Do Car Title Loans Go on Your Credit?

May 26, 2022

Sometimes, a loan is the best way to cover an unexpected expense without making a dent in your savings. Many people find themselves unable to cover the costs of medical treatment or a repair job, even when they have a stable income. A loan can be a way to alleviate many financial problems, and a car title loan has the added benefit of reducing the timeframe people have to wait before actually getting the money they need.

Bad credit represents one of the most common reasons people look elsewhere when they're faced with the option of a loan. Banks, credit unions, and other traditional loan services are known for outright rejecting applicants with a bad credit score. In other cases, not being eligible for a loan is only half of the people's concerns. If someone is already struggling with bad credit, the possibility of adding more strains to their credit history will not be particularly appealing. You're not the only one wondering if car title loans will go on your credit, so let's clear up all doubts.

Choosing a Loan Without Affecting Your Credit

It's normal to worry about how a loan will affect your credit history. In fact, this is one of the first things people take into account when going over their loan options. Whether you have bad credit or you want to keep debts off your credit history, it's important to understand how the loan process can vary from one company to the next.

First of all, you need to confirm that you're eligible for a particular loan. Your eligibility not only depends on your credit status; there are many other factors to consider. When it comes to personal loans and payday loans, your income will determine whether you're capable of keeping up with a loan's monthly rates.

Even after becoming eligible for a loan, you need to pay attention to the repayment terms. Some companies allow clients to pay for their loans through a reasonably long window of time, but only by demanding higher interest rates in exchange. Different types of loans will calculate their interest rates in different ways, so you need to go over your options, comparing the amount of money you'd be expected to pay each month. Understandably, this is far from ideal when you need money fast.

What About Car Title Loans?

Car title loans are beneficial in a variety of scenarios. Some people may be dealing with a financial emergency, while others could be planning to take their business off the ground. Whatever the case, a car title loan is an accessible option that's quick and handy. It involves minimal paperwork and gets people the money they need when they need it, without an endless waiting period that gets them dangerously close to any payment deadline they may be bound to.

Using a vehicle's clear title as collateral, a car title loan offers from $2,500 to $25,000. Borrowers can choose to pay back the amount in a single payment or through multiple payments over a specific number of months. Now, regarding the main concern that many people share, do car title loans go on your credit?

Unlike most loan options, a car title loan company will not run credit checks on their clients. Good or bad credit, you're eligible for a car title loan while still having access to the multiple repayment options.

A car title loan will not have any impact on your credit score. Your credit history remains out of the loan process from the moment you finalize the loan agreement to the end of the loan term.

Now, you need to keep in mind that this also means that the loan progress is not reported to the credit bureau, so your credit doesn't get any benefits when you make a payment on time. Basically, your credit history stays unchanged so that you have a smoother process while building your credit after completing your loan payments.

You Can Trust Quick Cash Auto Loans

If you want a simple loan process while ensuring that the loan doesn't go on your credit, Quick Cash Auto Loans is the ideal solution. We offer a three-step process that's accessible for nearly all borrowers.

Unlike what happens when you apply for a loan with a bank, you don't have to worry about maintaining a good credit score while waiting to get approved for the loan. In fact, you hardly have to wait at all to secure the loan.

You can apply for a loan via our website's application form and get the money you need during your first visit to our offices, all of it without your credit score affecting the process in any way. You won't be asked about your financial records, and you won't lose your eligibility for a car title loan if you have bad credit.

After the inspection, our specialists will hash out the loan agreement with you, and you can walk out with your car and your money that same day. You'll be able to continue driving your vehicle\.

Quick Cash Auto Loans is a consumer finance company licensed in the State of Florida under Statute 516. For decades, we've helped countless clients alleviate their financial burdens with the most time-effective loan process in the industry. This includes all the options to help clients feel at ease when it comes to making their payments, like an advanced online payment system and interest rates as low as 1.50%.

You can always count on Quick Cash Auto Loans whenever you need to ease your money-related burden. Our specialists understand the importance of timely assistance, so they will provide all the options you need to make the process as stress-free as it can be. Learn more about our services by calling (786) 600-3411 or filling out the application form. If you're anywhere in South Florida, you can apply for a car title loan from your current location and save time while getting a head start on the loan process.

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