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Car Title Loans: Immediate Funding for Urgent Demand
Sometimes people need immediate financing for purchasing a car. There are two important forms of securing car title loans from the lending agencies.
A lender may advance the money as loan immediately after approving the loan application of a borrower. The borrower will have to keep the car with the lender. The borrower will pay back the loan with interest in due time and when the loan will be clear the lender will allow him/her to take the car. If the borrower cannot pay back the money in time the lender will have the right to sell the car and realize the money lent. The terms and conditions for car title loans are really tough in this case.
It may happen that the lender will not ask the borrower to leave the car with him. The borrower will be allowed to use the car. The lender will only keep a set of keys of the said car. This is possible if the borrower owns a home of his/her own or owns a piece of land. The lender will ask to show evidence of the ownership of the property and the said property will be used to be pledged as collateral. In case the borrower does not repay the money advanced as loan the lender will have the right to take the car with him. This way the lender guards the risks involved in paying the loan.
When people finds emergency funding for buying a vehicle they may try for car title loans but they must be sure that they will be able to pay back the money within the scheduled tenure which is generally very short in case of car title loans.
There are many financial institutions and banks which entertain the people who want to secure car title loans. The finance market is very competitive. People can apply for car title loans offline and online. They can search several web sites found on the internet and they can learn details of data provided by different lending agencies about car title loans on those web sites. It is possible to note the terms and conditions provided there and study their comparative merits. It is possible to discover an option which may appear suitable with the demand and capacity of the borrower.
Some important criteria to be eligible for car title loans are the following:
1. The applicant must be a British citizen and must be at least 21 years old. 2. The applicant must work in any concern at least for the last 12 months with a minimum salary of $1000 per month. 3. The applicant must provide documents in support of his/her address proof. 4. He/She must have valid bank account.
The repayment period for car title loans is really very short and 15 to 3o days are only allowed to clear the loan.
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.