How to apply for a car title loan and know the eligibility?
Car title loan is known as the best alternative for people facing an emergency situation. This is because most of the loan processes require time and have a hectic procedure. But the car title loan is considered as the easiest, simplest and the quickest loan process. The car title loan is provided by keeping the vehicle title as collateral. Since the lender keeps the car title as collateral, the car is free and the borrower can easily use it while they are paying off the loan. The Car title loans is ideal for people who need cash in a hurry or for people who have unsuccessfully tried to get a traditional loan.
Traditional loans are typically based on your credit score but when you apply for an auto title loan, there’s usually no credit check necessary. The car title loan is completely provided on the basis of the car title and the condition of the car. A person with low or no credit score can easily get access to the car title loan if he/she owns a car which is debt free.
What are the eligibility criteria for the car title loan borrower?
The borrower must own a clean and free car, which means the car must be completely own by the borrower and there must not be any debt against the vehicle. The borrower must have a driver’s license and lien free car title. The name on the car title and driver’s license must match and should be on the name of the borrower. Some of the car title loan lender, wants the borrower to provide the proof of income source and the photographs stating the current condition of the vehicle from different angles.
One can apply for the car title loan online or can visit the car title loan company with all the details. The lenders thoroughly inspect the condition of the vehicle, depending on the vehicle condition and the market price of the vehicle a certain loan amount is provided to the borrower. If the borrower is satisfied with the loan amount, he/she can negotiate with the lender regarding the time period and interest rate of the loan. Since the car title loan only looks for the car title and income source, the loan process is quick and easy.
Benefits associated with car title loan?
1. The process is easy and quick and can be completed within an hour or two. Once the borrower submits the loan application form, he/she can receive the cash within the same day or the next day.
2. Auto title loans are known as no credit check loans. They are based on the car title and therefore make it much easier to secure the loan even if the borrower doesn’t have a good credit score.
3. Even after getting the loan, the borrower can use his/her car, as the loan is against the vehicle title. The lender doesn’t possess the vehicle until the borrower fails to make the final payment in time. If the borrower makes the final payment in time, the lender returns the car title and the vehicle gets free from title loan.
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