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car title loans in fremont

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Do Car Title Loan Lenders Care About Your Credit Score?

Do Car Title Loan Lenders Care About Your Credit Score?

Anyone who has bad credit knows that there can be serious implications in many areas of your life due to your difficult financial position. If you are trying to rent a home or get a loan you are likely to feel the implication of a bad credit score. However, the good news is that there are lenders who are not interested in your credit score and will approve your loan application even if you have bad credit. Car title loan lenders fall into this category.

What are Car Title Loans?

Car title loans are personal loans that use your car as collateral. This makes them secure loans. The loan amount is based on the current market value of your car, your ability to repay the loan and meeting the company’s credit criteria. The lender will become the new lien holder on the vehicle while you pay back the loan, but you get the cash and get and are able to continue driving your car for the entire loan period. Once the loan has been repaid the lien is removed and a clean title returns to you.

How Can They Offer Credit for Bad Credit?

Car title loan lenders are able to offer credit for bad credit because the loan is secured. This means that it poses less risk to the lender and they are able to offer more flexibility to the applicant.┬áThis makes the process smoother and faster making the loans available in less time. During the application process you will be asked personal questions and questions about your vehicle and if you meet the company’s credit criteria you might be approved for a loan in an amount starting from $2,600 and up.

Call today for your loan and discover how car title loan lenders do not care about your credit score.

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