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How Do Car Title Loans Work

By sbanderas | March 26 2018
Categories: car,  Loans,  Title Loans
There are different types and forms of loan. While some loans are unsecured – without any collateral, some others are secured by a collateral. These loans are also bound by specific terms and conditions and are issued by several lending or financial organizations like banks and credit unions. People who are in critical need of money for something significant end up getting a loan most of the time. If there ever come a time when you need cash to take care of essential matters, then a loan won’t be a bad idea. You could receive a cash advance in form of a payday loan, personal loans from or credit cards. And it will be quite beneficial to acquaint yourself with the concept of loans and how loans work in general. Whether you need funds for tuition fees, major maintenance or repairs, medical bills, utility bills or any other form of financial need, getting a loan can take care of such needs.  A loan could also be open or closed, and different terms apply to different forms of loan which influences the loan limit, interest rate, and payment plan. But by now, you already know that getting a loan from a bank is a hectic task that leaves you stressed and exhausted if at all you eventually get approved. Banks offer secured loans against a collateral – an asset, but the paperwork and documentation required to receive this loan is always difficult to make available. Car title loans are typically a secured loan – similar to a payday loan. This type of loan is a short-term loan, and just about anybody can take out this loan in a situation of a financial emergency.    

Content Outline

  • What is a car title loan?

  • How do Car Title Loans work?

  • Car title loan requirements

  • Car title loan interest rate

  • The title loan cash amount

  • Get a title loan with Car Title Loan California

  • Approach us

  • Apply

  • Provide the paperwork

  • Collect your cash

We understand that taking out a loan is a critical financial decision, and we expect you feel perplexed and uncertain – sort off. Of course, it involves risks, the more reason why you should get all the information you need about how car title loan works. Car title cash advance is one other cool way you can be granted access to money fast when you are in need of financial help or when you have a financial emergency. Car title loans are simple and straightforward to get and are always available for you as long as you qualify to get one. But first, let’s look at how a car title loan works as well as all that a title loan entails.  

What is a car title loan?

A car title cash advance is a means of getting a quick short-term loan. Though title loans are quite expensive, they are the surest way to get that cash you need and to get the cash fast too. Since it is a secured loan, as earlier stated, you will have to present a collateral in exchange for the loan cash amount, and the collateral in this case is the title of the car or vehicle. If you decide to get a car title loan, you are simply saying that you are willing to hand over the legal document that shows your ownership of the car or vehicle to get a loan in exchange. If you’ve got no other option, if your back is against the wall, if you are at a tight corner, stranded and frustrated because of an urgent need that requires cash, then a car title loan can be your savior. Like any other type of loan, interests are involved. So you pay back whatever you borrow plus interest. You do not give up your car to collect a title loan, although you could lose your car through repossession if you fail to make payments regularly. Car title loans are also called pink slip loans, auto title loans or vehicle title cash advance., and it is not limited to cars and vehicles only. A motorcycle, camp truck, van or SUV can also qualify for a title loan. You should also note that the process of acquiring this loan is quite easy, simple and fast. Within minutes, or just in a couple of hours, on the same day is how long it will take you to get a title cash advance.  

How do Car Title Loans work?

Welcome new car title loan customer! First time? This page will guide you through pretty much all you need to know about title loans. The good, the bad and the ugly. Getting a car title loan is a lot easier than people think. It’s just that not a lot of people think about getting one because they do not know how it works. We hope to clear that up for you so that you can make a wise decision on your loan. The way a car title loan works if not complex as many ignorant persons think. Most people are also skeptical about title loans because they partially understand the concept or they are completely unaware of how it works. If you fall into any of these categories or as a fresh title loan customer, you have landed on the right page. Now, let’s get started. In a pink slip loan, you are receiving an amount of money as a cash advance against the value of your car, with your car title or pink slip as collateral. So basically, as far as you have a car or vehicle in your possession, with a clear or salvage title in your name, you can get a pink slip cash advance. Even if you only have equity in the car, you can also get an auto equity loan. As long as you have enough equity in the car or vehicle you are providing for the loan, you are on track. Auto equity loans work the same way car title loans work. The loan amount you can access depends on how much your car is worth, or how much equity you have in the car. The higher the car’s value or equity, the more cash you will qualify for. Though auto title loans are short-termed, we give you a payment period of 24 to 36 month, much longer that what is offered by our competitors. We run your car or vehicle through Kelly Blue Book to determine the recent its wholesale value. However, don’t expect to get the entire cash worth of your car. Car Title Loans California will give you up to 85% of your car’s value – much higher than what any other title loan company can offer. This is so that in case of a default which leads to repossession, we can be able to get back the loan amount plus interest from the resale. Your credit score has nothing to do with your chances of getting a car title loan approval. the is no specific credit requirement that you must attain to get an auto title loan. Banks and credit unions are always too demanding when it comes to getting loans from them, but a car title loan from a title loan lender is designed to work differently, with easier processes.  

