If you need money quickly, there are a few online car title companies that can lend you money and allow you to place your car, your truck, boat, jet skis or motorcycle as collateral.By handing over the clear title of your car in exchange for the cash. If you are interested in using the online car title loan company, ensure you investigate all the terms and conditions and choose a reputable company. Most of these lending companies do not do credit checks this makes them very appealing for those individuals who do not have good credit. Many times, the individuals who are targeted are those with poor credit, low income or elderly individuals.Often times, these companies make money from their high interest rates and the repossession of the vehicle if the individual is not able to pay. Car title loans are usually considered short term loans, that are usually about thirty days. If the loan is not repaid, the lender can take the car and sell it to get the money back.
For you to qualify for the online car title loan, the first thing you need to provide is a clear title that has your name on it. This means there cannot be any liens on the car and that you are not be paying a loan company back for the car. Then, the online company will ask you to fill out an application where they will ask your personal information and your vehicle information, such as the make, model, mileage and insurance carrier.They will also know how much money you will request and what you want to do with the money. Then, you will have to go through the rules and regulations associated with borrowing the money. Then a representative will give you a call to discuss your loan application.The car title lending company will give you an offer based on the fair market retail value of the car. They will check the Kelly Blue Book to determine the car value and most loans are between often between $601 and $3000. Most lending companies usually give out at least $601 dollars because you can charge higher interest rates on amounts higher than $601. initially, a short-termcar title loan may seem appealing to you especially if you have bad credit. However, if you don’t investigate the loan properly the effects can be long lasting. You might end up paying high interest rates that can range from 25% to 300%. After a month, the lender may accept payment or allow the debt to be rolled over.
If you have to resend the deal, you usually have one day to make up your mind and return the money. In most states the loan will only be rolled over a fixed amount of time. Of course, if you do not pay then the lending company can take away your car.
The requirements for car title Loan
The only thing that will be required of you to qualify when applying for a car title loan is your proof of employment and income status. Not to worry, the lending company understands that all documents provided by clients are strictly confidential and they treat it as such. The reason they request for your proof of employment is because they need to see that you will be able to pay for thecar title loan.