Have you found yourself in a financial bind and seeking a creative way to survive a tough moment in time? Don’t let stress get the best of you. Millions of Americans are trying to make ends meet while finding a new job, working to pay off unforeseen medical bills, or striving to buy school books and supplies.

Based on the equity (worth) of your car, you will be able to borrow up to a certain amount of money. Gaining approval for an auto title loan can make all the difference in the world and the process is quite simple.

Here are the steps to gaining quick cash via a car title loan:

• Fill out an application – You will be required to fill out an application for approval. You don’t have to worry about your credit being run. The application process is only between you and the lender. Your credit score doesn’t factor into the process.
• Provide proof of car ownership – To be approved for a car title loan, you must own your vehicle. You will be required to show your car title and your name must be on the document. If by chance there is a co-owner of your vehicle, you will need their approval as well to gain a cash loan.
• Supply driver’s license – In order to prove your identity, you are required to provide a valid driver’s license.
• Show proof of car insurance – It is also required by law that you prove you have current car insurance. Supply the auto title lender with your active auto insurance policy.

Approval for an auto title loan usually only takes 30 minutes at most. When approved, you will walk away with cash in hand.

Keep in mind as you take out a car equity loan that you budget enough for your monthly loan payments. You will reap the benefits of an auto title loan only if you pay it back as agreed upon. The sooner you pay off a car title loan the better.

With a careful strategy for quickly repaying your loan, you will be back on your feet in no time.

In order to better the environment and challenge American car makers to compete with the rapidly evolving car market, the Obama Administration has increased fuel economy standards to 54.5 miles per gallon. The standards are targeting automobiles and light-duty trucks made in 2025 and beyond. They were officially issued by the U.S. Department of Transportation and U.S. Environmental Protection Agency with the hopes of reducing greenhouse gas emissions and in theory saving consumers $1.7 trillion in gas costs. Additionally, it is projected that oil consumption will be reduced by 12 billion barrels.

“These fuel standards represent the single most important step we’ve taken to reduce our dependence on foreign oil,” said President Barack Obama through a press release. He also cited that families would greatly benefit from the standards in the near future

Because the United States is a nation that depends heavily on the automobile for both personal transportation and commerce, President Obama is certain that such a step will both strengthen the energy security and create a more sustainable economy in the long run.

Without a doubt, a growing number of U.S. citizens are finding daily living more challenging where finances are concerned. As result of traditional banks pulling back on personal and small business loanofferings, the automobile is playing an important role in the economy. Auto title loans are being offered at competitive rates. Noted as non-traditional short-term loans, car title loans are offered to those who own their vehicles outright and don’t depend on one’s credit rating.

In theory, the money saved at the gas pump due to fuel economy reforms will put money back into the pockets of those who need it most. Additionally, as Japan, Korea, and Germany develop automobiles with extremely high fuel economies, the United States auto industry will be able to better compete for years to come.

According to recent news reports, Americans are increasingly relying on car title loans to help them through though financial moments. Whether in need of funds for medical bills, schooling, home repairs, car repairs, or the mortgage, numerous individuals have been turned down in their effort to gain traditional bank loans. This has led many to seek alternate means to gain access to cash, which includes car title loans.

The following are five top reasons consumers are turning to auto title loans:  

1. No Credit Check Required – When applying for a traditional bank loan, a credit check is a requirement. However, auto title loans aren’t based on the intangible concept of a credit rating. The loan is granted based on the worth of an auto title loan applicant’s automobile.
2. Quick Access to Cash – Today’s auto title loans usually produce cash in less than an hour, while traditional bank loans can take much more time to gain.
3.  No Penalty for Early Loan Repayment – Unlike many loan forms that penalize individuals for paying their loan off quickly, auto title lenders provide their customers the freedom to pay their loan back as soon as possible. In fact, early repayment is encouraged.
4. Rates Getting More Competitive – Because of the increased demand for car title loans, interest rates are becoming more competitive each day. This provides individuals the opportunity to shop around for the best deal.
5. The Internet Has Led to Increased Accountability – As consumers have become more adept at reviewing companies throughout the United States, auto title lenders are constantly challenged to better their product offerings and services. It is possible to seek out a lender that is both trustworthy and cost-effective.

As the economy continues to be trying for many Americans, finance experts believe that car title loans will continue to be commonly sought out. In order for a consumer to benefit from such a loan, loan repayment should be taken seriously.

There are many myths out there surrounding auto title loans. The largest myth is that once an individual takes one, they will probably lose their car. In fact, a growing number of consumers are experiencing quite the opposite and successfully paying their loans off on a daily basis.

Since many traditional banks are limiting the lending of money to those with near perfect credit scores, millions of Americans with less than perfect scores are left to struggle when an emergency arises. This is why car title loans are becoming more popular each day. For those have recently taken money out against the equity of their automobile via an auto title loan or for those considering one, the following recommendations will come in handy:

• Know the Terms and Conditions of the Auto Title Loan – It is vital that a consumer know exactly what is expected of them – such as how many payments are due, the interest rate, late/missed payment penalties, and more.
• Budget for Monthly Loan Payments – Make sure that enough money is set aside to make each monthly payment on time. This may mean cutting down on entertainment funds, decreasing a cell rate plan, cancelling cable, or other bold money saving measures. If for any reason, a payment is late or missed, one may be subject to additional fees and/or increased interest rates.
• Set Aside Some of the Loaned Cash for Monthly Payments. At the time of an auto title loan it may be beneficial to put aside a portion of the cash gained for a handful of monthly payments. This gives an individual a bit of time to get on their feet financially, while still making payments in full and on time.
• Plan to Pay a Car Title Loan Off Early if Possible – The earlier a title loan is paid off, the more a consumer will benefit. One of the advantages of an auto title loan is that there is no penalty for paying the entire off early.

As the demand of auto title loans continues to grow over time, the market is expected to become more competitive. It is recommended that consumers get to know their title lenders and create an equitable relationship until the loan is paid off in full.