Get From *$2,510 to $50,000 and receive approval in minutes. No Credit? Bad Credit? No Problem. Get Same Day Cash And Keep Driving Your Car. Fast, Convenient, No Hassle Process. Apply Now and Find Out How Much Money Your Car Qualifies For!!
Things You Should Know About Car Title Loans – How Does It Work?
What Are Car Title Loans?
- Car Title Loan Interest Rate
- Title Loans State Legislation
- Payment Plan and Payment Options
- Roll Over
Things You Should Know About Car Title Loans – How Does It Work?The speed and ease of getting a loan using car title as collateral has gradually become popular, making car title loans the most sort after funding option in times of emergency needs. Car title loan can be the means of escape for individuals in need of cash and who need this cash fast to take care of urgent needs. Not everybody however has gotten access to information about what a title loan is or how it works. Even if you must have gotten the basic facts about the subject, there are still some more things you should know about car title loans. Rather than drown in a financial embarrassment or sink further in debts, getting a car title loan is a better decision in such trying times. It is, however, important that you are well equipped with necessary details about car title loans, as well as all you need to qualify and apply for one. If you reside anywhere within the state of California and you are in a situation where you need a quick sum of money for a short period, a fast car title loan with Car Title Loans California is a convenient solution. We totally understand the needs of our customers and we know that sustaining the good life while keeping a good credit score can be a struggle. So we provide our clients with top quality title loan programs to support their financial needs. Your car and clear car title is your ticket to getting a car title cash advance. No much emphasis on your current credit score or credit history whatsoever. Though your credit will be checked, it is not a major factor for approval. Car title loans California has been helping people for over 20 years and we are here to help you get the fast emergency money that you need. Applying for a car title loan with us, you will get the most money on your car title, at the best interest rate and we charge you no prepayment penalties whatsoever. As you read through, you will find out a whole lot of things you need to know about title loans and how they work. This article also answers the most common questions people ask about the subject matter.
What Are Car Title Loans?A car title loan which is also known as a pink-slip loan, auto title loan, title pledge, auto equity loan, title pawn or car title cash advance is a short-term, high interest rate loan that uses the clear title or equity on your vehicle as collateral. It is a very expensive form of credit, and the car title as collateral makes it a secured loan. The lender issuing the auto title loan collects the car owners title in exchange for the cash. Car title loans have become more popular in recent times because of how easy it is to get them. They are also popular with people who have poor credit but own the titles to their cars. It is usually a short-term loan. When you compare this loan acquisition process to that of other traditional lenders like banks and credit unions, you see that it is mild and involves fewer rigors. On like secured loans from conventional banks and credit organizations, you do not give up your car. Rather, your car still remains in your possession and you continue to use your car as long as you stick to the terms of agreement. Once you receive the loan amount, the title lender places a lien on your car or vehicle, and then you sign the terms of agreement indicating the repayment period plus the interest rate. Car title loans offer great deals and are much more flexible and get you thousands of dollars of about $2,500 to $50,000.
Car Title Loan Interest RateAuto title loans short term loans, usually for 24 to 48 months with a high interest rate and a triple-digit annual percentage rate (APR). This is of course a much higher interest rate than most forms of credit. Car title loans were designed for people with poor credit, hence, the interest rates are usually much higher than the rates on standard bank or credit union loans or credit cards cash advance. A typical car title loan could be up to 10% monthly interest rate. On the other hand, the annual percentage rate for that loan would be 120%. The cash advance you qualify to collect depends on the value of your car. After providing information about yourself and your car during application, a title loan representative will then appraise your car, evaluating the worth of the car to determine the resale value. At the end of the evaluation. the result of the appraisal will determine the maximum amount of money you can borrow from the lender. Car title loans often are for an amount of cash that is about 25% to 85% of the value of the car. On the average, depending on your state of residence and car’s resale value, you can get between $2,500 to $50,000. Whatever brand and model of car you are using, as long as you are the owner of the car or vehicle or have enough equity in the car, you are assured that you can get a car title cash advance for yourself.
Title Loans State LegislationWhen it comes to laws and restrictions governing the car title loan industries, it varies from one state to another. Not all states allow title lending. As at August 2012, about 22 states in the US did not permit auto title lending. Only 8 states allowed it, but at lower rates. 16 states allowed auto title lending with three-digit APR, and 4 states permitted auto title lending through a loophole in the law. Title loans are allowed in California, with a whole lot of restrictions too. According to a report by the New York Times, a lot of customers take out auto title loans yearly, but very few states record the statistics. And in 2011, the California Finance Lenders Law established a legislation that permits licensed companies and organizations to give short-term loans that are secured by titles or pink slips of automobiles. The laws, which differ from state to state, cover specific areas of title loans like; interest rates, administrative charges and fees, and repossession. These laws according to the Department of Business Oversight in California, put title pawn lenders in check at all times with legal guidelines about the dos and don’ts of car title loans. Before you sign any title loan document, the car title loan lender must give you the loan terms of agreement, and ensure that you understand every detail in the agreement before you sign. The federal Truth in Lending Act treats car title loans like other funding option where lenders must disclose the cost of the loan to borrowers. If at all there are any fees or charges (like processing fees, document fees, late fees, loan origination fees, title charges, and lien fees), it must be clearly stated. The annual percentage rate which depends on the amount you borrow, the interest rate and credit costs you’re being charged, and the length of your loan must also be indicated to give borrowers a clear picture of what they are signing up for.
How Car Title Loans WorkOnce you own a car or at least have enough equity in the car or vehicle, you can get an auto title loan. It is easy, quick and free to get a car title loan. Your car or vehicle can be your life saver at the time of critical financial needs or when you are running out of cash. Your car title or pink slip is what you offer to the car title loan company when you take a car title loan. This title document is what indicates your ownership of the car or vehicle, and is what you provide the lender with when you acquire an auto title loan. The way a car title loan works is; you first approach an auto loan company with your car and title, then the title loan lender inspects your car to ensure it is in good shape. This inspection process is what helps your lender gather specific data about your car to come up with a loan amount that suits the value of your car. Then the lender will place a lien on it, and hands over the loan cash to you. After you approach an auto title loan company for a loan, and your car has been appraised, a title loan officers will guide you through the rest of the approval process. You can get the financial help you need on the same day that you apply, within minutes, in 1 business day. You will be required to present some documents like proof of income, proof of residence, photos of your car and about five (5) references. Your lender may also need to contact your insurance company (though not a strong determinant) Since your car title is the collateral for the loan, an inspection is a way of ensuring that you receive the maximum amount based on your car’s worth. A car or vehicle inspection may reveal a higher value, hence, qualifying you for more cash. The auto title loan company assesses your car or vehicle and lets you borrow a certain percentage of its value (which could be up to 60%). This percentage is reached by a car auto title loan calculator. You can pay off your loan anytime. The loan repayment period is usually not lengthy (about 30 days or more). And contrary to the general belief that when you take an auto title loan, you stand to give up your car or vehicle, you still keep your car when you take a car title loan. You get your title back when you pay the loan in full as far as you don’t default the agreed terms.
With Car Title Loans California, it works in three simple steps;
- Approach us to apply
- Provide us with the needed documents
- Get approved and collect your cash