Doctors Inlet Car Title Loans
Car title loans Doctors Inlet, FL are the go to financing for borrowers that own their car but have poor credit and need a quick infusion of cash. Car title loans are perfect for borrowers that need some cash fast to get them through to their next paycheck or for other short term need or emergency.
Finding the money to cover an unexpected expense can be a challenge for people living paycheck to paycheck. Add a poor credit history to the mix and access to cash is almost impossible.
For those who don’t have the time to wait or can't borrow from a traditional lender like a bank, loan company or credit union, car title loans can be the answer to their prayers when a sudden need for cash comes up.
What are car title loans Doctors Inlet, FL?
Car title loans for Doctors Inlet, FL and neighboring locations offer those who own their car a way to tap into the car’s value. Car title loan companies will lend a borrower the cash they need using a car’s title or pink slip as collateral or insurance the loan will be paid back. This is known as a secured loan, because the car’s title backs the promise to pay the loan back.
Who qualifies for car title loans in Doctors Inlet, FL?
Anyone who owns a car with some value can get car title loans. Other requirements include being 18 years of age or older and being able to prove that a borrower make a monthly steady income.
What are the benefits of car title loans?
The number one benefit is the ability to tap into instant cash, thanks to the car’s value. Another great benefit is that credit history doesn't matter. And a third benefit is that a borrower can continue to drive their car while they pay the loan back.
What are the pitfalls of car title loans?
The number one pitfall to car title loans is that a borrower can lose their car if they don’t pay the loan back. While car title loans are meant to be paid back short-term in as little as 30 to 60 days, many lenders will extend the terms if the borrower can't repay the balance in that time frame. It’s important to make sure that a borrower can afford to pay back the loan terms before they agree to the loan in the first place.
The second major pitfall is also tied to poor or unrealistic planning--the high interest rates that can add up if you take too long to pay the loan back. While initial car title loan interest rates are reasonable compared to other financing options like payday loans, extending the original terms of the loan will make the loan more expensive.
If you need cash right now and are not able to borrow anywhere else, a car title loan may be the perfect answer. Just be sure to be realistic of what you can afford and how you will repay the loan back so that you don’t lose your car.