Getting a Car Title Loan to Start Your Business
BY: M. RAFIQ ON MONDAY, AUGUST 13, 2018
There are many people that want to start their own small business and break away from the grueling 9-5 mold. However, one of the things that often stand in their way is finance. It can be very difficult to raise the money to start a business particularly if you have a low income or you have damaged credit. However, if you own your own vehicle, one thing you could do is turn to a car title loan, which is a loan that is secured against your vehicle.
If you are worried about finding car title loans near me, don’t worry as there are many lenders that offer this type of financing. In addition, you can do some research online and this will enable you to make an informed decision in relation to the provider you should use. Depending on the value of your vehicle, you could raise the money you need to get things started with your own business venture.
What you need to do
The first thing you need to do is determine how much money you need to get your business started, as this will enable you to see whether the car title loan will be sufficient. Once you know how much money you need to get things started, you need to have your vehicle valued so you know what it is worth. In general, car title loan provider will let you borrow a percentage of the vehicle’s value, and this is often 40 percent. So, you then need to determine whether 40 percent of the vehicle value will give you the funding you need to get your business venture off the ground.
If so, you need to make sure you check the terms and conditions set by the provider you are using. These can vary from one lender to another. For instance, some will insist that you leave a spare key with them until the loan is repaid while others may require you to have a tracker fitted to the vehicle so it can always be located. You also need to remember the importance of getting the loan paid off, as failing to make your repayments could mean losing your vehicle. This could be disastrous particularly if you need it for business.
You should make sure you check all of the figures before you sign on the dotted line. For instance, you need to know more about the interest that you will be charged, how long you have to repay the money you borrow, and how much you will be repaying each week or month. This will enable you to better assess affordability and decide whether this is the best loan solution for your needs. One of the key benefits of this type of loan is that you can get the money you need quickly, so if you want to get your business up and running without any further delays, this could be an ideal solution for you.