You are probably familiar with popular companies like Apple, Starbucks, and Honda, but those household names aren't necessarily the ones that make up the majority of businesses around you. And since it's become fashionable to support your small local business community, a few local shops you shop at might come to mind.
Small businesses are a vital segment of the American economy, but unfortunately, they don't often last in the long-term. According to the Bureau of Labor Statistics, about 50% of small businesses fail in the first five years.
Small business owners face a unique set of challenges that can vary from day to day, including logistics, staffing and maintaining a positive flow of liquid cash to keep the engine running. Which bring up another challenge: access to credit. Many business owners are financially stretched to the limit, and the banks don't like to see tight margins or a low savings balance when considering extending credit to a struggling business.
Whether you need extra cash to cover an expense until a client pays you or are experiencing a slow period that you need to weather, when the bank says no, where can you turn? A smart entrepreneur knows when to sit and wait, and when to leverage their assets to make the right move at the right time. Part being the boss is making the hard calls, and that often means budgeting, thinking creatively and exploring all the options that are available to you at any given moment.
For a growing number of small business owners working hard to stay afloat, that could mean using their company or personal vehicle to bridge a period of financial uncertainty. When you think of the phrase "auto title loans" your immediate reaction may be one of caution, and to a certain extent that is a prudent response. After all, we’ve all heard stories about the unfortunate individuals who used these products without a plan in place to repay.
The fact is, the modern title loan provider is far removed from the days of "Wild West" short-term lending. After years of government regulation and public scrutiny, the face of the title loan industry has changed dramatically. A more informed public has more quality options than ever before, and many of the predacious companies have simply gone out of business in the new era of sunlight on the industry at large.
Auto title loans are a short-term cash strategy that involves using your vehicle title as collateral for the loan. Once a lender secures the lien-free title of the eligible borrower’s vehicle, they could then supply them with fast access to emergency cash. In order to qualify, the automobile must be fully paid off and can’t be legally claimed by anyone else.
First, you need to fill out an online request form with basic information about yourself, your vehicle and your borrowing needs. A trained store representative will look over your request and call you back to go over possible borrowing scenarios. Next, you'll drive to their store to complete the title loan approval process and fill out some paperwork. Just make sure to bring your vehicle for inspection, the lien-free title, proof of income, and a government-issued photo I.D. before you arrive.
There are many benefits to getting an auto title loan, and here are five:
If you need more capital to make your small business even more successful, you should consider auto title loans. At many title loan companies, you can get as much as $15,000 in exchange for an auto title loan.
Getting a title loan no longer carries the same stigma as it once did, and your local title loan provider is not just a trusted member of the business community, they are invaluable allies to small business owners in need.