Do you need quick cash to take care of an emergency? Maybe you have make use of all your options but you’re unable to find solution to your financial difficulties? Sometimes financially stable families may have financial problems. Loss of job, prolonged illness or any other unexpected event may force you to look for quick financing options.
If you’re trying to obtain a short-term loan to end your financial problems, you may have heard of the following advertisements that are related to auto title loans:
Get cash for your car.
Get quick cash.
No credit check required.
Auto title loans are common in many American states. It’s popular among borrowers because the loan program is very easy to obtain. You may have heard about it from your friends, family or neighbors. If you’re interested in getting the loan program, you must only join the club after understanding it thoroughly.
What is an Auto Title Loan?
According to Investopedia, it’s a secured and short-term loan in which the borrower’s car title will be used as collateral to secure a loan.
To get a title loan, you’ll have to allow the lender to place a lien on your car title. Also, you’ll have to surrender the original title of your car to the lender.
What is the Difference between an Auto Title Loan and an Auto Pawn Loan?
An auto title loan allows you to get cash and end your financial difficulties by pledging your car as collateral. The lender will need the title of your car but will not take possession of your vehicle. However, if you get an auto pawn loan from a lender, you’ll have to surrender your vehicle and its title.
What are the Requirements for getting an Auto Title Loan?
If you want to get an auto loan, you must fulfill the following requirements:
You must have the original title of your car.
You should be at least 18 years old.
The car should not be older than 15 years.
There should be no lien on the car.
What Documents are required for getting an Auto Title Loan?
Following is the list of documents that are needed for getting an auto loan:
The original title of your car indicating no liens.
Vehicle registration and insurance.
What is the Process of getting an Auto Title Loan?
Just like any other loans, you must submit an application to the lending company. They will consider your financial condition and evaluate the worth of your car. Don’t worry if you’ve bad credit history. If your car is valuable and you’ve a stable source of income, the lender will approve your loan application.
Obtaining an auto title loan is easier than you think. If you’ve ownership of a vehicle, you can use it to get yourself out of your financial troubles. Truly, your vehicle is your treasure house. You can use it in times of distress.