative forms of lending.
Our Reasons To Get a Car Title Loan
1 — It’s Easier to Get a Title Loan
You have a car in your garage that’s worth money. It’s time to start putting that value to good use instead of just letting the vehicle depreciate. Select Title Loans can use this vehicle as collateral for your loan, so there’s no need to worry about outdated systems like credit rating agencies.
There’s a reason that the abolition of credit rating agencies has become one of the talking points of politicians for the upcoming election — the system is antiquated and discriminates against certain individuals who have the ability to repay a loan but are refused one.
Title loans tied to your vehicle are easy to get compared to getting a traditional loan from a bank. If you have a photo ID, a drivable vehicle without a current lien on it, that’s about all you need. We don’t perform credit checks and you can have the cash within 20 minutes. Try getting that from a bank!
2 — You Can Consolidate Your Existing Debts into One Payment
The average American has around $38,000 of debt, not including mortgage repayments to be made on their home. Some of these debts are long term and end up costing you double what you borrowed because of the accumulating interest. This is bad enough, but also problematic are loans you’ve taken out that you’re struggling to repay the minimum on.
Payday loans, short term loans, credit card bills, utility bills, etc. — these are all small forms of credit that will charge you a lot of you fail to meet the minimum repayments on time. To avoid this, you can take out a car title loan of up to $5,000 and pay all of these small loans off.
This way, you only have one loan to worry about and one repayment to make. The interest rate you’ll repay can be lower than you would repay on credit cards and payday loans, so besides it being easier to keep track of your debts it makes financial sense to consider consolidating all of these small repayments into one. You also avoid the potentially crippling cost of late payment charges on these other loans, something that can keep recurring until you’re in dire financial straits.
3 — You Avoid Incurring Additional Costs
People often come to us in Florence, Alabama because they have a pressing need for cash immediately. No-one can say they’ve never been in a situation where they needed money in an emergency. Got an unexpected medical bill? A leak in your home that needs fixing? Your car needs a new starter motor and you need to get to work each day? These are all relatable problems and we’ve all had to deal with something like this in our lives.
Without a title loan, these issues can’t be resolved in a timely fashion and you’ll see only see them getting worse. If you can’t afford to pay that medical bill promptly you might put off treatment, ultimately resulting in a more serious medical condition. You can’t pay to fix the leak, so the water damage gets worse and worse until you need to replace your ceiling or even your foundation. You can’t pay for the new starter motor so you’re resigned to use public transport to get to work, making you late for meetings and jeopardizing your future career.
Instead of putting off something that needs to be fixed now, use a title loan in Florence, Alabama to get the job done right now.
4 — You Can Continue to Use Your Car
Car title loans are similar to house mortgages in that the loan amount is secured against the item. You don’t have to ‘pawn’ your car; you can continue to use your car as you see fit and no-one will have any idea it has a lien on it. You can continue to use your vehicle for work, travel, shopping, and family trips. Once you’ve paid off your loan, the title is returned to you immediately.
5 — You’re in Charge of Your Loan
The title loans from Select Title Loans are 30-day renewable. This means that at the end of each 30 days you have the choice to pay off the loan in full or make a partial repayment. Many people like the ability to renew their loan as there’s never a point you’re forced to repay a huge amount. The loan can be used similarly to a rolling credit line so you’re always in charge of how much you repay and when.
If you have a vehicle in Alabama just sitting around doing nothing, consider a title loan to release the equity in the vehicle. Think of ways you could use some cash now rather than later and put your cash loan to good use.