If you need cash right now, you may have thought about a title loan. Before you come in, let’s talk about car title loan basics in Tucson so you know the benefits and drawbacks and can make a decision that is right for you. We are a business that helps people when they are in a tight spot, but we aren’t here to take advantage of people. Be sure before you come in by reading the information about the loan.
Car Title Loan Basics in Tucson
When we are discussing car title loan basics in Tucson, we need to start with the basics: what is a car title loan? A title loan is a loan against the value of your car—you are using your car as collateral for a loan.
The benefits of a car title loan are that you don’t have to have a credit check before you can get the cash you need. You bring in your car with the title and you can get cash right away. If you are still paying your car off, you can get a loan, but it will be lower than the total value of the car.
Another benefit is that you don’t have to wait a long time to get your cash. Unlike a bank or credit union, we don’t have to wait for an actuary to determine whether you are a good credit risk. We examine your car, make sure you have the right documentation, and we can sign the contracts right there. You walk out the door with your cash the same day, not three days or a week later.
The drawbacks are few; the big one is, if you don’t repay your loan, you could lose your car. The other is that our interest rates are a little higher than a bank’s. Keep these car title loan basics in mind as you determine if this loan is right for you.