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Most Frequently Asked Questions About Getting a Car Title Loan
Most Frequently Asked Questions About Getting a Car Title Loan
Car title loans are getting popular these days because of how quickly and easily you can get it. But many people still don’t know much about it, so, there needs to be some more education on the subject. Car title loan can be a lifesaver for many people who want quick cash so they can solve one problem or the other in their lives. Here are some of the most important questions people are asking about the loan.
- What Is Car Title Loan?
A car title loan is a loan that makes use of your car as the collateral. The person issuing the loan collects the car owners title in exchange for the cash. Car loans are getting more popular these days because of how easy it is to get them. Once the money has been given, the borrower is assigned a particular number of days to pay back, including the interest rate. Car title loans offer great deals and are much flexible and less complicated compared to other soft loan options. Car title loans don’t take much time to get and can be useful in time of emergencies.
- How Do I Apply for a Title Loan?
Applying for car title loans is very easy. There are many companies out there offering the service. There are two ways to apply, however, including online or offline. The online application is the fastest and easiest as you can just fill the form and you’re ready to go. Some people who like to do things in physical can also apply in person, in the office of their service provider. Customers are provided with forms which they will fill and return to the loan officers for processing.
- How Do Title Loans Work?
Car title loans are not complicated at all, which is why many people are now considering it. The lender gives the borrower money to be utilized for a period while borrower tenders the title of their car, truck, and motorcycle as collateral. The lender expects the borrower to pay back the money within the period stipulated in the agreement. Once you understand how the loan works, it is easy to approach lender companies to get your loan as quickly as possible. However, lenders have to make sure they paid back their loan within the period to avoid complications.
- Why Should I Consider Getting a Car Title Loan?
Car title loans are a fast way to get loans when you need it quick. You can get car title loans very quickly and have access to the cash you can use immediately for your troubles. When applying for car title loans your credits are not considered at all. What is needed is the title of your car, and you’re ready to go. Unlike most other loans that may require you to break an arm or a leg, car loans help make things easy for you. They also cost less than a cash advance since the lender is using your car as collateral and it gives some form of protection.
While it is called car loan, you can actually make use of other vehicles including trucks, motorcycle, and RVs. If you have an emergency like medical issues or rent payment or so, you can be sure that you will get the money before it’s too late. Car title loans are very convenient for many people who prefer it to other forms of quick loans. You should also consider title loans if you need a loan option that gives you simple repayment options that won’t put so much stress on you.
- What Are the Requirements for a Title Loan?
To qualify for a car title loan, you must have a car which is outrightly owned by you, which means that there must not be lying on your vehicle. You also need to have certain documents ready before you can be allowed to access the loan. The documents you need include:
- Original vehicle title with you as sole owner
- Identification issued by government matching the name on title
- Current vehicle registration
- Proof of residence.
- Evidence of vehicle insurance
- Proof of your ability to repay the loan
- Contact details of at least two valid references
- Working copies of the keys to your car
- How Long Does It Take To Get The Money?
Getting car title loan doesn’t take time at all. What determines the speed with which you collect the loan is how quickly you submitted all documents and required needed for complete verification. People who are fast about it, like those who fill and submit their forms early in the day can get it within 30 minutes or the same day. Most lenders will issue your loan within 24 hours.
- How Much Can I Borrow?
The amount of money you can ask for depends on the value of your car. After providing information about your application and vehicle, the title loan operator will then assign an expert who will appraise your vehicle and determine the value. The result of the appraisal will determine the maximum amount of money you can borrow from the lender. On the average, you can get between $2,500 to $50,000 depending on the state you reside and of course the value of your vehicle. Whatever the kind of car you’re using, as long as you’re the owner of the vehicle, you are assured that you can get a loan for yourself.
- Can I Get Loan on A Car Titled in A Different State?
