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When it comes to talk about car title loans Cheney, there are a lot of myths and misconceptions about who can get them, how useful they actually are and what they can be used for. It’s time to get the facts straight about this good, alternative lending solution. This article will clear up the top three myths on car title loans Cheney and other areas.
Car title loans fund anyone who owns a car in their name that is worth enough money. To secure the loan you’ll need to leave something as collateral and in the case of car title loans Cheney, the collateral is the car’s title.
Your car’s title (also known as the pink slip) must be in your name. You must be 18 years of age or older to qualify for car title loans Cheney and the title must have no liens or debts against it.
Now that you have the basic facts on how to qualify for car title loans Cheney, let’s discuss the most common myths about car title loans.
Nothing could be further from the truth when you borrow using car title loans Cheney. Because the car’s title is what the lender hangs on to as collateral and not the car itself, you can keep driving your car as you normally would while you borrow and pay back the loan.
Another common myth about car title loans Cheney is that you will not be able to get one if you have a bankruptcy, a vehicle repossession history or a low credit score.
This is definitely not true. Lenders offering car title loans Cheney don’t even check your credit score when you apply for a car title loan. So stop worrying, you don’t need a good credit score if you are going to apply for car title loans Cheney. All you need is your clear car title in your name to get cash you need using car title loans.
Alternative loan lenders get a bad wrap in the media. But they offer important services in creative ways. With the economic crisis and housing meltdown of the last few years many hard working individuals were left in a bind.
Banks closed their doors to many Americans, leaving a massive gap in the lending world to help this large number of individuals. A few lenders saw this void and filled it with new, creative lending options to serve the needs of the individuals left out in the cold by banks, credit unions and other lending institutions.
Car title lenders make their money on repeat business, therefore they want their customers to succeed and refer them to other friends and family. And the car title loans industry is heavily regulated and licensed— just as highly as banks and other lenders—to ensure they are offering their customers a fair, competitive product.