Title Loans in Monahans, Texas
If you live or work in Monahans Texas and you need cash within the shortest time, then you just need to put the equity in your car as collateral for Laredo tx title loans. These days salary is never enough to pay for utility bills and extra charges like feeding the family. Title Loans El Paso does not need any explanation as to why you need an auto title because everyone needs extra cash sometimes to take care of unavoidable circumstances. Even those people who are financially stable may at times need cash very fast. Unforeseen circumstances may always force the family to look for the quick short-term loan.
Car title loans Monahans are very different than with other installment loans. A title loan is easy to obtain and you do not need a credit history. You only designate your car as the collateral and the repayment period is usually 30 days or a few months. Installment loans you pay back using the monthly installments and the rates depend on the lenders. The car title loans are very attractive because they offer quick cash due to fewer procedures. The car title loans are provided online unlike the installment loans which the borrower need to file paperwork. Car title loans are only a phone call away.
Documents you will need for Monahans Title Loans
To qualify for a car title loan, you must own the vehicle outright. The form is available online on the original website, but the lender needs to check the condition of the vehicle and relevant documents. Lenders also require you fill paperwork and have the following documents:
- Original title of the car showing the complete ownership
- The identification issued by the government that matches the name in the title.
- Utility bill or other proof of being a resident in Monahans and should also match the name in the title
- The current car registration
- The insurance of the car
- Documents that show the ability to repay the loan
- Names, addresses and phone numbers of two references
- The copies of the car keys that are currently working
Some lenders also require the GPS tracking of the car in case one default in payment. You do not need any credit history to get a car Title Loans Monahans. The title loan depends solely on the resale of the vehicle in case you default in payment.
Also, you need not be employed to qualify for a car title loans in Monahans.
Rate and fees for Monahans Title Loans
Car loans like Title Loans Monahans rates and fees are a bit higher than traditional loan like banks. Lenders in Monahans, Texas charge 30 % in a month which is equivalent to 360% in a year. This implies that if you borrow $1 000, then you will need to pay $1 300 by the end of the first month to avoid going into a list of defaulters. They are extra fees like document fees, processing fees, origination fees and key fees. The lender will add all the fees when figuring out the total cost of the loan against the car.
The lenders also allow the borrowers to renew the car title loans, several times depending on the eligibility and avoiding default in payment. Before looking for car title loan, it is important to read the legal considerations guiding it and also the rates and fees that are needed from you. It is important to avoid bad credit title loans or not to borrow the cash that you are not sure of repaying it within 30 days or the recommended months that is provided to you by the lender.