Want an instant loan against your car? If yes, title loans are your solution.
Having a car or any other commercial vehicle registered under your name makes you eligible for title loans. Apply for these short-term loans and collect cash instantly by using your car as a collateral.
Difference Between Commercial Car Title Loans And A Car Title Loans
Commercial car title loans allow you to use your commercial vehicle’s title as collateral to borrow money. This money can be used to fulfil your financial obligations. Once approved, you can collect cash within 24 hours of applying. Any commercial vehicle such as truck, trailer, car, or dumper etc. can be used as a collateral to secure the loan.
Car title loans allow you to borrow funds against your private car. You can use this money to pay debts, put down payment for another car, or meet any other expenditure.
If the vehicle you are pledging is a commercial vehicle then it is called commercial car title loans. However, if you are using your private car to get a loan, it is called car title loans. In both the cases, you must own the vehicle free and clear. Moreover, you get to keep your vehicle for the entire duration of the loan.
1st Capital Title Loans offers car title loans to help you with your cash problems. Just fill out your loan application online and we will make sure that you get the cash as quickly as possible.
Running a business involves challenges like fluctuating materials costs, high shipment rates, employee salaries, not to mention the maintenance costs. You need access to cash to meet these expenses and other unforeseen costs.
Semi truck title loans provide fast cash by keeping your semi truck’s title as a collateral. The best part is that you can keep your vehicle and continue using it for running your business during the loan term.
How Semi Truck Title Loans Help Your Business?
- While a traditional loan takes several days to get approved and then some more to finally release funds, car title loans get approved quickly thanks to the online application process and you can collect cash on the same day to meet your urgent cash requirement.
- Semi-trucks or any other vehicle that has a title can be used to obtain a commercial vehicle title loan. You can apply if you own the vehicle free and clear.
- Semi-truck title loans have flexible repayment terms. The loan can be repaid in a lump sum in a said period or in installments over several weeks. Usually, the loan term is 15-30 days but you can negotiate the duration to a few months.
- The loan money depends on the value of the truck. Usually, the lender would pay anything between 20-50% of the truck’s value.
- Car title loans are not credit-based. This is a great option for you if you don’t have a perfect credit history.
1st Capital Title Loans offers semi truck title loans that help commercial vehicle owners collect instant cash. Get in touch with us to secure a loan and grow your business!
Commercial vehicle title loans are a popular choice among borrowers as an easy and trouble-free way of getting cash. If you are also thinking about taking car title loans, here are 8 facts that loan experts want you to know beforehand:
Fact#1. Clear vehicle title
You can borrow title loans against a vehicle that is registered in your name or you own some stake in the vehicle.
Fact#2. Credit history excused
A bad credit score is a red flag for lending agencies such as banks. However, credit history is not checked while applying for commercial vehicle title loans.
Fact#3. Take only what you can repay
Car title loans are an easy way to collect cash against your vehicle value. Make sure you borrow only that much sum that you can easily return or risk losing your vehicle.
Fact#4. More common than you think
Title loans are more prevalent as it offers a convenient way to borrow money to meet financial needs.
Fact#5. High interest fee
Commercial vehicle title loans have APR as high as 300% for a 30-day loan. You can end up paying back more than you initially borrowed in interest fees.
Fact#6. Easy online process
Car title loans have a simple online application process that allows you to submit and get it approved quickly.
Fact#7. Poorly regulated
Legal loopholes in drafting of title loans make it difficult for the borrower to repay their debts.
Fact#8. Consider other loan options
Explore other loan options such as loan against credit card, payday loans, loan against insurance, etc. before choosing title loans.
Get in touch with 1stcapitaltitleloans experts for more clarity on vehicle title loans.
Commercial car title loans help people get quick cash to pay bills or deal with a financial emergency. However, car title loans have high interest rates and involve a risk of losing your vehicle.
5 Facts That You Must Know About Commercial Car Title Loans
Fact#1. You should own a vehicle
To get a title loan, you need to own a vehicle free and clear, or at least have some equity in that vehicle. The lender will return your title once the loan is paid off.
Fact#2. You should be prepared to pay a high interest fee
The lenders charge nearly 1/4th of the loan amount per month as their interest. For example, if you get a $2,000 loan for a 30-day period, then you’d pay $2,500 to settle your loan by the end of the month.
Fact#3. You should avoid defaulting
Car title loans are intended for short-term use. Many customers can’t pay their loan so soon, resulting in refinancing the loan just to avoid defaulting and losing their vehicle.
Fact#4. You can lose your vehicle
If you are unable to repay within the loan term, the lender will take away your vehicle. You will have to pay even more to get your vehicle back plus the due amount.
Fact#5. You should look for alternatives
Consider less risky alternatives such as payday alternative loans, personal loans or credit card advance that offer the best possible interest fee. Borrow only what you can pay back.
Looking for commercial car title loans? Ask 1stCapitaltitleloans to get you the best loan for your vehicle title!