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Title loans are a type of loanthat need or warrant a property as collateral. Title loans can also be referred to as car title loans, auto title loans or secured loan. It mainly deals with the act of using a vehicle (car or motorcycle) title as collateral for the money borrowed. Car Title loans are mostly short-termed, and they do bear higher interest than normal loaning methods.
Car title loans area bit risky for the borrowerbecause if the borrower doesn’t pay the money before the stipulated time, the lender or the title loan company will take total control of the car used as collateral.
To get a car title loan, the consumer will have to provide the lender or the car title company the required means of identification. Also, the borrower will have to tender the ownership evidence of the car he or she wants to use as collateral. After this, the borrower will bargain with the lender on the amount he/she is going to pay back and the interestthat the loan will bear.
When the borrower agrees to the laid down terms and the amount he or she has to repay, then the lender or the title loan company will give the money and take the car as collateral.
During the loan period, you will be allowed to drive the car, but you would have dropped a key to the car, and most importantly, the car title. In some cases, the lender installsa GPS device in the car to track it. This is just a strategy to assist them in repossessing your vehicle if you default on a loan.
Car title loansare acutely crucial to people who need fast cash and are in financial emergencies. In better title loans, the borrower walks in and comes out soon with a check in hand. In some cases, even not more than 30! Compared to other loaning processeseasy title loans, are fast than traditional bank loans or credit unions.
Another reason why you should choose the best title loans is that it provides a lower interest rate when borrowed from the right company. Unlike traditional and payday loans, which operate on higher interest rates, car title loans offer lower APR percentage.
For you to be granted a pink slip title loan, you have to be the rightful owner of the car in question and also have all the required documents demanded by the lender or automobile title loans. Besides, there will be full proof of vehicle insurance provided. This will assure the accident, and the money will still be recovered.
Furthermore, the borrower must provide proof of the ability to pay back the loan. The borrower must be someone that can pay back before his loan tender is granted.
The process of getting the required money in a car title loan is not difficult, lengthy, or strenuous. Once the required criteria laid down by the borrower are merited, the loan should be granted instantly. Getting the car title loans is determined by the pace at which the required documents are provided. Car title loans can be granted in little minutes or mostly, 24 hours.
Most times, the amount you can borrow is 25% to 50% of the worth of the vehicle. The amount of loan you can get is determined mainly by the value of your car. The average amount you can loan is between $2,500 to $5,000. Sometimes some lenders allow you to borrow up to $10,000.
There is no big deal about this;it is possible to get a title loan for a vehicle titled in another state. The requirement is just that you have to be a legitimate resident of the state where your car was registered. In some cases, car title borrowers will advise you to re-title your car to the new state you are living to get the loan you desire. To register your car, you will need to go to the motor vehicle services department and fill a registration form for the vehicle. Thanks to the internet world now, all these can be done through your phone.
Title loans do not necessarily warrant you being employed. You can get a car title loan without a job or even proof of income. This is another advantage of car title loans. On the contrary, traditional loans require you to have a job or proof of income compulsorily. The proof of income you tender will serve as an assurance for them that they are not taking a financial risk. They also demand it to know your income to credit ratio. If your credit outweighs your income, you might be asked to provide a co-signer who has better property or asset that outweighs the credit amount.
The presentation of proof of income or even co-signer(s) is only necessary forthe traditional loan system. Auto title loan does not necessarily warrant a proof of income or being employed. You just have to provide the full proof of car ownership, and within a few hours, the money you want to loan is yours already!
In some cases, there will be two names written on the car title. This does not nullify the car loan operation. The lender or car loan company will have a look at the way the names are arranged, which will help to determine whether the loan will be madeavailable to the borrower.
Most times, if the title is written with conjunction (or), then any of the parties can demand a car loan even if the other is oblivious of it. Moreover, if the car title name is conjoined with (and), then the car title loan company or lender will not grant only party access without a go-ahead or confirmation from the other person.
A lot of people ask the question-‘What will happen if I fail to pay on time?’ Most lenders or car title loan companies offer 30 days for payback. If you fail to meet the stipulated deadline given by the lender or title Loan Company, the lender might decide to offer a ‘rollover’ time. In most cases, the loan might bear additional charges, which can make it challenging to pay back. After the ‘rollover’ period, if you still can’t payback, the lender or title Loan Company will have the sole right to own your car. The car will then be sold to recover the money you borrowed. The best thing is to borrow the amount of money you will be able to pay back without losing your car.
During the title loan period, you will be allowed to drive your car. Besides, the car has to be well taken care of during the loan period. The car shouldn’t be involved in an accident that will depreciate its value.
This is acutely important in the car title loan process. The car which is to be used as collateral has to be paid for or legally owned by you. You won’t be allowed to use a car that is on credit to get a car title loan. The vehicle has to be yours and confirmed in the title name.
No! You do not necessarily need a bank account before you can get a car title loan. In other loaning systems such as the traditional bank loan, you will need to get a bank account to get a loan.
The first thing to do to reclaim your car title is to pay back your loan thoroughly before the deadline. Your car title will be given to you, and also, you must collect the proof that the loan is settled.
If you are dealing with a car title loan company, you will have to submit your car title to a suitable government agency to clear the lien.
Car title loanshavea few problems associated with it. Firstly, auto title loans are costly. For example, if you borrow $2,000 with a monthly fee of 25%, you would need to pay back $2,500 at the end of the month. There might still be additional charges to the loan, which makes it an expensive loan system.
Also, titlecar loans put your car at the risk of been repossessed. If you default at the end of the stipulated time by the lender or car title Loan Company, you might or lose your car.
Furthermore, if you are unable to pay back the money before the time stated, the lender might allow you to roll over the loan, giving you a longer period to pay off your balance.The amount you will pay then will likely be high due to charged monthly fees. In case you roll over multiple times, you might not be able to pay the money again. Even if you can, you will end up paying higher fees than what you borrowed.
Car title loansmight appear as a fast way to get your desired money, but there are other loan systems you should give a try before turning to a car title loan. Firstly, you can get a loan from a credit union or finance company. Getting a small loan from a local bank is better than getting it from title secured loan. They even offer a higher loan amount than that of title loans.You can as well request for an unsecured personal loan that won’t require collateral like your car. Personal loans also have a low-interest rate than car title loans. Moreover, instead of going into title loans, you can request an advance cash payment from your employers. Another great substitute for car title loans is to borrow money from friends and family. To borrow from friends and family is better and risk-free than car title loans. You can always appeal to your friends or family members even if you do not meet up their deadlines.
Nowadays, there are multitudinous car title loans online. The best ones are listed below:
Though car title loans is a quicker means to get the money you want, before taking it, you should also know the risks about it. You should be sure of paying back before you request it. Title loans do appear as a 'debt trap' to some people. It can only be a 'debt trap' if you don't plan or think well before collecting it.