Auto Title Loans for quick cash
Everyone faces financial difficulties from time to time. If you urgently need money and you own the title of your car, then you can apply and get a Title Loan. It is not only fast, but also convenient!
If a large number of lenders refuse your approval, Title Loan can be your salvation as it is a quick way to get a big amount of money. Your car is being used as collateral for the loan. The approval takes place on the day of application, so you don't have to wait long to receive money and solve your financial problems.
What is a Title Loan?
A Title Loan is a secured type of loan that gives you the ability to get paid quickly. With this type of loan, your vehicle is collateral. In order to get a loan, a specialist must estimate the cost of your car and its condition, and then offer you the loan amount. Typically, the amount depends on many factors, such as the value of the car, its condition, mileage, make, age, and so on.
How does a Title Loan work?
You need to bring the car and its title to the lender's store. A specialist will evaluate your car according to certain criteria and offer you the amount you can get. After that, you will discuss the terms of the loan and its repayment, sign the contract and be able to receive the money. Your car title will be temporarily transferred to the lender.
How much can I get with a Title Loan?
The loan amount depends on the factors mentioned above, as well as your salary and creditworthiness. However, as a rule, lenders will offer you 25 to 50 percent of the car's value. You can usually get from $ 100 to $ 5,000. If you need more, you can find a title lender who can offer you a loan of up to $ 10,000.
Can I use my car while paying a Title Loan?
Many potential borrowers are afraid that when receiving this loan, the lender will take their car, but this is not true. If approved, you give the lender the title to the car, so he owns your car, but you can still drive it. This way, the lender does not take your car when you receive a Title Loan.
When will the title be returned to me?
During the loan repayment period, the lender will be the owner of your title. In order to return the title, you will need to repay the loan in full with interest. After repayment of the debt, the title will be returned to you in accordance with the terms of the contract.
Is it possible to get a bad credit Title Loan?
Many lenders turn down people with bad credit, however, when applying for a Title Loan, you may be approved even if your credit history is not an example to follow. The main requirement of a lender when approving an application is to have a regular source of income, which will enable you to repay the loan on time.
However, it is worth remembering that if you have a bad credit rating, you cannot expect low interest rates. Typically, borrowers with bad credit receive unfavorable interest rate benefits compared to reliable lenders.
What documents for a car do I need to provide in order to receive a Title Loan?
In order to get a loan, you need to provide some documents. Make sure you have everything you need, otherwise you will be refused a loan. So you need to provide the original name of the car and its title. Car insurance and registration are also required documents.
What are the eligibility criteria for obtaining a Title Loan?
To obtain a loan, you must meet certain requirements of the lender. Learn the main ones.
- You must be at least 18 years old
- You must own the title of the car
- You must have a regular source of income
- You must have a government issued ID
- You must have an active bank account
- You must provide an email and phone number
How long does it take for a Title Loan to be approved?
Typically, a Title Loan is approved on the day of application, so you don't have to worry about waiting. As a rule, the lender responds to the application as quickly as possible. This usually takes from 5 minutes to 5 hours. There are also lenders who will give you money on the day you apply.
What are the repayment terms of the Title Loan?
The timing of your title loan payment can vary depending on the loan amount, your income and creditworthiness. Also, the amount of the loan is regulated by state laws, but before applying for an application, check the allowable loan amount for the place where you live.
Typically, the repayment terms of the Title Loan range from 12 months to 36 months, and during this time you need to repay the entire loan amount with interest.
Can I repay the loan in advance?
If you want to pay off your loan debt in advance, don't worry as title lenders do not charge fees or early repayment penalties. Also, if you repay the loan in advance, it can reduce your interest rate.
What are the Title Loan interest rates?
Typically, a Title Loan has high interest rates. You can get the most profitable loan rates if you have a regular monthly income and good credit history. Also the lack of other outstanding loans will be an advantage.
People with bad credit will receive the least favorable interest rates. However, you can compare offers from different lenders and choose the most profitable one.