Car title loans are one of the best solutions for your financial relief. These are for people with a bad credit history who require cash and are denied loans from banks or traditional organizations. This is because, for any traditional loan, you require a good credit score. But in case of car title loans, lending organizations usually do not have any kind of credit checkers because these are already secured against the vehicle’s title. So, When financial setbacks and emergencies happen, you are more likely to qualify for a car title loan as compared to other loans in the industry.
Even if you are not able to qualify for another type of loan, you probably can be prepared for this one.
These loans can prove to be great relief for a person who has not been able to save money in their life.
Poor Credit? No Problem
Are you having a problem with a low credit history or score? You definitely need not worry with car title loans. Unlike other conventional loans, Car title loans are secured loans, which means your cassette is used as security or collateral instead of credit history. You just require a lien free vehicle title to get approved.
Some Simple Requirements To Get An approval On Car Title Loans
The lending company that provides such loans makes it simple with minimal information to submit your application and get your loan.
The borrower must be atleast 18 years of age or older to qualify for loan.
There should be a vehicle that is no more than ten years old.
The vehicle should have a lien free title to it
Registration and Insurance of the vehicle must be done well before.
A valid driver’s license is required.
A proof of permanent residency should be there.
Vehicle’s registration and insurance documents must be there with you
The second set of keys to your vehicle should be there with you.
What Are The Advantages Of Getting These Loans?
Get Cash Quickly: You get approval for the loan and cash on the same day you apply for it.
Credit Doesn’t Matter at all: Your credit score doesn’t matter with car title loans. There is no credit on such loans. So, people with all types of credit can apply for such a loan.
Keep Driving Your Vehicle: Even though your loan is based on your car, you are still allowed to keep your car and drive it while you’re paying off these loans. Only your vehicle title is submitted.
Online application: You can also apply online that will only take you a few minutes to get approved.
Interest Rates: The interest rates are usually low in these loans as compared to any other loan.
No Prepayment Penalties: There are no penalties charged if you payout your loan early.