You offer your car title as collateral to get a loan from a lender.
(prHWY.com) July 24, 2012 - Dublin, OH -- So, what's a title loan? Honestly, it's just exactly how it sounds. You offer your car title as collateral to get a loan from a lender. In fact, there are many different types of car title loans available for you. Let's say, a traditional lender might take your title as collateral for a loan. However, here we will talk about the companies offering Title loan in Phoenix area.
Why should you get the car title Loan?
Well, there may be an array of reasons why would you at all want to use your car title to get a loan. Maybe because you have some bills, which possibly needs to be caught up; or may be because possibly you need some extra cash to possibly make it to the next payday. Perhaps you need to meet an emergency that makes quick cash necessary. In whatever way it goes the Arizona title loan offers you the ability to make use of your assets and get cash when you need it.
How does it Work?
Phoenix title loan has been typically as the short-term loans, which uses the title to the borrower's car as the secured collateral. Indeed, while the normal loans might have the APR anywhere from 4% to 39%, the car title loan has much higher APR than this. And this is certainly for good reasons such as, instant approval, fast cash and secured loan even with bad credit score. The higher interest rate is worthy indeed.
Finding the right type of title loan in phoenix would make you undergo different processes.
Here are certain prerequisites, which needs to be fulfilled
* A fully paid car under your name
* Model of the car
* Your driver's license
* Some basic contact information
Upon receiving the Arizona car title loan, you either will be required to make a lump sum payment or you are free to make payments upon the interest, if you cannot make a full payment. There are interest rates charged on this type of loan and generally, it is somewhere close to 300% interest.
Advantages of Phoenix title loan
Here are certain advantages of getting this kind of a loan
* Cash whenever you need it
* Get instant cash, regardless of credit
* You can use the cash in any way you see fit
* This is a rather small loan, easier to pay back
For more details please visit at:
http://www.phoenixcartitle.com
This content has been taken from:
http://www.ideamarketers.com/?articleid=3424908&wherefrom=LOGIN&CFID=210250867&CFTOKEN=88982946
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