Sometimes, the money that we need isn't always available. Whether you need to pay for unexpected medical bills, plan a wedding, or even make rent, there are various financing options available. In most instances, personal loans require a decent credit score and lengthy paperwork. In comparison, car title loans work differently, allowing for fast approval and no credit check.
It's important to compare your options when making a decision on the best financing option for you. With this in mind, here's all you need to know about personal loans and car title loans.
There are a few key differences between a personal loan and a car title loan that may influence your decision on which option to take.
A personal loan is taken out with a fixed interest rate that is usually determined by your credit score and credit history, as well as the lender's arrangement. The loan term usually ranges between 24 to 60 months. Individuals with bad credit scores won't get a favorable rate with this arrangement.
A car title loan is a short-term loan that typically comes with higher interest rates. With a car title loan, the amount available is based on the value of the car. In exchange for the money, the vehicle is used as collateral. When getting a car title loan with Rapid Auto Loan, no credit history needs to be shared and we offer competitive interest rates.
Personal loans are a traditional option for receiving money. A fixed amount of money is loaned at a set interest rate, without having to offer collateral to secure the funds. There are a few key benefits that make a personal loan a good option.
Some of these key benefits include;
Flexibility and versatility for the money to be used for a variety of purposes
Lower interest rates that are usually lower than credit card rates
Higher borrowing limits than credit cards, especially those with a decent credit history
No collateral is required in order to secure the funds
Easy management as the money is shared as a single, lump-sum
Even with these benefits, there are a few drawbacks to consider. For example, fees and penalties can be high, personal loans can increase debt, monthly payments are more expensive than credit cards.
For many people, a car title loan is a better option than a personal loan. Car title loans offer their own unique benefits that are better suited for various individuals, especially those with a bad credit history.
Some of the benefits of a car title loan include the following;
Easy process with an application form and speedy turnaround time
Quick approval that offers fast access to cash when needed urgently
Easy to qualify as a car is offered as collateral instead of relying on a credit history
Life continues without interruption as the vehicle used for collateral can still be used by the owner
There are a few considerations when taking out a car title loan, such as higher interest rates and a shorter payback term. At Rapid Auto Loans, we understand that life can be stressful and offer 12 monthly payments, with the first one being due after 30 days from the loan date.
We're committed to providing quick, short-term loans with an easy application process. We offer an easy payment plan and don't require a credit history. Our valuable service has contributed to our high customer retention rate - and we'd love to add you to our list of valued customers.
Apply for a car title loan today, or contact us at 954-678-5781 to find out more.
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