Tag Archives: car title loans
Car Title Loan Company
Car title loan companies are those that lend you money in exchange to the title of your car. You are required to hand over your car title along with a set of keys as collateral. Car title loans are the short-term loans that have a loan term of 30 days. Auto title loan companies lend title loans for cars, trucks, motorcycles, boats, RVs and other vehicles. The best thing about these loans is that you can take the money and still have your vehicle in your possession.
There are a large number of car title financers to provide you the loan. The lenders provide flexible loan terms to suit different needs. Most do not check the credit histories of borrowers and offer loans even for people with bankruptcies, no credit and bad credit. They can furnish the money quickly in a hassle-free manner.
Applying for car title loans through online financing companies is very easy. You need to fill in an online form and a company representative will let you know in no time whether you qualify for an auto title loan or not. There are few conditions in which the companies lend you money. Prospective borrowers generally need to have a clear title to their car. Loan companies then assess the vehicles and estimates the amount which you are eligible to borrow.
Most loan companies provide flexible loan terms. They give you the option of extending your loan for another month once it is payable. This can be done by paying the interest at the end of the loan term. Loans can be paid off at any time and do not carry any pre-payment penalty.
These small emergency loans generally have an annual interest rate of a three-digit figure and are made for less than the value of the car. One can extend a loan for any number of times. Some companies even offer to refinance your existing loan which enables you a pay off an existing car title loan with a new one.
Car title loans: An Opportunity for Getting Fast Cash
It is not difficult to obtain car title loans as the financial market is highly competitive in the recent years. It is important to secure an option in which terms and conditions for car title loans are comparatively favorable. People who are in financial crisis can search it on the internet. There are many web sites on the internet which provide information about car title loans. The prospective borrower must be patient. Comparative study of the competitive rates may be helpful.
Lenders who arrange for car title loans offer the debtors two definite options. A lender can keep the vehicle with him after the loan is approved and paid. He wants the money to be repaid by the borrower in due time. He will hand over the car to the respective borrower after he receives his money along with interest.
The other option is no less undesirable. The borrower can keep the car and use it but the lender retains a set of keys of the car. The borrower may fail to pay back the money and default or stop repayment. Then the lender will take possession of the car and sell the car to realize his money.
Lenders do not take minimum risk in either of the cases. For each of the two options stated above the borrowers must own property of worth (a home, a piece of land etc) in their name because this tangible property is to be employed as collateral. Car title loans are for the people who are really in need of immediate money. They must be confident that they are capable of repaying the loan without fail.
A person is entitled for car title loans provided
a) he/she produces documents in support of his/her address proof,
b) he/she is 21 and citizen of the United Kingdom,
c) he/she works in any legally approved organization at least for the last 12 months and earns an amount of $1000 in a month regularly and
d) he/she has valid bank account.
The lenders decide what amount of money they will advance towards car title loans. The debtors must keep in mind that repayment period for such loan is very short. It is just a period between 14 and 31 days. Interest for car title loans is charged at higher rate.