YOUR CREDIT SCORE DOESN’T MATTER, YOU CAN REFINANCE!
You’ve heard about the importance of having a good credit rating if you’d like to refinance any type of loan. But did you know that there are ways to finance your auto title loan with no credit check?
This is because Phoenix lenders generally don’t need your credit score or credit rating in order to give you a quick cash car loan. Why’s this? For many reasons, one of the main ones being that the report that your lender receives could be significantly different from the one you, as the consumer, receive.
That’s because each agency for credit reporting uses slightly different scoring systems. This holds true of the main credit reporting agencies: Experian, Equifax and Transunion. They each have different categories that they place the consumer in, and the report the lender receives could be inaccurate by at least two or more than that in separate categories. The end result is that the credit report that you just spent good money to buy may be quite a bit different. It might vary than the one the lender uses to determine whether or not to let you borrow the money you’d like to borrow.
One of the biggest and possibly easiest ways to refinance your auto title loan with no credit check is through what’s called a car title loan. The auto title loan is a secured loan given on a short term basis. It’s short term so it doesn’t require a credit rating check making it a great option for someone with poor credit history, or no credit history at all.
Instead of your credit, a car loan is given on the basis of keeping the car as collateral making it a secure loan. This means that you can get a loan for up to 75% of the equity on your vehicle after it’s been evaluated and inspected according to the standards of the lender. The amount of money you may qualify for could be anywhere from $2,500 – $10,000.
But in order to qualify for this type of loan, you need to own the vehicle completely. You’re also required to have a steady job for constant income. The minimum required amount will vary between lenders.
The process to refinancing your auto title loan with no credit check is easy. You’ll need to fill out an online application and submit it with any required documentation. Once approved, you’ll still get to drive your vehicle for the full term of the loan.
The car title loan will need to be repaid. Repayment is generally within a 30 day period. The plus side is that you’ll get the cash you need quickly. The downside is that the interest is usually high. Make an educated choice and know your interest fees before signing the papers.
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