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Are you looking to get a title loan in Tennessee? If so, you’ve come to the right place! Tennessee is a beautiful state with rolling hills, grassy plains, and large mountains.
At the core of Tennessee is Nashville, the state’s capital, and center of culture. Known for its influence on music culture, Nashville hosts the capitol building, a building that’s been around for over 150 years. Now a national landmark, this legislative hub in Tennessee is where all the great laws that surround lending laws in Tennessee were created. If you’re looking to get car title loans in Tennessee, look no further than this city. At Loan Cheetah, we have a number of offices in Nashville that will enable you to get a fantastic value for your vehicle.
What’s the deal with title loans?
Title loans are an interesting lending option available to everyone who lives in Tennessee. Let’s say you’ve started your own coffee shop. Business is going great, but, unexpectedly, one of your expensive espresso machines breaks! Oh no! These machines cost over ten thousand dollars and fixing this one is just not an option, it’s broken beyond repair. If you want your business to continue, what can you do? You can’t continue without a commercial espresso machine.
Traditionally, if you wanted to get a loan, you’d have to go to the bank. You walk into the bank and give them your information and everything they need. Then, the bank checks your credit history. The bank checks your history as a way to prove a few things:
So you go into the bank and you fill out all the corresponding paperwork, and after what seems like weeks and weeks and weeks, you get you result: you've been denied.
Why? The bank has determined that in the past, your credit history has made you an unreliable person to lend money to. You have bad credit. “But that was a number of years ago! I’ve paid my bills on time for years now! I was so young then!” In the end, it doesn’t matter. Your past mistakes still show up on your credit report today. The bank has denied your loan based on your past history, not on what your business can achieve, not on the fact that you’ve changed. In short, you’re being punished for your past misgivings.
Thankfully, this isn’t your only option. Despite your past history, the fruits of your recent labors have given you quite a lot. Most notably, two coffee delivery vehicles. These vehicles are your assets. You could sell one or both of these vehicles, but you’re going to get a resale price. This will likely be at least only 50% of what the vehicle is actually worth. Plus, if you sell those vehicles, you’ll no longer be able to offer delivery as one of your services. This could hurt your business dramatically.
We’ve already established a few things:
So what are you options? Well, as opposed to borrowing against your credit history, you could borrow money against your assets. Assets that money is borrowed against are called collateral. If you don’t pay your bills in a collateral loan, rather than punishing your credit history, the lender seizes control the of the collateral that you borrowed against.
In the case of a title loan, the collateral is your car’s title. If you use your car’s title as collateral, you won’t have to borrow against your credit history, nor will you be affected by your past mistakes. Since it’s easier to assess collateral than a person’s credit history, you’ll be able to get your loan significantly faster. Since the car’s title is what’s used as collateral as well you can keep driving your car. That’s right, not a single one of your customers will have to go without their morning Joe!
Loan Cheetah gives you these options, finding flexible payment plans that make sure you get to keep your car, as well as the ability to receive cash within 48 hours. So apply with us today and receive a free car title loan estimate to see how much you could borrow. Let’s summarize all the benefits of getting a title loan:
So, in this scenario, you get a decide to get a title loan with Loan Cheetah. You fill out the application right here on this page, and soon, after speaking with one of our representatives, you choose the best plan for you. You get plenty of money to buy a new espresso machine, and soon, business is better than ever! The new capital you’ve gained is enough to pay back your title loan within only a few months, and soon, your bill is completely paid, and the interest you paid is quite low. All that time, you were able to keep your car. Your business didn’t suffer, and the process itself was incredibly painless.
Is there any reason not to get a title loan? Fill out our application today to find a plan that works for you!