5 Benefits of Car Title Loans and One Important Warning

Published on: 22 March 2021 Last Updated on: 21 December 2024

Benefits of car title loans include ease, speed, and lack of influence from your credit score to name a few. However, one must remember that ‘easy cash’ is never truly easy and treat this method of financing as an extreme case aid that it is.

5 Most Important Benefits of Car Title Loans :

1. A quick source of cash :

The process of taking out a car title loan is so simple, you’ll have money on hand within a few hours. You won’t even need to collect any specialized paperwork to apply. The majority of lenders only require a simple form that you can complete in under 10 minutes.

2. Your credit score is irrelevant :

Any car owner can get this type of loan as long as their vehicle is worth more than the loan amount and they have a source of income. Your credit score won’t even be asked when applying for auto title loans.

3. Your car stays with you :

One of the most important benefits of car title loans is that you don’t have to give up your car after taking one. That’s why this financing method is so great as you won’t be deprived of an asset that you need to make money for repaying the debt. Note that you can even take out this loan in order to pay for car repairs.

4. Interest rates are lower than payday loans :

The majority of payday loans and various cash advances that are often used as a quick source of cash have very ‘unfriendly’ terms. That’s because those financing options are extremely risky for the lender as they literally give you money for free. You can get some idea of how ‘not cheap;’ those loans are from the PEW Charitable Trusts statistics. Car title loans, on the other hand, have default collateral, which is your vehicle. This enables the lenders to cut down the interest rates and make the overall terms more favorable.

5. Flexible payback schemes :

Paying off a car title loan will be easier than many other quick cash options because these plans are very flexible. Due to the collateral, lenders feel more secure and therefore are open to negotiations. You can definitely hope to get a long-term installment plan adjusted to your personal needs.

One Warning About Auto Title Loans :

First of all, you need to understand that this warning does not negate the benefits of car title loans in any way. Instead, like any warning, it’s here to remind you not to abuse the good thing that this financing offers. It’ might be easy to fall into the trap of ‘easy money’ illusion and take out a greater loan than you are able to handle.

To prevent this, you should consider your reasons very carefully. Do you need cash badly? Is your situation an emergency? When will you be able to get the money needed to pay off the debt?

Take out this loan only if your answer to the first two questions is ‘yes’. The last one is necessary to plan out the best payback scheme for your circumstances.

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7 Important Car Driving Safety Tips You Should Not Skip!

Are you following all the traffic rules while car driving? If no, then you must start doing it right away! No matter how advanced the technology becomes in lowering the chances of any mishappenings, still it takes place, and mostly due to the person's negligence. Whether it's because of ignoring safety rules or due to rash driving, the number will be going to increase if you are not careful. Thus, it is always a good idea to remind yourself about the safety rules from time to time if you want to boost your chances to stay safe on the road. So, make sure that you are careful enough to sustain yourself as well as other drivers and other people as safe as possible following these safety tips: Never Skip On Your Seat Belt: Wearing your Seat belt is something which is the essential step to stay safe if an accident occurs. It will not only save you from hitting you out from the sudden mishap but also severe injuries to your body. There would be higher chances of reducing injuries if you wear your seat belt every time. Keep all your documents with you! If you get involved in a car accident, you may need to hire an attorney! This is where your attorney will need those documents that are mandatory in the car accident lawsuit process to help you in the legal formalities. He will not only help you recover money from the insurance company, but also help you recover medical expenses, and in other legal procedures. Maintain the Standard Speed Limit: Who does not like to enjoy a fun ride with friends? Probably, everyone! But, this can be a life-threatening activity or can leave you with permanent disabilities. Thus, it plays a major role in controlling traffic accidents. Approximately 2 million drivers experience a permanent injury every year. So, next time, when you sit in your car, make sure that you maintain the standard speed. Follow Traffic Rules, Always! It is yet again one of the primary causes of encouraging road accidents that most people tend to avoid. Taking a risk when the signal is red can cause you as well as other people some serious injuries. Or, overtaking other's vehicle from the wrong side can damage your vehicle and devastating. So, above are just a few examples to remind you that following traffic rules is still crucial. Drink And Drive Is A Big No! First, you must know that drunk and drive is illegal. So, if you are drunk while driving, there are two things you may invite: First, it can lead to a car accident, as low blood alcohol levels result in intoxication, which reduces the reaction time. While higher alcohol levels result in loss of consciousness and create blurred vision. Second, you may have to pay a heavy fine, or even it can put you in jail. So, always remember to drive when you are well. Do Not Let Yourself Distract From Anything! Any kinds of distraction like eating food, using mobile phones, talking to others, etc. can be hazardous for you and others too. Moreover, doing so can divert your attention from the road, and your responding time becomes slow in critical situations. Be Extra Careful In the Rainy Season: A person is considered a better driver if he can drive correctly in all weather conditions. And, when it comes to the rainy season, you need to pay extra attention than regular driving. You should drive maintaining a proper distance, with lower speed limits, being careful in turns and slippery roads, etc. Follow these 6 tips and all of the safety rules of the road, and you will be on your way being an attentive and responsible driver! Read Also: 7 Things To Do When Driving In Bad Weather Conditions How Do Self-Driving Cars Really Compare To Human Drivers In Terms Of Safety?

