Loans For Bad Credit

Jul 21, 2021
Bad Credit Tips


It can be very common for your credit score to be lower than you'd like it to be if you've paid your bills late in the past or have a lot of debt. Bad credit can then put you at a disadvantage when it comes to getting approved for loans in the future. Rapid Auto Loans is here to help you and will approve your loan when nobody else will.

 

We understand that having bad credit doesn't mean you shouldn't be able to buy the car that you need. Here we explain what having a bad credit score means, and how our auto loan service works. We can provide you with an Auto Equity Loan which doesn't require you to provide your income or expenses. We understand that life happens and that you should be able to borrow money to afford what you need for yourself or your family at the time that you need it.

What Does Having Bad Credit Mean?

Your credit score is based on your credit history and your ability to pay back what you owe, on time. The credit score is then used to define how risky you would be to lenders. The actual numbers range between 300 to 850, with the higher scores being considered less risky. A bad credit score is usually anything below 580 which could mean you have a short credit history, lots of debt, or a history of late payments.

 

If your credit score is low, this could mean that lenders are not willing to loan you any money at all. A low credit score could also limit how much you are allowed to borrow. This can prove to make purchasing things that you need, like a car or bills, rather difficult.

How Can Rapid Auto Loans Help If You Have Bad Credit?

What many lenders fail to consider is that people need money to make money. And having access to a car helps people get to and from their jobs where they can earn money. There are also many external factors that can result in someone getting a bad credit score against their name. Additionally, these factors don't have anything to do with the person's integrity, or their ability to earn money to pay back a loan.

 

Rapid Auto Loans can give you a loan even if you have bad credit. Rapid Auto provides you with an auto equity loan, and the funds that will be made available to you will only be determined by the value of the vehicle you want to purchase. After your application is approved, you can receive your funds in as quickly as 30 minutes! All loans have a payback period of a year and there is no minimum prepayment penalty.

Benefits Of An Auto Equity Loan

An auto equity loan is determined by the value of your vehicle. We, as the lender, understand that there is equity in the vehicle you want to purchase. If you are unable to make your repayments on the loan, then we can use the equity in your vehicle to offset the cost.

 

Here are some of the benefits an auto equity loan can provide:

Lower Interest Rates

Because the auto equity loan is secured and your vehicle serves as collateral if you can't make your repayments, interest rates are lower.

Get Approved with Bad Credit

One of the major benefits of an auto equity loan is that getting approved is often easier. Since the loan is less risky, you can get approved even if you have a bad credit score.

Quick Approval

You don't need to wait ages for your loan to be approved. Because we don't need to check your bank statements to determine if you qualify for the loan or not, you can receive your funds quickly. This makes purchasing your vehicle that much faster and easier.

Let Rapid Auto Loans Help You 

We understand that everyone needs help from time to time. You can count on us to make your next car title loan a simple and painless process. Learn more about our loan process in Boca Raton or give us a call today at 954-678-5781 to get the cash you need, fast.


 

OTHER ARTICLES

personal finance tips

Did you know that more than 50% of all households across the U.S. are invested in the stock market, in some shape or form? That's an impressive figure, considering what we have all been through as a result of the pandemic and the impact it has had on household income across the country.

4 Reasons To Consider An Auto Equity Loan

An auto equity loan offers a loan based on the equity that someone has in their vehicle. If they have paid off their car loan and it has a clear and free title, then its equity is equal to the car’s market value. Also known as a car title loan, Rapid Auto helps customers in need of quick emergency cash to stay current on their bills with this car title loan.

car title loan

If you’re in need of some quick cash, you might be considering getting a car title loan or pawning your car. Learn more about the different ways of getting a car title loan, what to do if you can’t pay off your car title loan, and how pawning your car works.

get cash quick for moving expenses

Moving is an inconvenient but often necessary part of life. Packing up all your belongings can be tedious, but few things are as stressful as the price tag that comes with it. From the cost of cardboard boxes to the moving van, and then the gas to get from Point A to Point B, these costs can add up quickly. You may be worried about how you can afford it all.

New Year, New Personal Finance Goals!

Having financial goals is a great way to help you learn to be responsible with your money. It’s a useful way to not only manage your own personal finance goals in the present but also be prepared for the future. From retirement plans to being prepared for an emergency expense, read on to learn some examples of what financial goals can look like, and why good personal finance habits are so important.

How Do Title Loans Differ From Payday Loans?

Times are tough, and we all know what it’s like to need some extra cash. At a moment’s notice, your entire world can flip upside down, and you could need some help. Well, if this happens, you’ll have a few options available to you. Two common loan options are title loans and payday loans. Let’s look at the differences to see what’s best for you.

Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.