Need Money For College? Consider a Car Title Loan

Let's face it - getting a college education is expensive for many people. While it would be nice if everyone could hit the lottery and pay for it easily, that's not how the world works.

According to the National Center for Education Statistics, the average annual cost of tuition, room and board for a college student is $17,633. If you are a full-time college student, you probably don't earn that much in an entire year. You probably have several other expenses to cover, as well, which may make it tough to keep yourself in school.

To make matters worse, you probably have little to no credit if you are in college. This could make obtaining a traditional loan difficult or even impossible. Even with grants and education loans, it may be tough to make ends meet.

What options do you have?

Consider a Car Title Loan

You may have heard of car title loans on television. They are also called u-drive loans, pink slip loans or title loans. The commercials may be funny, but a title loan can help you get through a serious financial matter.

A title loan is a loan that is given based on the value of your vehicle. Even though you are in college and may not have a lot of money, you may own a vehicle. If this is the case, you may be able to get a loan based on it.

How does the Car Title Loan work?

It is easier and faster to get a car title loan when you own a car that's paid off. You will have to provide the car title to the lender. In return, he will provide you with money.

Various auto financing companies and lenders offer online loan approval. They take help of the internet to reach maximum clientele. Also, many lenders design software applications for mobile to allow you to see how much loan amount you will get for the car title.

Car Title Loans San Diego Presentation

The loan carries high rate of interest as it is a short-term loan. While approving the loan, lenders consider the value of your car instead of your credit score. It is possible that a few lenders may even require car insurance. The loan amount depends on three things:

1) Your car's value;

2) The amount of cash you need;

3) Your ability to repay the loan.

Thin Line of Difference between Auto Pawn Loan and Car Title Loan

If you apply for an auto pawn loan, you will have to provide your car along with the title of the car to the lender. He will keep the car as security. Under the auto pawn loan program, you will receive more cash since both the car and the car title are in the possession of the lender.

What happens if you are unable to make Payments?

If you are unable to make payments on the loan, you may lose your only car. However, the lender may allow you to keep the loan for one more month after the due date. The process is known as "rolling over" the loan.

If you are unable to make payments even after rolling over the loan, the lender will repossess your car. He will sell it in an auction to recover money. So, it is essential to pay off your dues in the specified time period.

A car title loan is one of the best options to get money when you need it the most! But, remember to create a plan for ensuring regular payments. And, once you have a plan ready, it will get you out of financial misery and save your car from repossession.

Car Title Loans - Legal, Legitimate and Safe

Some people have come to know car title loans as having iniquitous and unconscionable interest rates. There are several articles, reviews or reports that have given people the wrong impression about this loan. Although it cannot be denied that they are certain car title loaning firms with such kinds of interest rates, not all loaning firms are exercising such act. In truth and in fact, car title loans have become helpful to people. These loans have given them the opportunity to meet their needs, make the necessary payments and manage their current financial drawbacks. More so, they have been recognized by the government.

To begin with, car title loans may be considered a secured loan because it requires a pledge. In obtaining such loans, a borrower is required to give the title of his or her car as collateral. While the title of the car will remain in the possession of the lender until it has been paid off, the car will only be used as basis for the amount of money to be acquired by the borrower. The amount of money to be received will depend on the car's value. Upon determination of the value of the car and agreement on the money to be acquired, the borrower gets to keep his or her car. Borrowers can instantly get the money they borrowed as soon as they have been approved. Loan approvals may be done in 30 minutes or in an hour. Hence, you can get hold of your money as soon as possible.

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The only time the borrower can lose his car is when he or she defaults from payment. Losing your car as the consequence of the non-payment of the loan is one of the reasons why it is important to repay the loan. In repaying the loan, lending firms allow the client to pick the term of payment. This way, you would be able to meet your payments in your own terms. It would also be easier for you to repay the loan.

As to the interest rate of car title loans, rates are based on local, state and federal laws. Local, State and Federal governments have the authority to regulate these rates as well. Due to this, it is important to note that car title loaning firms are in strict adherence to these laws and regulations. They are well-aware of these circumstances. It is, therefore, important for people to choose the most reputable lending firm which would give them the best and sincere assistance.

Vehicle Title Loans in San Diego

Why Are Car Title Loans Important?

In times of financial drawbacks, people have always turned to banks for help. They choose to mortgage their house, car or other properties. Some even go to credit card companies to borrow money. However, because of the recent economic crisis the country is suffering, banks and credit card companies have not been available to them. People who are having financial problems and bad credit at the same time are denied out rightly by these financial institutions. Credit history has become a factor in determining a person's loan approval. Employment has not been kind to them either. There has been a rise in the number of people looking for ways to address their financial needs without the help of these financial institutions and new job opportunities.

To address people's financial difficulties, car title loans have come to the rescue. People no longer need to worry about their credit history in applying for loans. Car title loans have emerged as a good alternative to people who have bad credit or no credit history. They just need to have a car to qualify for the loan. Lending firms would only require you to use the title of your car as security for the loan. It is not the car itself which needs to be surrendered. It is only used to assess the amount you can get from your car. You just need to give them the title of your car and you get to keep your car and use it.

Car title loans are also known for its fast processing and approval. To those who are in need of immediate cash, this loan is definitely for you. Your loan applications can be approved in 24 to 48 hours. There are times that you can even get approved within minutes and get the money you need within hours. You can instantly pay your bills in a day or two. Car title loans give you the money you need when you need it!

If you are tired of meeting tons of requirements to apply for a loan, this loan is for you too. Car title loans only require you to submit few and basic requirements. Since your car's title will be put up against the loan, you need to present proof of ownership. You also need to at least have references one of which must be a member of your family. In addition, you need to list the names, addresses and phone number of your references. You also need a valid driver's license as proof of identification. Proof of residency is also required. Lastly, you should have proof that you can repay the loan such as proof of income and pay stubs.