I have Filed For Bankruptcy, Am I Eligible For An Auto Title Loan?
Filing bankruptcy is not an easy decision but at the time, it may be the only option you have. However, in the long run, you will most likely find that the long term affect of that can prevent you from obtaining a loan in the future when you need it the most. When you file bankruptcy, it will stay on your credit for a total of ten years before it will be removed.
An option that most Americans are considering these days is applying for a car title loan. This type of loan is a possibility for those who need to have money but doesn’t have the credit score that would secure the loan. A car title loan is a little easier to obtain than an original loan. Basically you can apply for a loan and as long as your car title loan will stand good for the amount you are requesting, you can get it. If you are requesting a higher amount, then your car title loan alone may not be good enough.
There are several risks to applying for a car title loan. First you need to know everything about the lender. You need to do your research to make sure that the lender will hold to their contracts and return the car title loan once you pay off the loan. There are always risks involved with any type of loan but you can check the Better Business Bureau before you apply to make sure that the company you are dealing with is suitable.
Do you think that a car title loan is going to be worth it? This is going to depend on several factors. One, is the financial institution abiding by the standards set forth in the contracts and terms? Is the automobile that you have valued at the amount that you want to borrow? Are you able to prove your income, your place of residence, and your age? There are many factors to consider before you take out a loan on your car. For most everyone who needs to borrow money, they do not feel bad about their decision to borrow money on a car title loan. They do want to make sure that they are able to pay back the money and to have a back up plan if their original means of paying back the money falls through. It’s important to stick to your word and pay back as stated in order to maintain a good standing.