A lot of people have the dream of starting their businesses; they have a ton of ideas in their brain that can transform the nation and even the whole universe at large. Unfortunately, starting a business no matter how little requires starting capital. With traditional banks extremely conscious of providing support for startups and family and friends having responsibilities that need urgent attention, the best alternative is to source for loans away from traditional lenders.
To transform your business idea into reality and prevent lack of fund from killing your dream, a car title loan can be the best available option. A car title loan requires the lender to use the tile of his car in securing the loan.
Unlike many other forms of loans, a title can loan is quicker and easier to access. The best thing about it is that it doesn’t focus on your credit history. As far as you own your car outright and you have the proof of ownership, you are good to go!
Step to take to get a car title loan to finance your business include the following;
- Submit your application online: The first step to take is to complete an online application. You will have to fill in some details about yourself and that of your car. Usually, the application process is swift and can be completedin the comfort of your home. For you to use your car title, you must be a minimum of 18 years old and as early stated, own a car that is lien-free. Additionally, the vehicle must not be more than ten years old.
- Await the Loan Approval: Getting approval on your submitted loan is quicker than ever. With the use of the internet and online tools, the online lending time has reduced considerably. After the lending company representative has verified the submitted application to be correct, you can be sure of getting the loan within a couple of minutes of completing the application
- Get the Loan in your Account: As soon as your loan has been approved, the exact amount you have applied for will be deposited directly into your bank account. You can count on a car title loan lender to credit your account within the same business day of obtaining loan approval
- Start your Business: You can use the money received from the car title loan in financing your business needs beginning on the same day; taxes, variable expenses, labor, advert placement, etc. Taking care of these costs will help you start operation as soon as possible.
Now that you have the initial capital to start your business, you must have a strategy to payback so that you don’t get into trouble with the loan provider. Do not let lack of fund deprive you the dream of owning a business, consider taking a car title loan which will give you the fund to begin your business rather than wasting money running your car with no value added to you.