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Car Title Loan: How It Works and How to Benefit From It
No one can really say when he or she will experience a shortage of cash. Despite handling your budget properly month after month, you may suddenly face a situation that calls for extra cash immediately. There are life emergencies that require urgent attention such as home and vehicle repairs, as well as unexpected illnesses that can drain your wallet. Instead of worrying about cash, put your car title to good use by getting a car title loan.
How to Use a Car Title to Get a Loan
Let’s first look at how loan requests are processed. After submitting your loan application, a lender or a loan firm’s representative will assess your creditworthiness as a borrower using your work information, your financial history, and your credit rating. Once you are deemed eligible for a loan, the lender determines the amount that you can receive from them and gives you the loan proceeds either through cash or transfer it directly to your bank account.
A car title loan, on the other hand, is a little different from regular loans. Also referred to as an auto title loan, the lender provide the borrower a cash advance based on the value of their car. So instead of just determining your loan eligibility based on your credit history and current salary, the lender will use your vehicle as loan collateral. Just like other loans with an asset attached as collateral, the car is used to secure the borrowing so your credit score becomes less of a determining factor for your loan approval. As long as you pay your monthly dues on time, you can improve your credit score and keep your car as well.
The car title loan provider must be reputable and trustworthy. Legitimate car title lenders offer reasonable fees and interest rates.
Applying for a Loan Using Your Car Title
With a car title loan, you are securing your borrowed amount against the value of your car. A car that has been fully paid or almost paid off can be used to borrow as much as $50,000. You can reach out to your preferred lender to find out whether you are eligible to take out a car title loan. The lender, then, informs you of the amount you can possibly loan after submitting your loan request. Most car title loans are processed in this order:
- The borrower fills out an online application form
- The loan request is received by the lender or an associate
- The loan application form and supporting documents are reviewed
- The lender provides feedback on approval or rejection of the loan
To help ensure that your car title loan will be approved, make it a point to supply accurate and relevant information about your vehicle. By providing the right documents, the lender will be able to determine the true market value of your car and therefore offer you a reasonable loan amount. After your car title loan request is received, the lender or his staff will get in touch with you. Once you and the lender have agreed to the loan amount and terms of the borrowing, you will be sent the additional requirements that you need to submit to finalize the transaction.
Benefits of a Car Title Loan
Applying for a car title loan is not as complicated as it seems. Most lenders have simple and straightforward loan processes so that you can receive the funds that you need. As long as you provide the proper documentation, you can expect a fast turnaround time. Car title lenders understand that emergencies can never be foreseen. There are numerous lenders offering car title loans so it is important to shop around before deciding on a loan provider. Take a look at the benefits that you can enjoy when you take out a car title loan:
- Competitive rates
- Fast loan processing
- Guaranteed approval, if with complete documentation
- Instant cash once your car title loan is approved
Getting a car title loan can help you solve your money worries. An auto title loan can provide temporary financial relief to help you get back on your feet.
Seek Help for Questions and Concerns
A reputable car loan provider should be more than happy to help you understand the entire loan process. If you have further questions about the loan application process or concerns about your car title loan transaction:
- Visit the lender’s website and check the FAQs section
- Contact the lender vie email or phone for clarification
Should you have issues or questions that need to be addressed, do not hesitate to get in touch with the lender immediately. A trustworthy car title loan provider will be willing to help their customers with any problems related to their loan request.
Other Loan Products to Consider
Your lender may offer more than one type of title loan so that you can choose the best option for your needs and requirements. Aside from car title loans, your loan provider may also offer RV title loans and motorcycle title loans.
Similar to a regular auto title loan, an RV loan and motorcycle loan has specific requirements that you need to meet as a borrower. The lender may allow borrowers to make a cash advance against their RV by as much as $4,000. Remember that title lenders will not take your vehicle which means you can continue using your car or motorcycle as you normally would.
It is also possible to avail of refinancing so that you can get better terms and a lower monthly repayment scheme. Refinancing an existing loan lets you borrow additional funds or reduce your loan’s annual percentage rate or APR. Get in touch with the lender or the company’s loan advisor for more information on refinancing.
Online Car Title Loans Offer Convenience
While many car title loan providers operate a brick and mortar business, some have online application facilities to accommodate borrowers that cannot drop by their office. You will be required to submit your loan request online together with the supporting documents. Online application for car title loans allows borrowers to send in their loan request without leaving their home.
Car Title Loans Near Me
Consumers are fortunate to have a variety of loan options available to them nowadays. You can opt to go to the nearest lender’s office to submit your car title loan request or you can simply use the lender’s online facility. Some lenders even accept phone applications in some locations. The most important thing that you must do first is to make sure that you are indeed eligible to apply for a car title loan. An authorized loan advisor can help you process the car title loan request so that you can utilize the money for any purpose that you may have.