Car title loans
Do you have an urgent need for cash? Have you used up all your options but unable to find a solution to your money problems? Even the financially stable families often get caught in financial crises. Prolonged illness, job loss or some other unforeseen events may compel you to look for quick financing options.If you are trying to get a short-term loan to end your financial problems, you may have heard of the any advertisements related to car title loans.
Get your self out of the financial crisis by opting for a car title loan today. Car title loans are common in several American states. It is popular among borrowers because the loan program is easy and quick to obtain. You may have heard about it among your neighbors or friends. If you are interested in getting the loan program, you must only join the club after understanding it thoroughly.
What is a cartitle Loan?
According to Investopedia, car title loan is a short-term loan that allows the borrower use his car title as a collateral to secure a loan.To obtain this loan program, you will have to permit the lender to place a lien on your car title. Also, you will have to surrender the original title to the lender. The lender does not keep your car, he only keeps the title while you work on paying your debts.
Difference between a car Title Loan and an Auto Pawn Loan
A car title loan allows you to obtain cash and end your financial crises by pledging your car as the collateral. The lender will require the title of your car and not take possession of your car. But, if you opt for an auto pawn loan from a lender, you will have to surrender your car with the title of your car.
Requirements for getting a cartitle Loan
If you want to obtain the loan program, you have to fulfill the following requirements:
- You should be at least 18 years old.
- You must have the original title of your car.
- There should be no lien on the car.
- The car should not be older than 15 years.
Documents required for getting a cartitle Loan
Following is the list of documents that are required for getting the loan program:
- Identification Proof
- Age Proof
- Income Proof
- Original Title of your Car indicating No Liens
- Utility Bills
- Vehicle Registration and Insurance
Process of getting a cartitle Loan?
Just like any other type of loan, you have to submit an application form to the lender and the lender will consider your financial situation and analyze the worth of your car.
Do not worry if you have a poor credit history as it is not a determinant for the loan. If you have a valuable car and you have a stable income source, the lender will approve your loan application.
Obtaining a car title loan is easier than you think! If you own a car, you can use it to get out of your financial crises.