When it comes to loans then today a number of loan options are available. Now you can either take loan from your bank or form a title lender. Now, if you are thinking that how Auto Title Loans are different from traditional loans then here we are listing a few of them to help you get a better understanding of the car title loans online.
If we talk about regular or traditional loan options then credit check is an important part of the loan procedure. On the other hand, in case of Car Title Loans Online, credit checks are not a part of the loan procedure. As a result, every one irrespective of their credit score can apply for auto title loans.
In case of traditional loans you need a guarantor, who can take guarantee of your loan application. But, when applying for auto title loans you don’t have to worry about any guarantor. As a result, these loans are completely confidential and help you ensure your privacy.
Auto title loans are popular as short term loans. So, when applying for these loans, you must be ready to pay back your loan amount in maximum 12-24 months. But, in case of traditional loans you can take years of time to pay your loan conveniently.
Car title loans are given at a higher interest rate of 25% while other loans can be taken at a comparatively lower interest rate.