A title loan is a type of secured loan where borrowers can use their vehicle title as collateral. In contrast to unsecured loans , which are not backed by an asset, title loans are secured by the borrower’s car title. This means that the lender has the right to repossess the car should the borrower fail to repay the loan. Repossession is often referred to as “collateral” in this context. Visit here to apply online for bad credit car title loans at low interest rates.
Title loans are estimated to be a $3.5 billion industry in the United States alone. People who turn to title loans have often tried to get another, more conventional loan, but have been turned down. Some of the reasons for this include bad credit, no credit, or a lack of a sufficient credit history. As a result, borrowers who turn to title loans often have a high interest rate and a steep fee for borrowing. Borrowers who have had their car repossessed often turn to title loans to get their vehicle back by repaying the loan. If you are considering a bad credit car loan, then you are likely in a bad financial situation.
How does WeLoans make the application easy?
The official site of WeLoans makes the application process easy for title loans. With WeLoans, you can skip the lines and paperwork at your local title bank and get your cash in as little as 30 minutes. To get started, you’ll need to provide some basic information and upload a recent photo of yourself. We’ll run a quick background check and then get you an instant decision. And even if you have bad credit, we can still help. WeLoans only looks at your vehicle value, not your credit. If your car is worth at least $2,500, we recommend you give us a try.
But there are ways that you can get a car loan with bad credit, even if you have been turned down by conventional lenders. The most obvious way to get a car loan is to call up a local car dealership and ask them to see what they can do. They might be willing to work with you because they are likely to sell you the car and make a profit. However, you should ask the dealer if they have a reputation for working with people with less than perfect credit. If not, then you should probably keep looking.