How To Get A Car Title Loan
In one way or another, anyone of us can be in a financial trouble. When you get yourself in some sort of money problems, try to back it up with your car. Yes, cars are not anymore just vehicles for transportation because nowadays they can do more than that. In fact, cars can be used as collateral of car title loans. What is great about this type of loan is that you can repeat the same process over and over again as long as you keep up with your monthly interest payments. In short, cars can be very useful when you need cash instantly.
Lenders of car title loans have different terms and conditions. Sometimes, you can get higher interest rates from one lender over another. However, they also have similarities. For instance, most of the car title loans will allow you to get about $1000 for the title of your car. You can submit your car title to the lender or hand in the spare key of your car to them. It is important that you keep your payments on time because failure to do that would result to additional fees. Sometimes, you may even be given penalty fees for late payments. The worst that can happen if you don’t pay on time is having your car taken by the lending institution.
How Do I Get A Car Title Loan
You can get a car title loan approved online nowadays. Here are some of the most common steps that you have to follow:
- Look for a trustworthy loan agency. This is the most important process in obtaining a car title loan. It is also the most difficult one so don’t ever take this process haphazardly. Limit your options to the best ones by doing research through the search engines online. Once you have a list of trustworthy loan companies, look into them one by one. Make sure the loan agency is legit. Inspect their terms, conditions and reputation. Check out the comments of their past costumers and see if those people ever had bad experiences with them.
- Compare terms and interest rates. Conditions of one loan agency differ from another loan company. This is the main reason why it is very beneficial to compare and contrast all the available options such that you can arrive at the best term that will be most suitable for you. Just a tip – most car title loans with early repayment comes with lesser interest rates. You might want to look into that.
- Check out the requirements. Some of the common requirements are the age of the vehicle (less than 10 years), wholesale value of the vehicle (at least $2500), age of applicant (18 years old and above) and so on. Try to answer them honestly. Even if you say yes to all of them, it is not guaranteed that you can have a car title loan approved. On the contrary, if you answer no surely you will be disqualified easily.
- Submit an application. Because of recent technological innovations, applying for a car title loan can be done online! Just fill out a car title loan application. After sending out your application, the lender will look into your information and check if you will qualify for a second application. During the second application, you will be asked to submit documents such as driver’s license, insurance proof and the like.
- Get your money. Once approved, you can now get your money. Online car title loan agencies often send out loans electronically within 2 business days following application. This means that you can have your money in your bank account instantly!
Securing a car title loan is indeed very easy. Online application has made the entire process very convenient to all people. As long as you keep up with your payment obligations, you won’t suffer high interest charges. So the next time you need fast cash, give car title loans a try!