How a Car Title loan can help you during Bankruptcy
For any low-income earners, getting a loan is inevitable; filing for bankruptcy can even make it a lot more challenging. You are faced with thoughts like, who is going to lend me money with my status? Will I ever get the money to run my life?
Without any doubts, getting any loan from banks during bankruptcy is almost insurmountable task. They already know your financial status and they will do everything possible to avoid lending you money aware that you may not be able to pay back.
However, a car title loan can help you to get a decent amount to spend taking care of one expense or the other. The car title loan has gained popularity over the years and more people are beginning to see the benefits of possesses.
These are the steps you need to follow to obtain a car title loan after filing for bankruptcy:
1 Evaluate your car’s value
You need to check how much your car is worth presently. The car make, mode and year of production determine how much value your vehicle carries, and that will automatically determine how much the lenders are willing to entrust you with. Usually you can get between a quarter or half of your car’s worth in loan.
2 Check the amount you need to borrow
While our needs are different, each borrower needs to decide the exact amount he needs which will be based on what he intends to do with the loan. Is it to start a business, to take care of pressing needs or to do some other stuff known to the borrower?
3 Choose your prefer Loan Option
For people that have filed for bankruptcy, bank loans are no-go-area. You are left with fewer options of online lenders, credit unions and other financial institutions. You must check online for the best deal. Compare the amount of loan you can access, the interest rate and the repayment plan. Taking the time to gather information about this will help you in making the best choice.
4 Review your Chosen Option
After choosing your preferred lenders, you will do yourself good to do some research on the lending platform. Are they reliable, do they have good ratings and reviews from past customers?
5 Set up a Repayment Plan
Before you apply for the loan, you have to analyze your repayment plan. How do you intend to repay your loan? Are you taking a job or paying from income from side hustle? It can be embarrassing when you fail to repay your loan, you risk losing your car to the lender so you have to be proactive as a borrower
6 Apply for the Loan
For many online lenders, a car title loan application time is relatively faster and the process more seamless. Complete the necessary information about yourself, upload the required documents and submit your application. You will be surprised that within a twinkle of an eye the money will be released into your bank for your use.
Don’t let your bankruptcy status deprive you of enjoying the benefits of owning of leading a normal life. Why not consider a car title loan?