When you want or need to get a personal loan and face challenges due to your credit score with your typical lenders in Alberta, quick car title loans are a convenience that many overlook.
There are many benefits to getting a car title loan in Alberta. There is no credit check like other typical lenders like credit institutions or banks. All you need is the title of your vehicle available to use as collateral for your loan. This brings me to my next point.
When you have a vehicle, you want to get the most out of it and beyond kilometres. Although your vehicle is considered a depreciating asset, you might be able to leverage your vehicle for a cash loan for various reasons.
Here are some of the things you can use your vehicle for.
1. Get out of a personal jam
Many of us have all been in a tight spot financially. Unexpected expenses, injured on the job, medical expenses, pandemic layoffs, and many other reasons that work or money might not be available. You can use your car title loan to help you get out of a tight spot and get you back on track. The payments are drawn out over longer terms over a more extended period, which will help make your payments more affordable.
2. Repay a personal debt
Sometimes we need to ensure we take on more responsibility for our debts to save relationships with others that have loaned us money. I had to borrow some money from a friend to get through a hard time. The money I borrowed was to be returned by an agreed-upon date. That date came, and I did not have the money. Instead of keeping my friend waiting, I had to get a quick loan for the amount I owed my friend and paid him back on time. The quick loan allowed me to make small payments over time, and I fully recovered from my situation without harming a friendship.
3. Investment opportunity
You might have an investment opportunity arise, or you might need some quick capital for your business start-up. Obtaining a car title loan will help with this. Your money that is tied up in your vehicle could be an asset and an opportunity for gain. Cryptocurrency is quick on the rise, and there are some opportunities in the stock market. Maybe a friend is asking for some money for you to invest in her business. You agree, and she gives you a residual percentage of her business from her profits. There are many other examples of ways to invest your money for quicker returns – it is simply about finding the most proven methods and surefire opportunities to take advantage of.
4. Down payment leverage
If you have issues getting a house or a car because you need to provide a certain amount for a down payment, getting a quick car title loan will help. The money you can get from your title loan will allow you to obtain a mortgage or a second vehicle for another family member. There are many things you might need a down payment for. You could have the consistent income to repay the loan, but not the best credit. Leveraging the equity in your vehicle is an excellent way to take advantage of your investment without worrying about credit.
Car title loans are a safe and secure way to have access to quick cash. Just make sure you can make your payments and have a secure plan in place, and you can benefit from all the above.