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Top 10 Car Title Loan Tips
- Top 10 Car Title Loan Tips
- What is a car title loan?
- How does a car title loan work?
- Vital Tips to Guide Your Car Title Loan Decision
- Do your background check on the reputation of the title loan company
- Watch out for how easy the application process is and how fast you can get an approval
- Pay attention to your financial plans and needs, and how a car title loan terms and conditions fit in
- Pay more attention to the loan policy of the title loan lender
- Weigh the pros and cons
- Find out what tools the car title lender is using to analyze and estimate your loan amount
- How much can you qualify for, and how long will the loan last
- Ask about how you can get back your car title
- Be smart and choose wisely
Top 10 Car Title Loan TipsAre there times in your life when challenges of life set you up so bad that getting a cash advance or loan becomes the only option? Do you have any experiences trying to get a loan to attend to some pressing minor or major personal issue, take care of your domestic bills, or starting and establishing a business? You will agree with us that getting a loan is not so much of a joy ride, especially if it requires getting the cash advance from a bank or any credit bureau. Not only are the expectations quite high and almost unattainable, getting a loan approval is pretty difficult too. And even if you eventually get an approval, it might take too long a time which of course is not very encouraging. Getting a loan any other means is more like a pathway with too many hurdles along the way. And more recently, getting a cash advance is an almost impossible mission, especially when it involves conventional financial institutions. It is in situations like this that a car title loan comes in handy as a desirable alternative. The complex issues associated with loans from traditional banks and credit bureaus are completely eliminated in a car title cash advance. Currently, these loans are issued by lenders either in a physical store or office or on an online platform. No need for that complex and annoying paperwork. No need for the strenuous and stringent application processes. And with the way a car title loan is designed, so many people who would typically be “disqualified” by a traditional lending institute for one reason or the other can now confidently opt for and acquire a cash advance with their car title in hand. This article will focus on some useful tips on getting car title loans, as well as how to get the best deal on a car title loan. But before we go further, let’s briefly do a recap of what a car title loan is, and how a car title loan works.
What is a Car Title Loan?Just as the name implies, a car title loan is a loan on a car title. It is a form of a secured loan which involves the use of the title of your car as collateral. You (the borrower) will offer your car title as collateral to a title loan lender or a title loan company, and in exchange, you receive a certain cash amount as a loan against your car title. The car title is a document that indicates your ownership of your car. So basically, in a nutshell, what getting a car title loan means is that you temporarily give up the document that shows your ownership of your car to a title loan company (the lender) to collect a quick loan. It is also known as an auto title loan, a pink slip loan, a car title cash advance, an auto equity loan, or a title loan for short.
How does a Car Title Loan work?Just the way a typical secured loan which involves a collateral works, in a car title loan, you have the opportunity to get access to quick and urgent cash anytime by simply tendering your car or vehicle title (alongside other minor stipulations) to a title loan lender or an auto title loan lending company. However, you do not give up your car in the process. Instead, you continue to enjoy driving your car while you pay up the loan. Once you completely repay the loan amount, the lender will return your car title back to you. That is to say, you retain ownership of your car once you pay off the loan. You just have to own a car that has a title in your name or have enough equity in the car for you to qualify for a car title cash advance. Just about anybody can qualify. Bad credit or no credit at all. To get an auto title cash advance or a pink slip loan, you simply apply. Provide the little requirements that your lender requires of you, proceed to your car evaluation, get an approval, and receive your cash. Car title loans work in three simple stages;
- Get approved
- Collect your cash
Some of the requirements are:
- Car and clear title
- Name, address and phone number
- Confirmation of residence and income
- Some references