How to Apply for Car Title, Short-term Loan or Auto Title Loans
Mobile title loans, car title loans or short-term loans are a usually small amount of money that is repaid after a short period. To receive the loan, the borrower is required to surrender the car’s title to the lender.
In most cases, the title loan is repaid in 30 days or less. The borrower is required to repay the loan including fees or/and interest rates as agreed. If the lender defaults or refuses to repay the title loan, the lender repossesses the vehicle.
There are countless local stores as well as online application stores offering these short-term loans. It’s imperative to note that the lender requires the following during the loan application process:
Car title (hard copy)
Application form (Correctly filled)
The lender may also ask the lender to purchase a roadside service package. Additionally, the lender may also ask for a duplicate of car keys.
If the loan is approved and issued, the lender keeps the car’s title. The title is given back after the loan, interest rate and other applicable fees are paid in full. The interest rates and fees vary greatly from one lender to the next. You should take your time to compare the rates offered by different title lenders to determine which is best for you.
Applying for Car Title Loans, Car Title Loan or Short-term Loan: What Are the Benefits?
Fast and easy Requesting for mobile title loans is very quick. It only takes a few minutes to apply for title loans. You can call the lender or apply online. Additionally, you can visit the store to apply.
Access large amount of money You can borrower amount that exceeds the car’s value or equity. For instance, some lenders give as much as 120% of the total value of the car. There are a number of things that the lender considers before giving out the loan. For example, the lender may require proof of income, assess the condition of the vehicle or state of residence.
Receive the loan in various ways You can receive the money in different ways, such as wire transfer, check, cash and lots more.
You still qualify even if you have a bad credit score Many lenders do not require borrowers to have a great credit score background or history to qualify for the loans. This is unlike mainstream banks that carry out a thorough credit check before giving out loans. You must show proof that you can repay the loans though.
No penalties or applicable fees for early repayments You can repay the loans as early as possible and there would be no fees or penalties. In fact, if you repay the loans early, you save some money that would accumulate by repaying late. Many lenders even increase your loan limit if you pay the loans soonest.
What Are the Alternatives to Car Title Loans, Car Title Loan or Short-Term Loan?
Payday loans/Personal loans – Many banks offer payday loans or personal loans. The good thing about these loans is that they have better interest and repayment schedules.
Credit Cards – The credit cards loans attract lower interest and also the repayment schedule is very flexible. Moreover, these loans are unsecured.
Credit Unions – Nowadays, many credit unions are offering unsecured loans to even those with bad credit. In addition, credit unions are offering credit counselling in bid to help borrowers improve their credit scores.
If you really do not know where to start from, then it would be wise to visit your local payday lender or credit services organization for assistance. The online reviews and testimonials are very resourceful in finding a reputable and reliable lender. Car title loans in Conclusion Mobile title loans can be very useful especially if you have a poor credit history. Just like the car title pawn, your car and its title act as your credit. However, you are still free to use the vehicle as you pay back the loans. After repaying the loan fully, you get your car title back.