How Auto Title Loans Work
Are you in need of quick financial assistance? Have you exhausted all your alternatives, but unable to find a solution to your financial problems? Even financially stable families may get caught in financial issues. Prolonged illness, loss of a job or any other unexpected event may compel you to look for quick financing alternative.
“Car Title Loans” has become a common household term for many Americans finding themselves in dismal financial straits. With simplicity and ease, consumers can find an auto title loan lender to give them up to $5000 collateral loans based on the value and equity of the car. While the lender holds the title or “pink slip loan” to the car, the borrower can continue to drive his/her car during the loan duration.
This type of collateral loan is attractive to many borrowers because lenders run a credit check, but work with bad credit and don’t ask a whole lot of questions. With steady employment, a bank statement showing direct deposit and minimum income requirements, and a few references, borrowers can apply, be approved and get paid directly into their bank account within the agreed time. This quick funds acquisition, although convenient and timely, can be a quick decision for many people causing some to completely ignore the reality of their finances and the ability to pay back the loan.
For those who can afford to take out one of these high-interest loans, this can be used for its intended purpose; to provide the borrower with quick financial assistance that can be paid back over a 36-month term, with no prepayment penalties. Unfortunately, there is a high price to pay in interest on these loans are considered “high-risk” for the lender. While the borrower’s automobile is considered collateral for the loan, the lender is still taking a huge risk of not being paid back.
How Auto Title Loans Work
So what happens when the borrower can’t make the payment on their auto title loan expected time? This is where it gets dense! Sure, some lenders do work with the borrower to come up with a reasonable payment plan, but there are those out there who take drastic measures the moment the borrower doesn’t make the better term of his/her payment.
Just about everyone has experienced an emergency financial crisis. Whether that means an expensive replacement, an unexpected bill, or a mandatory down payment, these emergencies could cost a lot of money that you just didn’t budget for. When you’re in a situation where you need a large amount of quick cash, you may become frustrated and depress for the time if you’re not sure where to look.
Your access to emergency cash may be limited, especially if your credit is less than perfect or if you don’t have an account with a traditional bank or credit union. For small amounts, a personal loan from a friend or a family member or a quick payday loan may satisfy your urgent needs. But, when your needs demand more, what are your choices?
Luckily, if you have a car, you have the convenient option of getting a Car Title Loans California.
Understanding the steps involved with applying for Car Title Loans California often makes the process simpler and less stressful. It can also save some amount of money. Nearly every family experiences cash shortages at one point or another. Borrowing from a bank often means long delays and several trips to the bank to complete the requirement process. Cash advances from a credit card include cash advance fees, higher interest rates, and a reduction in available credit. Car Title Loans California allows families to avoid compounding their financial problem with these unnecessary charges. Car Title Loans California is secure and simple means of getting cash fast and at competitive interest rates.
They allow families to take benefit of the equity built up in their car to borrow money at lower rates than the other companies. Applying for Car Title Loans is safe, simple and secure. Applications for pink slip loans on car titles are completed online, and approval often occurs quickly, all from the convenience of your home. Having the necessary documents and information at hand makes the application process go even faster. As soon as approval occurs, Car Title Loans California representative will contact you and go through the process in greater detail and answer any questions you may have.
Pink Slip Loan Requirements
The following documents are needed to apply through Car Title Loans California:
- Auto title (free and clear of any liens)
- Personal data
- Driver’s license
- Social Security card
- Vehicle registration
- Insurance proof
- Most recent paycheck stub
- Current home phone and utility bill
- Current mortgage statement or lease
- Multiple references
- Photos of the car and the odometer
Having these documents ready before starting the secure online application process will make it go faster and more smoothly. The information submitted is evaluated immediately after submission, and a response email sent to the application email. Very often, pre-approval occurs within an hour.
The value of a car is used by the Kelly Blue Book to determine the amount of money you can borrow. The more a car is worth, the more money can be acquired. Generally speaking, cars must be no more than ten years old to qualify.
One advantage of Car Title Loan is that the car is still available to use while paying back the debt.
There are no cash advance fees or hidden fees associated with these loans, such as being familiar with credit cards and standard bank lines of credit. While cash advances from credit cards usually are fast, they also feature drawbacks that many cards-holders do not realize. As payments are made on credit card debt, those payments are applied to purchases first. This means that higher interest rate on the cash accumulation advancement interest for much longer than the rest of the debt, effectively increasing the interest rate to unacceptable levels.
