Car Title Loans: Things To Bring With You And What You Should Know
Going to take out a car title loan? Take these steps first to ensure youve got all your ducks in a row
. You might even want to start a folder to help organize all the paperwork youll need. Itll save you time and grant you peace of mind throughout the process!
1) Make sure your vehicle is clean and ready for inspection. Even though youll be keeping it and driving it, you want to be sure your car is getting appraised at its fair value.
2) Youll need a clear car title in your name. This is very important. There can be no outstanding liens on the title.
3) Identification Youll need to show that youre the person you say you are, the person who owns the vehicle. For identification, youll need your drivers license, proof of vehicle registration, and proof of vehicle insurance.
4) Proof of Residency To verify your residence, youll need to bring a lease or mortgage statement, current phone bill, and an additional utility bill, such as an electric bill.
5) Proof of income- If you do not have a steady flow of income, you may not qualify for a car title loan. In order to show that you are currently employed, youll need to bring a current pay stub.
6) References Car title loan companies will ask that you provide personal and professional references to attest that youre a trustworthy person.
7) Extra vehicle key Bring an extra vehicle key with you, although some auto title loan companies dont require it its best to be on the safe side here.
8) A positive attitude Whatever your reason is for needing an auto title loan, just remember that you will only get through the situation with a positive attitude. You can get cash in a hurry for now, but you need to be prepared to repay the loan
If you have questions about your auto title loan, ask your loan officer. Some companies also offer national lending hotlines too, so before you go, you can ask. If you are unsure about anything, be sure to ask before signing a contract. A loan officer from a qualified car title loan company will be more than happy to answer your questions and address your concerns.
by: Laine McKenna
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