There are many reasons you might need a car title loan when you’re in a different state. You might be in another state, and you need a loan, or you just relocated to the state, and you’ve not re-titled your car loan. Most car title companies will still issue the loan once conditions have been met. First, you need to prove that you lived or you’re living in the state, in order word you need to submit a proof of residency. However, some car title borrowers may require that you re-title your car to the new state before you can be issued the loan. This is a pretty simple thing you can do by visiting your local department of motor vehicles.
- Do I Need to Be Employed to Be Eligible?
You don’t need to be employed to be eligible for car title loan. All you need is a car that you own outrightly and proof that you’ll be able to repay the loan. This is one of the most interesting aspects of using a car title loan provider over other loans that may require so much.
- What If There Are Two Names on The Title, Can I Still Apply?
When there are two names on the car title the way the names appear will determine how the loan will be made available to the borrower, or whether they will even qualify for it. This is due to state regulations to ensure a proper due process is followed. If the individual names of the title are written with “or” then any of the party can request a car loan even when the other party is not aware. However, if the name in the title has “and” or “and/or,” then the loan can only be issued with the signature of both parties.
- Can I Get Car Title Loans for My Two Cars?
Some people have more than one car and would like to apply for two different car title loans. This is allowed as long as the two cars meet the requirements and are outrightly owned by the borrower. You also need to provide evidence that you’ll be able to repay the loan. Car title loans are easy to get, but the ability to quickly pay back and retrieve your car title will surely help you prevent complications.
- What Happens If I Can’t Pay Back My Loan on Due Date?
The usual repay time for most car title loans is around 24 to 48 months. But there are no pre-payment penalties so you can pay off your loan at any time. If you can’t repay your loan, the lender might decide to take control of the possession of your car, sell it, and repay the loan. It is vital to ensure that you borrow a limited amount of money; the kind of cash you know you would be able to pay back on time to avoid losing your car. We will manage to work out your way of paying the loan.
- Do I Have Full Use of Car During the Term of The Loan?
During the term of the loan, the borrower has full access to the car even when a lien has been placed on the vehicle. However, you should continue to maintain communication with your lender to ensure that you fulfill all the requirements of the loan. You should also be careful with the car to ensure you don’t get involved in an accident or cause other damage that might cause the vehicle to lose its value.
- Does My Car Need to Be Paid Off Before I Can Apply for Car Title Loan?
The entire idea of the car title loan is using the car you outrightly own as collateral, to help protect the lender from any risks. If your vehicle is not paid off, it means you’re not the complete legal owner of the car, and if you fail to repay your loan, the lender may not be able to claim rights to the vehicle. This is standard practice in the car title loan industry to reduce risks.
- Do I Need to Have A Bank Account to Get a Car Title Loan?
You don’t need to have a bank account to get a car title loan. Car title loan providers offer their service independent of any financial institutions. What matters most is getting your collateral ready and providing all the information needed for the approval. Sometimes, borrowers don’t just want to share their personal information with lenders. In this situation, you can make payment and receive your car title loan through other means.
- What If the Car Title Is In Someone Else’s Name, Can I Still Apply?
If the car title is in somebody’s name and the person is aware of you trying to borrow money with it, yes you can apply and get your loan. However, the loan will be issued in the person’s name, and they must be present to sign the documents.
- When Do I Get My Title Back?
Once you paid back your loan back in full before the due date, your title will be handed back to you. Once you paid back, you can still use the same car to borrow money, sooner or later.
- How Do I Pay Back My Title Loan?
There are several ways you can pay back your loan. You can mail in your payment with a check or pay online via the lender’s online payment platform. You can also pay by phone or go to the service provider’s physical store and pay in person. Some providers also accept MoneyGram and Western Union payment.
Car title loans are essential for most people who find it hard to get fast loans through other means. The payment process is easy, fast, and you can get the loan as quickly as possible. Before you sign the agreement, make sure you will be able to repay the loan as at when due. Losing your car might be devastating, so give it a deep thought before you make that decision. Car title loan doesn’t require checking your credit score, and you don’t need to have a bank account.