A car is a magical treasure. If you have one, you can easily use it to cover other expenses. Sounds implausible? It’s a reality with car title loans. This amazing auto financing program provides you ready cash without taking your car away from you. You can fix the home or spend the money on your dream wedding. The lender won’t be concerned about the way of your spending. Sounds great, isn’t it? Well, let’s understand title loans so that you can begin the process of opting it.
Car Title Loans – Benefit of Car and Cash
A title loan is simply a collateral loan. The lender gives you money on the basis of the value of your car. You just need to submit your title to him. Once you pay off the loan, the lender will give you the title after removing lien. It’s better than auto pawn loans which make it compulsory to pawn your vehicle. With these loans, you don’t need to keep your car with the lender.
You can drive it wherever you want, whenever you desire!
Generally, a car title loan is available for a small amount of money and for a shorter period of time. But, don’t worry if you cannot repay the loan at the end of loan period. You can simply roll over the remaining amount into a new loan.
The best thing about it is that the lender won’t ask for your credit score. So, don’t worry if you have bad credit or bankruptcy in past. You can definitely fulfill your immediate financial requirements without taking tension of your credit history.
What is the process of Car Title Loans?
Auto title loans are simple and do not require you to take any painstaking measure. You just need to fill loan application form. Once you meet the simple approval criteria, the lender will ascertain the market value of your car. Most lenders use Kelley Blue Book value and offer loans in the range of 30% to 50% of the car’s worth.
Criteria for getting a Car Title Loan
Although requirements vary from one lender to another, few criteria remain common. If you fulfill the below mentioned requirements, almost any lender will approve your loan application.
1. You shouldn’t owe any amount on the car.
2. The title must be clear when you present it to the lender.
3. The car should not be older than 1999.
4. The car should be driven for less than 150,000 miles.
5. You will have to provide the lender with the copies of Driver’s License and your recent pay stubs. If you are self-employed, monthly statements of last 3 months are required.
When you are approved for the loan, the lender will simply write you check. No credit check, no stressful talks, just quick results, that’s what car title loans offer!
It’s time to keep your car while getting cash for it!