Generally, after signing the agreed contract, the loan processes are electronically wired into your checking account on the same day or we can send the money via Money Gream. There is no need to drive across town, wait in a lobby, or plead with a bank manager. There is no delay or bank hold placed on an auto check loan. Once the funds are deposited, they are there to use in whatever way they are needed, whether it is to pay rent, cover a medical emergency bill, or to help out a friend in need. These debts are secured by the Car Title Loans California working team, allowing us to offer money at lower interest rates and with far less hassle.
Paying It Back
When the time comes for the debt to be repaid, a loan officer will phone or email you to make the necessary arrangements. Borrowers are even given a variety of auto title loan payment methods to choose from, allowing them to select the best working method.
5 Everyday Situations Where Auto Title Loan Saves the Day
All of us will find one way or the other experience financial crisis. Not every one of us is lucky enough to be spared from emergency cash situations; even the rich ones are also experiencing cash problems. For whatever reasons cash shortfall exists, the natural instinct for people is to secure a loan to solve the problem. But not all banks and other financial assistance company can accommodate everybody. Lucky for those who were not entertained, as there is always an alternative such as Car Title Loans California. Thus, thousands of people can be relieved of common financial issues such as the following:
Being cut off from general services – regretfully, some people do forget to monitor their bills and when the time comes that these are late and need to be paid to avoid being cut off from utility bills as well as Wi-Fi or cable connections, and being served with notice of eviction for overdue payment. If you own a car, then you have something to exchange for so that you can get extra cash to pay these overdue bills and accounts by getting a car title loan.
Saving family members and relatives lives – we all know that health is volatile and we do not know when it will temporarily deteriorate and require medication and hospitalization in the same manner that accidents cannot be predicted. If you surrender your car title to get your equity loan, you can ask for a higher amount of loan. With that, you can add to pay for expenses related to these certain unexpected situations.
Out of work and looking for the next job – with the economy having its unpredictable mood swings, one is not secured when it comes to their jobs. Thus, when you find yourself jobless at the moment, Car Title Loans California is one of the logical choices to secure money and tide things over while waiting for the next job. Why? This is because one can obtain a loan for as short as a 15 days term to even 36 months installment payment. What is even more beneficial if you still get to use the car. With no prepayment penalties, you can keep your title loan for only a few days if you need to.
Paying for school fees and other related bills – they say that education is the best inheritance that you can give to your children. Thus, parents are working hard to pay for their children’s education bill, You can just imagine how difficult it is to maintain schooling expenses, especially if there are more children involved. Thus, lots of parents depend on loans to help them with tuition and other related bills. Using the equity in your car is a fast way to help pay for them.
Adjust to new situations – life is a constant moving on process, and it involves money. But how can one move on to the next job, to new places, status (from marrying to divorcee), house, and so on and so forth, if one lacks the necessary cash to adjust to a new environment or condition? Thus, an auto title loan is very logical as you can negotiate for terms and conditions. With thousands of car title loan spreading around your location, there have been always higher chances of getting the best bargain.
What Are the Benefits of Car Title Loans?
The main benefit of a car title loan is that the borrower stays in possession of their car for the duration of the loan. Car title loan services allow for those borrowers in need of significant sums of money to have access to a secured loan and still be able to use their cars to continue their daily activities. And, because car title loans are not provided through traditional financial institutions, they are available to those without perfect credit, those who have recently re-entered the job market, and those who are on disability or retirement.
Car Title Loans California is the best means to resolve short-term cash needs without paying extra fees or higher interest rates from the other companies. Instead of borrowing through high risk, Car Title Loans California is a fast and easy way to get the money you need. There is no need to travel back and forth to a bank or to max out your credit cards. Car Title Loans California allows you to continue driving your car while you get your financial situation back under control. Equity loans on car titles are a financially responsible way of getting the money you need now at a price you can afford.
Understanding the consequences of not meeting up with the loan payment can save the borrower from unwanted financial problems as well as the prospect of losing a car altogether. Asking “What happens if I can’t make my auto title loan payment?” may save you from going through what one woman says is the hardest lesson to learn. Procurement of a car title loan is simpler than you think! If you have ownership of a car, you can use it to get out of your financial issues. Honestly, your car is your treasure-house. Use it in times of distress.
To get the quickest possible loan approval turnaround, you can submit your pink slip loan application online. CarTitleLoansCalifornia applications are usually provided throughout the weekend and approval could come in minutes.