Title Loans On A Boat Title loans are secured loans that use your vehicle’s title as collateral so that you don’t need to support the loan with a good credit history or minimum income. These are short-term loans with higher interest rates that are designed to be repaid as quickly as possible to keep the […]
Title Loans On A Boat
Title loans are secured loans that use your vehicle’s title as collateral so that you don’t need to support the loan with a good credit history or minimum income. These are short-term loans with higher interest rates that are designed to be repaid as quickly as possible to keep the interest from accruing to an impossibly high amount. Most people are familiar with auto title loans but aren’t aware that title loans are available for just about any vehicle imaginable. You read it right. If it’s a vehicle and you own a title for it, you can likely get some form of title loan for it.
The FTC (Federal Trade Commission) regulates title loans so that they are fair to consumers. They do a great job of informing customers about what are title loans and what customers should watch out for. As a loan customer, it’s wise to be familiar with this type of information so that you know how to make the most of a title loan. There isn’t as much information out there about title loans on BOATS, however, which is unfortunate. Many boat owners are unaware that they can get cash for the title of their boat.
How To Get Some Extra Cash From Your Boat
Just like car title loans, you can use boat titles in the same way as your auto title. Your boat’s value is what will determine the amount of your loan and your title is going to be what secures the loan for you. Since the boat is used as collateral, there’s no credit check and in most cases you won’t even have to undergo a vehicle inspection. This sames a lot of time during the application process and frees up the way to get cash in a hurry.
Despite the fact that the majority of boats won’t bring in as much money as a title loan on an expensive car, it’s still going to give you extra cash that you need in case you encounter a financial burden you can’t endure in the short term. For example, many people need extra cash to pay off disconnection notices on utilities. They might need extra cash to fend off an eviction or to pay an urgent car repair that must be paid off for the person to get to work. There is much advice on how to get the most out of a title loan. All of these tips are for the benefit of customers. Now that you know how to get some extra cash from your boat, you might want to know some about the benefits of doing so.
Reasons For Taking Out A Title Loan On A Boat
The reasons mentioned above are all great reasons for taking out a loan, but there are still more advantages to this type of loan. First of all, it’s usually approved the same day and money is deposited in your account in 24 hours or less. If you need emergency funds and you’ve got bad credit, you can’t find a better loan than this, especially if it’s on a boat (luxury item). An often overlooked reason for taking out a title loan on a boat might be in getting a loan for a small business. Since lenders don’t tell you how to spend your loan funds, you aren’t limited to just paying off emergency bills.
If you have a very valuable boat, it’s entirely possible that you will qualify for a substantial amount of money. Some people own boats that are worth more than economy cars and some own boats that are worth more than luxury cars. Not everyone who is prosperous stays that way. After the period of prosperity is over, they may see their income dwindle but the valuable assets remain. To get back in the small business world, these people would benefit from taking out a vehicle title loan on their boat. From there, they can use the funds to start a new venture or patch up the financial loose ends of an old venture, paving the way for something new in the future.
How To Apply And Get Extra Cash
If all of this sounds appealing, don’t feel like you’re in the minority here. Many people still enjoy the many perks of the title loan. Unlike other types of loans that require a lot of paperwork and time for approval and final depositing of funds, you can have a title loan with very little work. Most of the work will go into repaying the loan and making sure that you retain possession of the vehicle that you used as collateral to get the loan.
Boat owners have a luxury item that might be less of a risk to them to put up as collateral. After all, if you lose a boat you might lose some beautiful times on the water, but you’re not going to lose your ride to work and a way to stay profitable in the world. If you’re intrigued and interested in title loans and own other types of vehicles like motorcycles or boats, you might want to test out their waters on your luxury vehicles first before venturing into full fledged title loans for a car. There’s no shame at all in sticking with the items that won’t cause a practical disaster in your life if you were to lose them from non-payment.
Applying for title loans is extremely easy! All you’re going to need is your key contact information such as name and phone number and your boat information, such as make, model, and year, so that the loan company can assess the value of your boat and determine how much money they can lend to you. Once you’ve entered those few things into an online form, you’re probably going to be approved for the loan and funds will be deposited into your hungry bank account the very next day. It doesn’t get any easier than that.