Traditional loans are reliable however the process to apply for one is cumbersome and complex. No wonder, title loans, especially auto title loans and truck title loans have become the favourite choice for borrowers since there are a lot of benefits and advantages of taking this type of loan as compared to a bank loan or similar loan from a financial institution.
Before we jump to understand the benefits, let’s get a quick understanding of what auto title loan and even a truck title loan is all about.
Auto title loans are loans where you can put your vehicle as collateral and take an amount of loan against the present value of your vehicle. In more simpler terms, the title of the vehicle must be in the owner’s name and it should be free from any existing lien.
Now, let’s list down some of the amazing benefits and advantages of taking an auto title loan:
- An Auto title loan does not require much paperwork! That’s right, they only require you to submit some basic documents like a valid id proof and vehicle documents. You only need to fill a simple application form to get things started!
- Auto title loan allows you to keep your vehicle even after taking a loan against it.
- Auto title loans and truck title loans allow you to take up to 60% of the present value of your vehicle as a loan.
- These loans can be availed within a matter of 60 minutes to 120 minutes!
- No credit rating score needs to be submitted or shown to lenders.
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