Car Title Loans: Satisfy your urgent expenses
In these economic times, everybody is hunting for more cash
. And when an emergency happens, like medical bills, minor car repairs, wedding or any such occasion which calls for immediate attention, you may be completely out of money. Then, you may have to look for some external help else than your earnings. In such a situation, a car title loan could be very helpful. A car title loan is a loan that a bank gives to a client, using the client's car as collateral. Thus, the borrowers car acts as a security against loan amount. These loans are available to almost anyone, who has a clear title of a paid-off car, regardless of one's credit history. These loans are available to almost anyone, who has a clear title of a paid-off car.
All you need to qualify for a
car title loan is a vehicle. The title of that vehicle must be under your name. And the vehicle must be mostly or entirely paid-off. So, if you own a car, you're set to go. Most lenders offer up to 50 percent of the car's value. This is to help offset any decreases in the price of the car over the period of the loan. Borrowers should satisfy some conditions before applying for these loans like they should have a minimum age of 18 years, documentary proof of income, identification and age are essential in order to take advantage of this loan. It is a short-term loan, in which loan amount ranges up to $2,500 with a repayment period of14 days to a month. As the repayment period is very short, the interest rate charged on this loan is very high. Banks demand a written title loan agreement from the borrower at that time when the loan is granted. Even borrowers with a bad credit history like CCJ's, IVA's, arrears, defaults or bankruptcy can take advantage of this type of loan as no credit check is done while providing these loans. If the borrower fails to pay the loan, the bank confiscates the vehicle and resells it to cover the loan amount.
However, to find an affordable deal a proper online financial market need to be searched out. Comparing various loan quotes form different lender will let you grab a deal with reasonable rates. To get the application of loans for non homeowner, you are just required to fill a single online loan form. The lender will verify the details and submit the borrowed amount in your checking account within hours.
Car Title Loans: Satisfy your urgent expenses
By: Peterson Richard
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