Life is uncertain and you never know when it will surprise you with unexpected challenges. Although this might sound very cruel, this is the real fact of life and no matter how much you try to be prepared for such uncertain events, there might be times when a situation knocks at the door and you find yourself helpless due to lack of enough cash. If you need quick cash and there is no possibility of lending money from a friend or a financial institution, don't lose heart because you can use your car to quickly raise the required amount of money to meet the immediate requirement.
There are two ways you can use your car to get quick cash - one is to approach a bank or non banking institution and apply for a loan against your car; and the other is to sell your vehicle at a lucrative rate. Let's first discuss the first option because if you get the required amount of loan against your car, you can later repay the loan amount and get your vehicle back however if you sell it out you lose the chance to get it back later.
Most of the financial institutions will readily provide loans to individuals against the security of the vehicle. As these types of loans are secured in nature, you will not have problems with your credit rating and other documentation issues. Those who are in a financial crisis will find this a reliable and quick way to get cash and resolve whatever problems they are facing in life. You don't necessarily need to be an existing customer in a bank in order to get a loan against your vehicle. You can simply look online to find the banks or non-banking companies that offer this facility and contact their representatives to further discuss on this.
Although loan against four wheelers is not a commonly advertised product, there are many leading banks that offer this scheme for new as well as used vehicles. This type of loan is also referred to as the car overdraft facility, and it is often compared to personal loans offered by banks. Similar to the personal loans, they can also be taken to a wide range of purposes and there's absolutely no restriction on the use of the money raised by this method.
Furthermore, as this is a secured type of loan the rate of interest on these loans is considerably less than the interest rates on personal loans. Depending on your requirement, you may borrow 85 to 90 percent of the value of the car as overdraft facility. The money borrowed through this method can be repaid within a time range of 3 years.
The second method to raise quick cash is to sell your car but there are several things that you may determine before doing this and the most important of all is deciding the selling price of the vehicle. You would first need to determine the total worth of your vehicle and market it through reliable sources to get the best price.
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