Get a Loan Against Your Car Title
With a title loan you can use your car as collateral and take out a loan against the value of your vehicle.
The amount of money you receive when you apply for a car title loan is dependent on a few things that you should keep in mind during the application process. There is no flat rate pay-out system with car title loans, the prices vary from application to application. Some things that are taken into consideration when determining how much you qualify for include what your current income is.
How to Get a Loan Using Your Car as Collateral
This will be something that you put forth to the company when you provide your proof of income: in other words, how much money you are making. The more money you are making and the more stable your employment and financial situation are, the more money you are likely to qualify for. Another thing that impacts the amount of money you qualify for when you are borrowing against your car is what year your car is.
Older vehicles are likely to bring in less money. Newer vehicles are likely to get you a more substantial loan. The condition of the vehicle also influences how much money you qualify for. If you have an older vehicle that has been taken care of well and is in great working order, you are probably going to qualify for a substantial amount of money instead of if you own a car that is older and not in the greatest condition.
It is also important to keep in mind that most car title institutions will require a physical inspection of your vehicle at some point, so before this happens, put in the extra effort to give it a scrub and a polish and a thorough clean out so it looks as good as possible.
No Credit Checks Necessary When Applying For Car Title Loans
When you are using your vehicle as collateral when applying for a loan, there is no credit history check required in the application process to get an estimate for your loan against car. You do not have to disclose your credit history or your current credit score, that has no weight in the process and will not influence how much you are approved for.
Credit checks and credit score evaluations are not necessary when applying for a car title loan because your vehicle is your collateral, not your credit. Your vehicle is a tangible, physical item that can easily be repossessed if you default on your loan or cannot make repayments on it.
Car Title Loans Boast Low Interest Rates
When applying for car title loans, you can rest assured that most companies have very competitive interest rates, which is great for you as an applicant because that means you will most likely be getting a very low rate compared to other types of loans.
Car title loans are very accessible, therefore companies use low interest rates as incentive to get people to apply for them.
When it comes to getting and repaying your car title loan, a low interest rate benefits you in every possible way because instead of paying 30% interest and 70% towards your principle loan, you will be paying far more on your loan and far less towards interest, which means you are going to get that loan paid off in no time at all!
When it comes to negotiating a repayment schedule for your car title loan, most companies are flexible and will create a schedule that fits your unique financial situation so that you will be able to ultimately repay the loan in a reasonable amount of time with a great interest rate.
Car title loan issuers are on your side, they want to get you your money as quickly as possible without locking you into a loan against car title you do not agree to.
There will be no surprise fees, no surprise rates, and no surprise changes that mean you need to pay more than you are required to. What you agree to is final and will be honored until your loan is paid off in full with the company you have done business with.
How Easy Is It To Get A Car Title Loan?
Getting a loan against your car is so easy and accessible that you can probably complete the process in your sleep! Unlike most other loans and their application processes, applying for a car title loan can be done over the telephone, online, or face to face. You are able to complete the application process however you please in a way that fits your busy life schedule.
If you choose to apply online or over the telephone and find that you need guidance or have questions that need answering, there are always hotline numbers that you can call that will connect you with specially trained title loan consultants that are available around the clock to give you the help and guidance that you require in order for you to complete your loan application with confidence and clarity.
If you have questions, they have answers. If you are unsure of something, or unclear about something, they will walk you through step by step and make sure you understand everything you need to understand about the process and everything involved in it.
Borrow Money Against Your Car
When you apply for a loan against car, you will need a few pieces of documentation, so be sure to have these on hand when you start the application process: a lien-free car title and car insurance policy in your name, a piece of government issued identification verifying that you are 18 years of age or older, and some sort of proof of income.
That is really all you need when applying for your title loan, obviously as well as information about your vehicle such as the make, model, and other pertinent details about it.
The applications for car title loans are very straightforward and can often be completed in an hour or less, sometimes even quicker than half hour! The turnaround for your pay-out of whatever amount of money you qualify for is usually 24 hours or less depending on the method which you apply.
Face to face transactions are obviously the quickest, but over the phone and online are just as quick if you get the application done and submitted and then head on over to the location that will be expecting you!