car title loan

Most Common Misconceptions of a Car Title Loan

Jeziel Granados

Jeziel Granados

Total Posts: 61

Published Date: April 11, 2022

Jeziel Granados is the Content Manager at Champion Cash Title Loans, responsible for developing and distributing engaging content across various platforms. He strategizes content marketing to align with the company's...

Most individuals know about title loans, however, not everyone has the required details regarding their benefits. If you are running out of funds and want to apply for title loans, or looking for reliable auto title loan lenders then we are the ones offering instant title loans within the same day. This blog post will uplift the curtain from common misconceptions regarding online title loans.

One has to pay high-interest rates after taking auto title loans. Most people mix title loans with payday loans as both the option offers quick and fast access to funds. Due to this reason, people think auto title loans charge high-interest rates similar to payday loans. In addition, traditional loans follow a time consuming with additional terms while car loans offer quick access to instant funds without waiting for days. A car loan helps in getting quick cash and transferring the money directly to your active bank account.

 The car title loan agreement does not follow rigid terms and how much cash you will get depends upon the vehicle equity.

In real, everything is opposite

Car Title Loans are accepted by many as they do not make you follow additional loan terms. The vehicle’s value is assurance for this type of loan, and the person applying for it has not had to worry about the bad credit.

Recommended reading: Get A Title Loan Without Showing Your Car

What are the Common Misconceptions About Auto Equity Loans?

Applying for a title loan means losing the vehicle

The other misconception associated with title loans is that you will lose the vehicle. In addition, you must know that you are not giving the vehicle as collateral but the lien-free title. The reputed title loan lender won’t require the vehicle for offering the needed funds. Besides, this is so as no person wants to get into a troublesome situation of selling the vehicle. They want you to clear the taken funds according to the payment plans.

The requirement of great credit scores for an auto title loan

Many traditional loans need great credit ratings, moreover, vehicle title loans don’t have such conditions, and one can get the funds even if the person has bad credit. Furthermore, auto title loan lenders do not ask many questions regarding credit scores as the clear title will work as collateral. One can get the funds equal to the vehicle’s equity.

Car Title Loan Lenders are not fair

One common misconception regarding online title loan lenders is that the loan they offer differentiates from client to client. Also, this is not right to mention. The only factor that decides how much funds you get is by inspecting the vehicle’s condition.

Doing thorough research before choosing the title loan lender

In case you are searching for reliable title loan lenders, visit us now. Our professional loan agents will settle the queries without charging any consultation fees.

Is it tough to find title loan lenders?

In this modernization era, discovering title loan lenders is easy than ever. Online testimonials will offer great assistance, and you can decide if you want to go with the particular title loan lender or not. Do thorough research before showing faith in the title loan lender.

Vehicle repossession if you are not able to clear the taken loan

The answer is No. Champion Cash Loans won’t repossess the client’s vehicle if they default on the title loan. Moreover, our title loan process follows similar mortgage loans. If you cannot clear the taken loan, the mortgage organization will possess your asset. This is not the initial choice and if a situation like this happens, Champion Cash Loans will reach the client and send the pending payment reminders. In addition, if the client cannot clear then we will not take the concerns of clients for granted and help them in the best possible way. After the failed attempts to recover the payments, our car title loan agents will move ahead to repossess the client’s vehicle.

A borrower having Bad Credit cannot apply for a car title loan 

One of the most common misconceptions associated with title loans. The traditional lenders or banks consider credit ratings, financial history, and even more. Moreover, this occurs when you try to apply for a payment loan or want to choose a new credit card account. Bad credit scores will prevent you from doing so. In addition, everything is the opposite when it comes to applying for a title loan.

Using the clear title as collateral for the title loan, you are specifically telling the lender that the title will remain there if you fail to match their terms. Thus, it becomes easy to apply for title loans online having bad credit. The high equity of the vehicle means a higher fund you can receive.


Benefits of a car title loan with Champion Cash Loans

Car title loans offer numerous benefits to the borrower owning a vehicle with a lien-free title. It is right to say that a title loan is the best option when running out of funds. Moreover, car title loans do not follow a time-consuming process alongside flexible payment plans.

Check out the amazing benefits one will get with title loans from Champion Cash Loans:

Free car title loan quote

If you want to know how much money you can get with title loans, however, you do not want to waste time with a loan agent. The best option is a title loan and using the online loan calculator will help in getting a free quote. What do you need to do? the need is to offer basic details about your vehicle.

Quick Process

If you have pending expenses and want quick funds, apply for car title loans. The process is not time-consuming and offers approval within the same day.

Flexible Payment Plans

If you want instant funds and low monthly payments then applying for a title loan is the best decision. The flexible payment plans will keep the burden away and offer instant access to financial help.

Lowest Interest Rates

The competitive interest rates coming with a title loan are the best aspect. Traditional Loans follow a time-consuming process and if any of their terms are not met then getting funds is not possible. Also, they charge a high annual percentage rate.

Title loan without title in hand

If you want quick money by using the vehicle’s title, you must show the vehicle ownership is in your name. If you want to know how to get a title loan without a title, you can begin the online process for instant financial assistance. Apply online now to get funds within the same day!

Car Title Loans offered by Champion Cash Loans provide numerous advantages. If got approval, you will get the required funds for clearing financial expenses within the same day. If you seek credit counseling or have doubts then our agents are there to offer a free consultation without charging any fees.

Recommended reading: Get Car Title Loan For Cars Not Paid Off

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