Wednesday, May 11, 2011
Can You Borrow Against a Car ? A title loan.
If you are a car owner with bad credit and are in need of a loan, borrowing against your car is an option for you. This option provides instant cash relief that allows you to borrow against the title of your car based on the car’s market value. The main criteria to borrow against your vehicle, is to show that you have a clear title to your car and that it is fully paid off.
It’s important to understand that because you are borrowing using the equity in your car as collateral whether you have good credit, bad credit or no credit at all, it is not an issue, however, the vehicle can and will be repossessed if you default on the loan.
As always, any kind of loan has its' pitfalls and positives. Borrowing with your car can provide you with instant cash relief. If you pay the loan back in a timely fashion without missing payments, you'll also work towards restoring your credit, provided the lender is an accredited one that reports your loan payments to Equifax.
Here are some benefits to acquiring a car title loan:
· It offers personal loans to people with good or bad credit histories or no credit history.
· It’s a long term alternative to payday loans.
· Can be used to consolidate debt when you don’t have a home.
· Can be used for emergency funds such as repair loans, home improvement loans, medical expenses and student loans just to name a few.
You should research before borrowing against your car. Prudent Financial Services has the best interest rates in the financial industry which lends to people with bad credit histories in the GTA. And as mentioned above, your loan can also help repair your credit. For more information visit www.borrowwithyourcar.com