Title Loan Benefits

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When an individual applies for an auto title loan, they can utilize the value of their car as collateral to secure a short-term loan. After receiving the loan in cash, the individual then pays back the loan with interest over a period. At Credex, our clients can choose to repay their loans over the course of 6 to 24 months. If you are new to auto title loans, read on to find out more about the benefits they can offer:

You Can Keep Driving the Car

As lenders typically place the lien on the car’s title and do not possess the vehicles themselves, car owners can continue using their vehicles while making payments on the loan. Individuals must adhere to scheduled payments as lenders hold the rights to repossess their cars.

You Can Get Cash for Emergency Situations

An auto equity loan is an excellent option for borrowers who need money immediately. Individuals can receive cash as soon as the lender agrees to the loan amount and terms. In most cases, borrowers may walk out of the lender's office with money in hand on the same day they apply for the loan.

Fast, Easy, and Hassle-Free Application Process

Unlike other types of financing, auto equity loans do not entail a length and complicated approval process. Auto title loans are typically processed within a day or two; borrowers can get the money they need extremely quickly. This is possible because it is a simple process. Lenders just need to know that your car is worth at least the amount you need to borrow.

Since you are offering some form of collateral, auto title loans are relatively easy to qualify for regardless of your credit score. Credex does not conduct credit checks or look at your past reports. If potential borrowers can prove that they have a reliable source of income and their cars are worth more than the requested loan, we will approve the loan application. At Credex, we have an approval rate of more than 98%!

Flexible Criteria to Secure Auto Title Loan

If you need to meet the following criteria, it is easy to get your auto equity loan approved:

• Must be at least 18 years old.
• Have a valid Florida driver license.
• Own a car in good condition.
• Have the title of the car with n liens against it.
• Be able to pay the loan back.