Simply put, a boat title loan enables you to use the pink slip from your boat as collateral on a secured loan. This type of title loan is no different in theory compared to an auto or motorcycle loan. You used to be able to walk into your local pawn shop and let them hold the title to your boat as collateral. The problem was you weren’t able to keep using your boat! With the increase in online lenders over the past few years, we’ve seen more and more companies offer money for your pink slip. With this lending program, you still get to use your boat. That’s a good thing if you ask us!
Allow us to explain in further detail how this type of financing works. Let’s say you physically possess the title to a boat and need quick money to pay for an emergency expense. Equity title loans and even registration loans allow you to exchange the title for a cash sum. This arrangement reflects the value of the boat plus some other variables. These can include issues like your employment history and take-home income.
If you default on a boat title loan, the pink slip will remain with the lender. Per the contract terms, you will likely lose your property unless you work out a payment arrangement. The repossession process functions much like if you took out a car title loan. Check your state’s regulations to determine what happens if you fall behind or face repossession. Those who can repay their online loans on time (plus interest and any fees) are the best candidates.
Many companies offer boat equity financing besides their core product which is a car title loan. Most of these companies also provide payday and cash advance loans for consumers who lack collateral. As with any secured loan, It’s good to shop around and find a company that allows you to apply for a 24 hour title loan online.
Boat title loans are a secured type of loan that lets you tap into the equity from a typical ABA-approved boat. The title functions as collateral, which secures the online loan so that it’s less of a risk for the lender. It’s a convenient way to borrow against at least the boat’s value without selling it! It’s best for those who don’t want to apply for unsecured loans. Or a borrower may not want to use the vehicle as collateral.
Sometimes, you may only be able to borrow fifty percent of the boat’s value. Lenders have different terms, so know exactly how much you can borrow against your vessel. When you apply, you’ll need to have information about your collateral. Details include its model, where it’s moored or “parked”. Some companies will also require the watercraft’s valuation and the year the boat was manufactured.
Much like a motorcycle title loan, an equity loan for a boat is a good fit for those with spotty credit or past financial problems. The collateral provided will override a borrower’s need for a good credit score. Money that you receive may be utilized for any purpose, from paying a child’s college tuition to home repairs and beyond. Since you’ll be able to keep the vessel as long as your loan is repaid, an online title loan has advantages. You’ll need to be very careful about making timely payments and repaying them in full. Now that you know more about boat title loans, why not shop around for the right lender today? Look for a lower rate of interest, ethical loan terms, and a strong business reputation.
Would you instead work with a local lender that offers title loans for boats in your neighborhood? Some people prefer to meet face to face with the lender and you can typically complete the application and boat inspection in less than an hour. After that, you’ll need to sign some paperwork, sign over the boat’s title, and agree on a lending amount. If you meet with a storefront company, expect to have the cash in your bank account within one business day. Contact Car Title Loans 123 at 844-567-5011 about instant online boat title loans near me. We’ll work on your application in a short amount of time and connect you with a local lender!