The car title loan business has grown a lot in the last decade, and it’s not only in small cities in the United States, but also in important and busy places like San Diego, where the industry has strengthened its foundations to remain in business for many years to come. If you want to know a little more about the business in the region we invite you to keep reading the information below.
- Fast cash money
The biggest benefit of getting a car title loan is that it allows the borrower to get the money they need very quickly.
Car title loans are usually processed within one or two days. That’s because it’s a simple process, which really only involves the lender looking at your car to make sure it’s worth at least the amount you need to borrow.
Anyone with a car can get a car title loan
This is because there is no credit check or background check involved. The lender is giving you a guaranteed loan, which means that the loan is based on a guarantee that you are repaying.
An unsecured loan is when nothing is involved, but you are being given money based on the assumption that you can repay it plus interest. There is virtually no risk to the lender, so they have high approval rates with auto title loans.
Car title loans are perfect if you have bad credit
A bank may not give you the $10,000 you need for your debts or bills, but if you have a car, a title loan will provide what you need.
- You can keep driving your car
An additional advantage is that while you have the loan, you can keep the car and still drive it. You will give your title and a couple of keys to the lender, but you can still drive. Then there’s no change in your life and you get your money.
Differences to bank loans
The biggest difference between car title loans and traditional bank loans is that not only car title loans are processed faster, but the application process is easier and more people are approved. Most of the car title loans are processed in approximately 15 to 30 minutes from the time you submit all required documentation. With a traditional bank loan, you can wait a week to make a decision on the loan and they are known for not really detailing everything you need to submit as documentation for a loan on the first visit.
In addition, car title loans determine the amount of loan that will be offered based on the value of your car, not your credit score or income statement. A traditional bank loan will look at all of this, which is another reason why more car title loans are approved than traditional bank loans.
If you need money quickly, for whatever reason, applying for a traditional bank loan may take too long to help you. Car title loans in San Diego are easy to apply for and the decision on your application is made quickly. You can literally walk out the door with your money 15 minutes after entering to apply. So many other qualities are very visible, but in the end, this business will give you the resources you need.