Can I Get a Loan Using My Car as Collateral?
If you own a car and need fast cash, you’re in luck. You can use your car as collateral to get a loan and receive quick funds to cover your expenses. Here’s a closer look at how title loans work and the benefits that come with getting one.
Can I use my car as collateral for a loan?
Title loans are small secured loans that allow you to use your car as collateral. After you get approved, you can continue to drive your car as you pay back the loan. You can qualify for a title loan as long as you own your car.
How do car title loans work?
A title loan is a secured loan that uses your car as collateral. Once you get approved for a title loan, you’ll give the lender your car title in exchange for a lump sum of money. The appraised value of your car will determine the amount of cash you’ll receive.
Benefits of getting a title loan using your car as collateral
There are a number of benefits of getting a title loan using your car as collateral, including:
Easy application process
You can apply for a title loan and get your car appraised in minutes.
As soon as your car gets appraised and you accept the offer, the lender may distribute your funds right away. You can enjoy fast cash and won’t have to wait weeks or months to receive your funds like you would with other types of loans.
You can keep driving your car
If you take out a title loan, you’ll be able to continue driving your car. Rest assured you won’t have to rent a car or depend on friends and family to get where you need to go.
You don’t need good credit
Title loans come with flexible requirements. Since you’re using your car as collateral, you may still get approved for a loan if you have bad credit.
Get a car title loan from Advance America
Advance America offers title loans that can give you quick access to the cash you need. Simply bring your car (for inspection only) and your title to a local Advance America store to get it appraised.
An employee will inspect your vehicle and give you a loan offer in minutes. As soon as you agree to the loan terms, you can receive your money. You’ll find the process to be fast and easy, and you won’t have to worry about needing good credit to get approved.