Advantages of Houston Car Title Loans
The biggest advantage of car title loans? Houston lenders offer you the cash you need, when you need it. Unlike a bank loan, you can get access to cash in as little as one hour. These loans are relatively low risk to lenders because you are offering up the title to your car as collateral, and there is no credit check necessary. This means you get to skip the background and credit check, references, financial checks and wait time with traditional loans.
Car title loans in Houston do not require that you give up your car at all, and you will continue driving while you pay back your loan. The interest rates on these loans are often better than many credit cards and most options for borrowers with bad credit, and lenders tend to provide very flexible repayment terms that work best with your situation.
This cash can be used for absolutely anything, and you may have up to 1 year to pay back the balance. The loan amount will be based on your car's value, taking into account its year, make, model, condition and mileage.
Downsides of Car Title Loans in Houston
The biggest downside to Houston car title loans is you must place your vehicle up as collateral to get the loan. While this is certainly something important you'll want to consider, remember this is the same as with any secured loan, including a car loan or a mortgage. Make sure you borrow only what you can afford to avoid problems.
It also helps to remember that lenders do not want to repossess, and virtually all car title loan providers in Houston will work with your if you're in danger of defaulting. Only about 1% of title loans end in repossession, and this process is very expensive and time-consuming for lenders.
Finally, consider the typical term of car title loans. Houston lenders will usually give you 3-12 months to pay back the loan, as this option is designed to be short term. You'll need to have a plan ready to repay your loan when you take it out to avoid problems down the road.
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