Bad Credit? Use Car Title Loans to Get Your Money

I think all of us at one time or another have found ourselves a little strapped for cash. For whatever reason, it can be an unexpected expense like a car needing tires or something in your household needing repairs. With today's economic situation, we are all stretched a bit thin.

The irony is this. People, who need a financial loan the most, can't get title car loans at all today. If you have had bad credit or no credit, most banks don't want to talk to you. With lending so tight today, how is someone with credit problems going to get the loan they need? There is one avenue for you to get the money you need. If you own a car or SUV or any type of vehicle, you can probably get what is known as a car title loan.

Car title loans are loans in which you secure a loan with the value of your car. Lets say you have a car worth $10,000. Most title loan lenders with let you borrow up to half of the value of your car. Are you making payments on your car now? Even if you are, there are some lenders that will give you a car title loan depending on what you still owe on the car.

How can you get a title loan even if you have bad credit or a bankruptcy? The reason you can get a loan is because the lender has your car as collateral. This is known as a secured loan. Car title loans for people with bad credit will generally have interest rate much cheaper than a personal loan or a payday loan. Here is the good part. Even though you have given your car as collateral for the loan, you still have use of your car! That's right; you still drive and use your car as you've had in the past.

Car title loans are designed to help those who need a little cash until their next check or that bonus coming to them. These are quick short-term loans that lenders often don't even do a credit check. So if you think banks and lenders won't give you a loan due to a bad credit history or problems with credit cards, you can use a car title loan to get the money you want now.www.titlecarloans.net