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Tue, Jun 25th - 12:22AM

When you have a Car, you are entitled to get an Auto Title Loan

A car is a magical treasure. If you have one, you can easily use it to cover other expenses. Sounds implausible? Itís a reality with car title loans. This amazing auto financing program provides you ready cash without taking your car away from you. You can fix the home or spend the money on your dream wedding. The lender wonít be concerned about the way of your spending. Sounds great, isnít it? Well, letís understand title loans so that you can begin the process of opting it.

Car Title Loans Ė Benefit of Car and Cash

A title loan is simply a collateral loan. The lender gives you money on the basis of the value of your car. You just need to submit your title to him. Once you pay off the loan, the lender will give you the title after removing lien. Itís better than auto pawn loans which make it compulsory to pawn your vehicle. With these loans, you donít need to keep your car with the lender.

You can drive it wherever you want, whenever you desire!

Generally, a car title loan is available for a small amount of money and for a shorter period of time. But, donít worry if you cannot repay the loan at the end of loan period. You can simply roll over the remaining amount into a new loan.

The best thing about it is that the lender wonít ask for your credit score. So, donít worry if you have bad credit or bankruptcy in past. You can definitely fulfill your immediate financial requirements without taking tension of your credit history.

What is the process of Car Title Loans?

Auto title loans are simple and do not require you to take any painstaking measure. You just need to fill loan application form. Once you meet the simple approval criteria, the lender will ascertain the market value of your car. Most lenders use Kelley Blue Book value and offer loans in the range of 30% to 50% of the carís worth.

Criteria for getting a Car Title Loan

Although requirements vary from one lender to another, few criteria remain common. If you fulfill the below mentioned requirements, almost any lender will approve your loan application.

1. You shouldnít owe any amount on the car.
2. The title must be clear when you present it to the lender.
3. The car should not be older than 1999.
4. The car should be driven for less than 150,000 miles.
5. You will have to provide the lender with the copies of Driverís License and your recent pay stubs. If you are self-employed, monthly statements of last 3 months are required.

When you are approved for the loan, the lender will simply write you check. No credit check, no stressful talks, just quick results, thatís what car title loans offer!

Itís time to keep your car while getting cash for it!


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Fri, Nov 4th - 9:24PM

Understand the Working of Car Title Loans

Car title loans can be handy during the times of financial crisis. If you have an emergency need for cash, car title loans are the best way to meet your expenses. However, in this case, the lenders will not lend an amount higher than 50% of the value of the car. It explains the fact that car title loans are highly secured. The borrowers have to pay the entire principal amount plus interest fees in one go. So make sure you will be able to repay this lump sum amount at the end of the period. If you cannot do this, give a second thought before you apply for such a loan. The time period given will not be more than one month in most of the cases.

If the borrower is not able to repay the loan in the stipulated period of time, they can pay a onetime interest fee and roll over the loan amount to the next month. If the borrower fails to do this, the lender will come and take away the car and try to make a sale. Hence, the borrowers have to be very careful while applying for auto title loans.

Requirements:

- Proof of car insurance, license

- You must be a salaried person.

- There should not be any liens against the vehicle.

- You must be the owner of vehicle.

- The VIN details are required at the time of processing loan.

These are just 4 simple requirements which can be processed at ease. People need not be bothered about their credit rating. Car loans offered at such short time intervals do not require credit rate checking. However, the loan is highly secured. The lenders will have a free lending hand when it comes to terms and conditions. A car title loan is treated as a collateral for your personal loans. When you already have an auto loan, things become real hard to process the title loan.

How Does It Work?

After the paper works are completed, the borrower is expected to hand over the car title and a set of keys to the lender. There are absolutely very minimal amount of paper works involved which can be completed in 5 minutes of time. It sounds easy right!! Wait. Just hold on to your breath. The annual interest rates will run in to triple digits. Hence, make sure that you will be in a better position to repay the loan amount promptly. This seems to be ridiculous.

For a $1000 loan, you could end up paying about $250 per month as interest charges. On the other hand, some will decide to do the balloon payment at the end of loan's tenure. There are certain limits available on the roll over chances. Once when you reach the limit, you have to pay the amount at once or forfeit the car at once. There are many pros and cons involved in this kind of loan. It is up to the borrower to decide with the loan options. It is better to think twice before you leap.


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