| 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
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!
| 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
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
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 loans 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.