Pompano Beach Car Title Loans Will Get You The Cash You Need And Help You Build Your Credit
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Do you need emergency money but not sure where to turn? Pompano Beach car title loans is a fast and easy way to get the cash without bad credit getting in your way.
Velocity Car Title Loans is the preferred Loan Agency of the Tri-County Chamber of Commerce, one of the largest Chambers in the United States
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Pompano Beach Car Title Loans
Understanding the Benefits and Risks of Pompano Beach Car Title Loans
A Pompano Beach car title loan is a secured loan that puts your vehicles title up as collateral by means of placing a lien on it. These types of short-term secured loans were predated by the pay day loan that came with much higher interest rates and much risker default rates and rollover occurrences. These types of quick cash loans became very popular in the nineteen nineties and continue to climb amidst all the controversy surrounding them.
Little Risk, Fast Money
Most Pompano Beach car title loans come with the same risks as normal auto loans but provide benefits to those that need fast cash in little time when they cannot secure funding from other lending avenues such as bank loans or lending franchises. They do come with a higher percentage rate, but if the person with bad credit could get lending elsewhere, the bad credit would lend itself to making the interest rate to be higher on that loan anyway.
The Benefits to Pompano Beach Car Title Loans
Most Pompano Beach auto title loans companies offer are legit and trustworthy so you can get your money in as little as one to two days. The approval process is easier than traditional lending practices and requires no credit check. You get to continue to drive your car and reap the benefits of quick cash at the same time. They are a short-term loan, generally for one or two months and sometimes a week is possible. The rollover and repossession rate is low at around six to ten percent of the over three and a half million consumers that have used this non-bank lending avenue over the last three years.
The Risks of Car Title Loans
Now like most locations that offer title loans, the Pompano Beach car title loans, in Broward County Florida, title lending businesses offer to their local communities do come with some risks. These risks are not any different than normal original car loans or even home equity loans have. The need to outright own your vehicle is a must and having a clear title with no liens is as well. The first and foremost risk that is of great concern to most and causing the most controversy is the repossession of the vehicle if you default on the loan. This should not be a shock because every car loan you take out comes with the same risk.
Rollover Risk
The other risk lies in the rollover of the loan where you cannot make the payments and have to roll the remainder into another loan. This is really no different than taking out a home equity loan on your home or refinancing your vehicle. It is merely extending the life of the loan to spread it out over time and giving you funds in return and giving you longer to be able to pay. If you are in need of any number of Pompano Beach car title loans title lending companies has to offer, make sure the benefits outweigh the risks for your needs of fast cash. Always make sure you can repay the loan and have a steady cash flow to enable this to be able to steer clear of the repossession and rollover issues.
Call us today for a car title loan in Pompano Beach Florida
