If your summer doesn't feel complete until you dip your toes in the sand or take a hike in the cool mountain air, you should plan your summer vacation now! However, your bank account may not agree with your desire to travel. A title loan is one alternative to help you pay for your dream vacation.
To take out a title loan, you need to have a paid-off vehicle, such as a car, motor home, or other recreational vehicle. The vehicle acts as collateral for the lender who issues the title loan. How much you can borrow largely depends on the value of your collateral.
Title loans do not require a credit check or income verification, making them ideal for borrowers who do not qualify for conventional loans. Check out a few reasons you should consider using a title loan to pay for your vacation.
1. A Quick Loan Process Helps You Get Your Preferred Lodging
Depending on your vacation destination, your preferred lodging may fill up before you have a chance to reserve your spot. A title loan prevents this from happening thanks to the quick and easy application process. The application process generally takes less than an hour, and you can leave with your cash the same day that you apply.
The quick process helps you take advantage of trips with limited space or trips that have only a small number of VIP spots. Don't miss out on your trip simply because you have to wait until payday. Some title loan lenders even give you a short interest-free period to minimize the costs of your title loan.
2. Cash on Hand Helps You Take Advantage of Cheaper Travel Rates
By having cash on hand from your title loan, you have an extra degree of financial flexibility that ensures you get the best price for your trip. For example, many travel experts recommend booking an international flight two to three months in advance of your travel date to procure the cheapest airfare.
However, if this prime booking time occurs when you are short on cash or counting down the days until your next payday, you may not be able to take advantage of the deals. A title loan helps you attain these affordable rates. You can also make certain that you have ample cash to utilize any discounts or travel promotions.
One way to get a lower hotel rate and a discount on your airfare is to book both of these items at the same time. If your savings account only has enough funds to book one part of your trip, you may end up increasing the total cost of your trip than if you had extra cash to book the entire trip at once.
3. A Title Loan Makes It More Convenient to Book a Group Vacation
One of the downsides of booking a group vacation is that it can take time for everyone to pitch in for their share of the trip. If no one in the group has enough cash or available credit to temporarily cover the entire cost of the trip, you may have to delay reserving your transportation or lodging until you collect funds from everyone.
A title loan provides you with a lump sum of cash to book your hotel, pay for a rental car, or cover the cost of your flights. So it gives you extra time to collect the cash from trip attendees without putting your trip in jeopardy.
The length of your title loan varies based on your lender's policies, but you usually have at least a few months to gather
cash from everyone and repay the loan. If you wind up needing a bit more time on your loan to obtain cash from your travel mates, many lenders are willing to extend your loan term if you are up-to-date on your payments or fees.