News, updates, tips & facts about the Lending market and Real Estate.
Monday, April 2, 2012
Keep Food on the table with a Car Title Loan
Times are tough for many Americans. In fact, here in California, we have the second worst unemployment rate in the nation. According to the Bureau of Labor Statistics, the unemployment rate in California is 11.1 percent, meaning that over 1 in 10 Californians who are seeking work cannot find it.
With it being tough to find a job these days, you may be strapped for cash. Unemployment compensation will only get you so far if you even qualify for it in the first place. Your savings will bleed fast if you don’t have any income coming in. Thus, it may be difficult to keep food on the table. However, the news isn’t all bad, as you may have a source of income sitting just outside your home.
A Car Title Loan Can Help
Do you own a vehicle? If so, you may have just found your ticket to some money.
A car title loan is a loan against your vehicle. If you own your vehicle outright – meaning that there are no payments left to be made – then a car title lender will probably work with you to offer the cash that you need.
How Much Cash Can I Get?
The amount of cash that you can get will be based on the value of your vehicle. The lender may consider factors such as the make, model, mileage, year and/or condition of the vehicle to determine it’s value. Then, the offer that they come up with will be based on a percentage of the vehicle’s value. In fact, at Car Cash Loans, they offer up to 50 percent of the vehicle’s value and may go even higher in some cases.
Is There a Minimum Loan That I Have to Take?
If you are just looking for enough money to keep food on the table until you find a new job or increase your income, you may want to avoid taking a loan for more than you need. Luckily, with a car title loan, you can often get just a few hundred dollars – enough to keep food on the table while not going overboard. At Car Cash Loans, you may get as little as $500.
Based on statistics from the Bureau of Labor Statistics, the average American household spends just under $70 per week on groceries. With a $500 title loan, you could buy over 7 weeks worth of groceries, giving you plenty of time to find a new job or build your income. Of course, you may be able to get more than $500, so there is the flexibility to borrow more money to meet your financial needs.
Will My Credit Be Checked?
If you’re having financial problems, you may also have credit problems. While that is never a fun situation, it won’t hurt you when trying to get a car title loan.
At Car Cash Loans, they’ll never check your credit. Instead, they’ll generally do a minimal income verification to make sure that you have the ability to repay the loan. That’s not so bad, as you probably want to be sure that you can repay the loan before taking it, as well. Also, your vehicle will act as collateral for your loan, so they don’t need to do a credit check.
How Long Will I Have to Wait?
If you cannot afford groceries, you may not have much time to wait. You’re probably thinking that you’ll have to wait days for a loan, as you would with many banks.
Luckily, you won’t have to wait forever for a car title loan. Car Cash Loans will generally have you in and out in around an hour. They usually won’t take up much of your day and you’ll typically walk out with the cash you need in a relatively short time frame. That doesn’t sound so bad, does it?