Everything You Need To Know About Title Loans
When your savings are not sufficient, it can be hard to get money for unexpected financial problems. Many of us are not ready to face surprising financial challenges in our lives and with these unexpected emergencies, we might start panicking. Your monthly budget also becomes a thing of worry, and we may need immediate cash to cover our financial problems.
These problems can be easily resolved by getting a Vehicle Title Loan. In this loan, you are borrowing money by using the vehicle title as collateral. You don’t have to keep your car with the lender.
These loans are short-term loans with extremely competitive interest rates. Your credit history isn’t considered, you can easily apply for a title loan even with low credit history. It is a fast and reliable option for those who need instant cash. There are many lenders or private organizations that provide these loans at the best interest rates in the industry.
What Is A Title Loan?
A Title Loan is a type of secured loan where the borrower can use their car title as collateral to borrow funds. To get the loans, you must submit some basic required documents. In this type of loan, the amount is based on the market value and overall condition of your vehicle.
Once you pay back the loan, the lien is removed, and the vehicle title is returned. The loan terms are long and flexible, which allows you to pay off your loan on time.
How Do Car Title Loans Work?
In order to get the title loans, you need to fully own a vehicle with a clear title. Whether it is a car, SUV, truck, hatchbacks or even a motorcycle, as long as your vehicle model is under 10 years and is fully paid for, you are eligible to apply for the loan. You will get the maximum loan amount based on vehicle value and its overall working condition.
The lender may require few documents e.g- proof of permanent residence, vehicle registration papers in your name, vehicle insurance papers, a valid Canadian driver’s license, etc.
After submitting all the documents, the lender will ask you to bring your vehicle to the nearest store location. The loan amount is determined after inspecting the vehicle. The vehicle also remains with the borrower. The title of the vehicle is used as collateral to get the loan and the lender will keep your vehicle title until you fully repay the loan.
Benefits Of Vehicle Title Loans
There are several benefits of taking a car title loan from this institution. Some of them are listed below:
- You can get a loan up to $60,000 according to the equity value of the vehicle.
- You will get a low monthly payment option with this title loan.
- The loan application process is simple, quick, and convenient.
- You’ll get along and comfortable loan term to pay back the loan.
- You’ll not be charged any penalties for prepayments.
- They offer the lowest and most competitive interest rates.
- You don’t have to surrender your vehicle.
No Credit Checks:
You don’t have to panic about your credit score. The lender doesn’t care if you have a good or bad credit score at all. You can easily get approved for a loan without a credit check or job requirements.
You can get competitive interest rates on title loans. Some lenders may charge a high-interest rate, you have to compare the options and choose the one offering the lowest interest rate. This will help you manage your budget with ease.
Easy Online Application:
You can easily apply online from the comfort of your own home, or you can directly call the lender. It only takes a few minutes to fill out the application form. There is no need to wait in a queue for hours not knowing if you are approved or not.
Keep Your Vehicle:
The lender only keeps the title of your vehicle as collateral for the loan. You can keep and use your vehicle for the entire time. As soon as you pay back the loan, you are free to walk away with your car title.
How To Apply
To get a loan You can apply online or call the lender. You may need to submit the required documents, get your vehicle inspected for evaluating the loan amount, and then you can walk free with cash in your hands in no time. Getting a loan when you need it the most can be really helpful for many. So whenever you find yourself stuck in a difficult money situation, don’t hesitate to use your vehicle as collateral to obtain an instant loan. Any short-term issues like credit card bills, utility bills, house repair etc. can be taken care of by opting for a quick reliable loan option.