What You Need for a Car Title Loan

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A car title loan is a fast, easy way to get money using your car title instead of your credit score. When it comes to finding good information for car title loans, the online resources are important. The size of the title loan is normally determined by the amount of money that you need, your ability to repay and your vehicle’s value. Most lenders focus is on giving you as much money as possible while still keeping all your payments manageable. When it comes to the car title loans, the online applications usually make the process easier and faster. Some lenders let you start this process online so that they can get you the cash as fast as possible.

Check out what to get a car title loan so you can reap the benefits.

Car Title Loan Benefits

Car title loans are becoming popular amongst consumers for several reasons. Unlike other types of financing, car title loans do not have a lengthy or complicated approval process. Since you’re offering the deed to your car as a form of collateral, the car loans are a little bit easier to qualify for, even if you do not have the best credit scores. In fact, most lenders will provide car title loans even without checking your credit report or score. Provided you can prove that you have a reliable source of income and a vehicle that’s worth more than the loan that you’re requesting, the lender shall typically approve the loan application.

In addition, car title loans are also a good option for the borrowers who want their money immediately. Once you and your lender agree to the loan terms and amount, you can receive the money quickly. In many instances, you can still walk out of the lending company’s office with the cash in hand on the same day that you applied for the loan.

Finally, since the lender will place a lien on your car’s title but they do not keep the car itself, you can always continue using the vehicle as you make payments on your loan. You’ll lose the use of your vehicle only if you default on your loan and the lender decides to repossess it.

What Do you Need for a Car Title Loan?

 

Many people ask about what they should have so as to get car title loans. The answer is quite simple. You just need to be 18 years or over and be able to show this using a government-issued ID. In addition, you must also own a car with the lien-free car title in your name. You should also have a source and proof of regular income. The latter can actually be anything from pensions to unemployment benefits or a regular salary. If you meet all these the requirements and you have what you require for a title loan, then you can apply either online or in person at any location near you. The benefit of applying at the branches is that they will immediately inspect the car. After determining the vehicle’s value, the loan professionals will be able to give you an offer.

Repaying your Car Title Loan

If you qualify and go forward with your loan, you’ll be presented with a repayment plan. You should also know exactly when your loan payments are anticipated. You can make repayments in cash at the lender’s branch or can use Western Union or a debit card. In case you want to pay off a lump sum at once, you will be happy to find out that there’s usually no repayment penalty. Furthermore, keep in mind the fact that if another person other than you is mentioned on your car title, the lender might have to contact that particular person before approving your loan. If you’ve already obtained the car title loan with another lender, do not be afraid to ask about refinancing in case you find a more favorable interest rate.

Whether it’s overdue bills or an unexpected expense, a car title loan might be just what you are looking for. The approval process is fast and the extra money can also reduce your stress and give you peace of mind.

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Posted on October 6, 2016