Need to raise some money urgently and are unable to decide whether you should go in for a car title loan or a traditional bank loan. This is a common query many people have when they need to arrange for money at short notice. Most people approach banks as they definitely are one of the affordable ways to raise money, but not without some disadvantages. Here are some of the major drawbacks of preferring a bank loan-
- Banks loans generally are given to people who can provide a specific reason for why they need a loan like purchasing a house, buying a new car, for starting a new business, for education, or to buy some property Banks generally do not entertain loan requirements to go on a vacation, renovation of your home or to pay off an outstanding debt.
- To apply for a bank loan, people have to show that they have fairly high credit scores. Also, you need to have an absolutely clean credit report, without any bad remarks for late payments and the likes. Any previous record of repossession, loan defaulting or bankruptcy also does make you eligible to apply for loans at reputed banks.
- Getting a bank loan often is a long- drawn process is pretty slow and will not be available within a short period of time. Most loans take a couple of weeks and sometimes even months before they are sanctioned. If you are in an urgent need of funds to tide you over you’re your immediate requirement a traditional bank loan is definitely not an option that you should be considering.
The best thing for you would be to go in for a car title loan. Car title loans can be found here if you’re in Texas. Be assure d you have reached the right destination and you will soon be relieved of any financial burden that you have.