Auto Title Loans
Hello, I’m Karin. Everyone knows that you have to be exceptionally careful before using any sort of car title loan service especially when you need the money fast with the least hassle.
That’s why we’ve created this special page to advise on how to go about getting your next title loan without having to buy anything or risk using expensive car title loan companies.
Are Car Title Loans a Wise Choice?
No matter how optimistic you are, there’s just no denying the fact that millions of Americans are still battling to recover from the recent economic crisis. In fact, it’s not only in America where we’re feeling the pinch, but instead, the same applies to most of the world’s countries. With money being so tight, it comes as little surprise that there are so many people looking for loans, and in many cases, they need to find money urgently.
Fortunately for many, car title loans can be a real blessing in times of need. In this brief article, we’ll take a look some of the benefits of a title loan, and also how these types of loans can often get you out of troubled waters.
1. No Credit History Checks or Pre-Approval Procedures
Even if you have a poor credit history, including unpaid debts, you can still qualify for car title loans providing you have a clear car title.
2. Negotiating Interest Rates
While not all title loan companies are willing to negotiate interest rates, there are many loan providers who do. Given that interest rates are usually quite high across the board with auto title loans, being able to negotiate a rate can in fact save you a considerable amount of money, especially when money is tight in the first place.
3. Instant Cash
The exact time it takes for an application to be approved varies from one lender to the next, but in the vast majority of cases, the money will be available to you in less than one hour.
4. Loan Extensions
Again, it may not always be possible to extend your loan, but in most States nowadays, your original repayment period can be extended by up to thirty days, providing you’re able to meet the minimum payment requirement.
5. No Risk to Credit Score
With regular bank loans, your credit score can be adversely affected if a loan application is turned down. With car title loans however, this is not the case simply because no credit checks are done when you apply for the loan.
6. Simple Application Process
A simpler and more straightforward loan application process probable doesn’t even exist. Unlike bank loans and various other types of loans, the paperwork involved with a title loan is minimal
7. No Need to Sell Your Vehicle
When you get a car title loan, you don’t hand your keys over to anyone. The vehicle stays in your possession, and providing you meet the repayment requirements, you won’t lose the vehicle.
8. Online Applications and Processing
Not all title loan providers accept online applications, but many of them do, and the number is growing all the time. In some case, you can have your loan approved, and funds available, in under thirty minutes as from the time you hit the submit button.
While car title loans may not be the best choice in all circumstances, they can prove to be invaluable if you need a relatively small amount of money, and you need it quickly. Just bear in mind however that you risk losing your vehicle if you fail to repay the loan as per the loan agreement terms.
Car Title Loans Defined – What Are They?
These days there are many who need a loan, and the reasons will certainly vary. The question however is whether or not you can actually get the loan, and whether or not you can pay it back. It has been said that a working man does not have money, but rather he has the equity built up in his home for a number of years. If you do not have a home or are not interested in taking out a loan against it, then you might want to look into a car title loan.
Car title loans are without a doubt one of the most popular ways to get fast cash aside from the typical payday loans. As we said, a car title loan will be fast, it will get you what you need, and it will get you on your way relatively quickly. There are a few qualifications that you will need to meet before you will be able to obtain a title loan of course, and we will discuss those right now.
First of all, most auto title loan agencies will require that your vehicle have a wholesale value of $2500. In addition to that the vehicle cannot be more than ten years old, though some might make exceptions for classic cars and vehicles that are clearly worth quite a bit of money. Finally, the applicant must be over eighteen years of age. Sorry kids, but you can’t put daddy’s Porsche up for a loan.
When you go in for a title loan you will need certain documents with you and intact if you plan to actually proceed with the loan. For instance you will need to have the auto title with you, and that title will need to be clear of any liens. In addition to that you will need your drivers license, your social security card, vehicle registration , proof of insurance, and a recent paycheck stub. Some companies will require that you have a current utility bill and a mortgage statement if you happen to have one for any car title loans.
Though this is a faster way to obtain a loan, your application and the information submitted will still need to be reviewed. Once reviewed you will either be approved or denied for your title loan, though before you actually start this process you may want to inquire about the amount of money you can borrow. You should note that while most will require a minimum of $1000, the amount you can actually borrow will depend on how much your vehicle is worth. Once the contract has been signed, your funds will be available.
Pay close attention to the repayment rates and ensure that you’re not getting in too deep. Remember, failing to repay this loan will result in the loss of your vehicle, and with that in mind, make sure you can repay your loan. That being said, good luck!