When you have a Car, you are entitled to get a Car Title Loan
Why worry about obtaining money when you have a car? You can get cash with the help of your vehicleís title. Car title loans are very common in America and you need not worry about rejection because it has fairly simple approval criteria. Learn everything about car title loans with this article.
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.
Itís time to keep your car while getting cash for it!
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ABOUT THE AUTHOR
Rapid Car Loans gives you the opportunity of obtaining extra cash with the help of your car. Car title loans are easy with the company. Apply now and get ready for affordable car financing programs!