Car title loans give you the opportunity to get the money you need fast.

  By now, you must be wondering if there are other things you need to get an auto title loan. Well, you are correct. There are some other vital requirements you must have to get a title loan. But don’t fret, they are very simple documents that won’t take you any time to get them ready. At Car Title California, we are deliberate to ensure that the title loan process is simple, fast and efficient, all for your comfort. With our donkey years of experience and our pool of expert title loan officers, you will get your approval within the shortest possible time, and receive your cash. Our policies are efficient and we do not permit rollovers because there is no need for that due to our long loan duration. It is also important that you take not that title loans work differently with different car title loan lenders. State laws also influence the way title loans work, as well as the requirements and terms and conditions involved – including interest rates.  

Car title loan requirements

Different loan services or programs come with different requirements. For example, you will need a motorcycle for a motorcycle title loan, a recreational van for an RV title cash advance, and a car for a car title loan. Though these requirements vary – sort of, there is basic car title loan requirements. They include;
  • Your full name, email address, contact details
  • Your car, vehicle, van, or motorcycle and clear title (or document indicating equity)
  • Proof of income to guarantee us about your commitment to repay the loan
  • Proof of residence to show us you are really a California residence
  • Any state recognized identity card to confirm your age, residency and name consistency
  • Mileage on your automobile
  • Pictures of your car or vehicle
  • References
You can easily lay your hands on these documents without stress. And though your car or vehicle is what gives you access to the loan, we do not keep your car in our custody. We let you keep your car while we keep your car title. You get to drive your car anywhere and everywhere like you used to.  

Car title loan interest rate

Car title loans are also high interest loans. Although state legislation limits how high the interest rates can get, the rates are still quite high when compared to other loan options, example; credit cards. However, this is only but a small price to pay for an instant loan, in 24 hours, using just your car title as collateral. Besides, you have a longer period to pay back the loan (24 to 36 months) to repay the loan, so, Annual Percentage Rates (APR) still makes sense. Note that the APR is based on the three major factors;
  1. How much you are borrowing
  2. How long you are borrowing the cash
  3. The monthly interest rate
 

The title loan cash amount

Based on how much your car is worth by our evaluation using Kelly Blue Book, you can get up to 85% of the value. Usually, this amount falls somewhere within $2,050 to $50,000.  

Get a title loan with Car Title Loan California

You can get an auto title loan anywhere you are in California. Do you live in San Francisco, Los Angeles, San Jose, Fresno, Riverside, or Sacramento, wherever you reside, you will find a Car Title Loans California office near you. Getting a title loan with us is simple, and in four quick steps;
  • Approach us: you can do this by just walking into any of our title loan shops in your neighborhood. Or call us at 1-844 242 7467. We have experienced customer service reps to attend to you.
  • Apply: for speed and simplicity, we have an online application form you can fill. Where we will need your name, and other basic details about you and your car. If you choose to apply straightaway at our title loan office close to you, it’s still fine by us. You are also free to apply over the phone too.
  • Provide the paperwork: after your application, this is where you provide us with all the required documents. It is at this point, after a brief inspection of your car and proper evaluation of your papers that we approve your loan.
  • Collect your cash: it is at this point that you will get your loan cash, of course after agreeing to the terms and signing the agreement. You can get this money either as physical cash or directly wired to your account.
We are the best title loan lender in California, and we specialize in offering you the best quality of title loan service you can find. The application is free, and there are no hidden charges whatsoever. Visit our website for more details, or better still call us now at 1-844 242 7467. We will glad to assist you.

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