Credit is challenging – nearly everyone with a credit history at some point in time has missed a payment or perhaps bought too much of something. Regardless, if an individual is living with a credit score that makes it difficult to purchase a vehicle, car title loans are often the only options to receive a car loan with bad credit.
Car title loans do not factor in credit. Because of this, bad credit does not hinder the approval of the vehicle loan. Customers often receive loans through their banks or car dealership. If one wants car loans without credit, however, getting approved for bank or dealership is out of the question. Furthermore, loaning with banks can be a waiting game, and both options come with the nuisance of a long and complicated loan process. Obtaining car loans with bad credit through a dealer often means paying increased interest rates- as dealers act as middlemen looking for profit within the loan process.
Collateral in car title loans is the owner’s car itself, which is the reason car title loans offer the most flexibility and low interest rates. The car acts as the “credit” for those who are looking to receive a car loan with low credit.
The 4-step Process for Receiving a Car Loan with Bad Credit
- Apply online or call and get approved
After applying online or on the phone, the potential loaner will be contacted to discuss loan options.
- Fill out simple paperwork
Contrary to the norm, credit score does not matter when applying to accept car loans with low credit.
- Drive your car
With car title loans, customers can begin and keep driving their car during the process.
- Receive the loan payment
In general, collateral loan companies work with each unique situation to conclude how much money is needed. Anywhere from $1,000 to $25,000, car title loan amounts are often determined by the wholesale value of the individual’s car.
Obtaining a car loan without credit does not have to be a daunting and long process. With car title loans, potential buyers do not need to fear their bad credit. Collateral loans are the quickest and most efficient way for individuals with low credit to skip hassle of banking or dealership loans. To contact Snap Car Cash in your service area, click here.
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