Freight Factoring is Solving Common Trucking Challenges

According to the American Trucking Associations (ATA), U.S. freight volume has risen 4.2% in 2008, fuelled in no small part by a manufacturing industry rebound as well as a healthy economy. ATA Chief Economist Bob Costello says that the growth rate is expected to ease to 2.3% per year from 2019 through 2024. This growth rate, however, will offer very little relief to shippers who still struggle with a driver shortage. According to Fortune, this lack of qualified drivers many trucking companies competing for the same small pool of workers, with some companies complaining that only 1% to 2% of applicants meet the necessary requirements. This shortage is creating a noticeable ripple effect, as companies vying for workers who meet the necessary qualifications are offering much higher pay and signing bonuses. According to the ATA, the median pay for drivers in this category is $59,000, while experienced drivers working for private fleets see as much as $86,000 a year. Trucking companies are paying more than ever to secure capable drivers, and when you combine these expenses with rising fuel and maintenance costs it’s no wonder that so many owners experience frequent cash flow issues. It’s obvious why the trucking industry is considered to be a challenging one. The good news for owners is freight factoring has become an increasingly popular and mainstream financial solution to accessing immediate funding. Freight factoring is an arrangement between a factoring company and a trucking company, in which both parties benefit. A trucking company sells its unpaid invoices at a discounted rate to a factoring company in exchange for a cash advance, allowing them to meet their expenses. The factoring company charges a nominal fee while holding a percentage of the invoice amount in reserve. The factoring company, as part of its service, collects on the invoice from the original customer, and when they do, the percentage held in reserve is remitted. Click here to learn more about the ins and outs of invoice factoring and how it can help your trucking company thrive in challenging times. This straightforward arrangement solves an ever-present cash flow issue that many trucking companies face. By factoring invoices, owners have access to cash they need to pay their drivers and meet other costs, while no longer sinking valuable time into making collections and tracking down payments. Without freight factoring, trucking companies are at the mercy of slow-paying customers and will wait 30 to 60 or even 90 days to receive much-needed payment for deliveries they’ve already made. Freight factoring from a reliable company such as Accutrac Capital provides a much-needed cash flow surge to: Start-up operations High-growth companies with insufficient working capital Companies in transition Companies experiencing a tough year or experiencing a change of ownership In a world where overhead costs — such as rising driver wages — can outpace cash on hand, factoring restores the value of overdue invoices and frees trucking company owners to concentrate on growth and customer service, rather than worrying about chasing down payments. If you run a small trucking company or a nationwide fleet, freight factoring could be the cash flow solution you’ve been looking for. Read Also: Top Tips To Know For Renting Flatbed Trailer

What to Do if You’re in an Accident with a Placarded Truck in Tampa

An accident involving any kind of vehicle or vehicles has the potential to cause great harm for a number of reasons. In addition to the collision of metal, glass, and rubber, the combustion of either vehicle’s fuel tank is a significant factor with which to contend. If one of those vehicles is a placarded truck however, the dangers multiply over and over again. What is a Placarded Truck in Tampa, Florida? Trucks are required, by law, to place specially designed placards on their vehicles when carrying hazardous materials. The type of hazards the materials possess, the amounts being transported, and whether or not these materials will be carried between or within state lines, all determine what colors and numbers the placards have. The transport of these chemicals and substances is quite a dangerous task, which is why placarded trucks are so highly regulated by the Federal government. Hazardous Materials Transported by Placarded Trucks Hazardous materials are categorized into classes based on toxicity, chemical makeup, solid/ liquid/ gaseous state, and how they are generally used. These designations were established by the Federal Motor Carrier Safety Administration, a section of the United States Department of Transportation. They include the following categories: Class 1: Explosives Class 2: Gases Class 3: Flammable and Combustible Liquid Class 4: Flammable Solids, Spontaneously Combustible, and Dangerous When Wet Class 5: Oxidizer and Organic Peroxide Class 6: Poison and Poison Inhalation Hazard Class 7: Radioactive Class 8: Corrosive Class 9: Miscellaneous What to Do if You Are in an Accident with a Truck Carrying Placarded Material in Tampa, Florida Given the inherent dangers involved with the materials listed above, it is important that you take extra measures to ensure your safety if you are ever in a crash with a placarded truck. Move as Far Out of the Area as Possible It is critical that you move as far away from the scene of the accident as possible. Seconds, milliseconds even, count far more than you may understand, even in the absence of a crisis. Call 911 Because combustion is very likely and because the risk of fatalities, injuries, long lasting trauma, and property damage are so high, the police, firemen, and additional first responders must be contacted. It is crucial that the departments contacted through 911 be notified that hazardous materials are involved. It is up to the truck driver and the company for whom they work to inform the police and other agencies of the exact nature of the materials being carried in their truck. Accept Medical Support from Emergency Medical Crews The list of possible injuries from an accident of this magnitude is long and painful. Burns, broken limbs, facial fractures, head injuries from flying debris and blunt force, poisoning, and respiratory distress are only a few of the conditions for which you and other survivors will have to be evaluated. We urge you to follow medical orders at the scene of the accident as well as the hospital to which you will be transported. Contact a car accident lawyer in Tampa, Florida If you are ever in accident of this nature, it is best that you contact a car accident lawyer in Tampa, Florida as soon as possible While you will need to recover, recoup, and refresh, your Tampa, Florida car accident lawyer will guide you through every step of the legal process that is sure to unfold.

5 Benefits of Car Title Loans and One Important Warning