If you own a motorcycle, then you can borrow money against it through a title loan. A title loan is a special type of short-term secured loan that is different from what you would find through a bank. Here are five advantages of motorcycle title loans.
Your Credit History Does Not Matter
Over 69 percent of households have debt. That debt can potentially harm your credit history. This is important because traditional banks look closely at your credit when determining if you qualify for a loan of any size. If you have problems with your credit, then you might never get a loan. A benefit of motorcycle title loans is that your credit history does not matter. You are securing the loan with your vehicle. Things like credit and income history are not looked at by the title loan lender.
Approval Happens Very Quickly
Some types of loans need to move through multiple committees or officers before being approved. This could leave you hanging for weeks wondering whether the money will come through. Motorcycle title loans have a much simpler and faster process. You could be approved for a title loan in under an hour. You could receive your money the same day or the next day. This makes it possible to get money quickly if you need it to handle an emergency.
No Spending Restrictions
Certain types of loans come with spending restrictions. This means the money from the loan will not go to you. It might be sent directly to a bill collector or other person instead. There are no spending restrictions with motorcycle title loans. The money is given directly to you. This allows you to use the money for whatever you want. You could use some to pay down bills and the rest to repair you home. You can use the money you borrow for anything.
Keep Your Motorcycle
There are over 885,000 motorcycles sold each year. You do not want to lose your motorcycle just because you need to take out a loan. Options like pawn title loans require you to surrender your motorcycle to the lender. This is not the case with motorcycle title loans. You are allowed to keep and continue using your motorcycle while you repay the loan. This ensures that you will not be stuck without a way to get to work or school.
Fast and Flexible Repayment Terms
The final advantage of a motorcycle title loan is that you get fast and flexible repayment terms. You generally repay these short-term loans within a month. You will not be saddled with debt for years to come. Additionally, most title lenders have flexible repayment options. This means you could roll over or extend the loan if something happens leaving you unable to pay it back on time.Tags: featured