loans with bad credit

What's The Best Automobile Collateral Loan When You Have Bad Credit?

Many hardworking people are looking for ways to pay for unexpected expenses and research questions like, "what's the best automobile collateral loan for those with bad credit?" The good thing is there are plenty of lenders to choose from and many options for vehicle title loans. Now, all you need to do is figure out the benefits of getting this loan. Keep reading to learn more about these advantages.

Advantages Of Vehicle Loans For Bad Credit

One of the advantages of getting a vehicle collateral loan is that most are available to those with bad credit. Each private lender has its own policies for approval, but there are some things they have in common.

Most private lenders don't rely so heavily a credit check when it comes to vehicle title loans or collateral loans. That is one item to check when looking for what's the best automotive collateral loan for those with bad credit.

Another aspect of many private lenders offering these types of loans is not all require proof of income. Some may require it, but many don't. It's up to each lender. In fact, you don't have to be employed to get a title loan.

However, you must have a regular source of income to make sure you are able to make the repayments on your title loan on time. That can be a monthly settlement check, Social Security, money from independent contract work, or self-employment.

A reason why many people are driven to vehicle title loans is that the private lenders offering them don't require specific employment or that they are employed for a particular time before getting approval.

automobile collateral loan in Utah

A third element of what's the best automobile collateral loan for those with bad credit are private lenders that don't require a checking account. Many people who suffer from low credit scores often don't have checking accounts.

That happens for many reasons. Banks don't always approve an account because of negative aspects of the person's financial background, like currently having a very low credit score or a history of mismanagement of an account at another bank.

Some people simply don't make enough money to be able to open an account according to bank requirements. Yet, an emergency happens and they need fast cash.

How To Find Vehicle Loans For Bad Credit

The place to find what is the best automobile collateral loan for those with bad credit in Utah is with Utah Title Loans Inc. when you need help. This private lender offers title loans, signature installment loans, and payday loans so it has options for many in a bad credit situation. 

Title loan offerings range from $300 to $15,000 and most Utah residents would fit the criteria to apply. You have to be at least 18 years old with a Utah driver's license or state-issued ID, have a clean title to your vehicle showing you are the sole owner, and have your vehicle available for an inspection. 

The title must match the vehicle's VIN and it must be in your name, showing you are the sole owner of the car without an outstanding lien or judgment held against the title. This private lender has worked with people in all types of credit levels and will consider those with bad credit or no credit for these types of loans.

What's the best automobile collateral loan for those with bad credit? One answer would be convenience. Utah Title Loans Inc. has an online inquiry form on the website that you can fill out and have a loan representative from the nearest location to you call. 

The loan representative will discuss your needs, answer questions, and explain the process. A benefit of using the online inquiry form is that it gives you the option of either coming into the store to apply for a title loan or having the representative come to you. They will meet you anywhere you choose, making it a convenient experience. 

You will still need to bring your documents and vehicle to the meeting. The loan representative will validate those, look at the VIN, and do an inspection of the vehicle. The inspection will determine how much you will be eligible to borrow. The meeting can be completed in less than 30 minutes and you will know by the end of it whether you're approved.

The money will be made available to you either the same day or the following business day. The car stays with you to continue driving it as you repay the loan. You have equity that you've paid for in your vehicle and, for some, it makes sense to tap into that to pay for an unexpected expense.

Woman with cash from automobile title loan

Get More Information Today!

Now that you know the advantages and you know about Utah Title Loans, Inc., all you have to do is begin the process. Filling out the online form will help you decide what's the best automobile collateral loan is because it puts you in touch with someone from Utah Title Loans Inc. who can answer your questions.

Those with bad credit know their financing options can be limited with traditional lending so it doesn't hurt to know what vehicle title loans can do in an emergency. Submit the form today and see if this private lender can help with short-term financing despite your low credit score! 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.