Before you go through the process of applying for a loan, you probably want to know how much money you can get. Even more, you want to know if you are eligible to get anything at all. We have all heard that banks have had to make changes to their lending practices due to the economic collapse and bail outs. You may be wondering if you can even get approved. You’re not being overly worried. In fact, if you had any credit issues in the past, the chances of you getting a loan are not very good.
If you are wondering, however, about the likelihood for approval for an Auto Title Loan, then you need not pay attention to the rules that apply to bank lending practices. If you have a clear title on your car and can show proof of employment, there is a likely chance that you can get approved!
How is that so? What about a credit report? Well, with a title loan, credit isn’t an issue. You put your car up as collateral and, therefore, the lender, while taking a risk, has something to put up against the loan. Of course, this means that you are putting your car on the line and should, therefore, be very careful with the amount you take out. But that is true with any loan. You should never take out a loan for more than you can afford. If it’s not your car, as is the case with a title loan, it could be another personal asset.
Having said this, if you are looking for an extra $1000.00 to get you by, a title loan is one of the best options out there…if not the best.