A title loan uses the value of your vehicle and your ability to repay in order to provide the cash you need. Here, the lender will have the rights over your vehicle until you discharge the vehicle from his pawns by paying off the offered loan. For those who were undergoing the tough phase in life, this loan stands as the epitome of assistance.
This can be called as the source of emergency financing and it is the most preferred loan as you can free your car from the shackles of the lender by repaying him as soon as your financial situation balances. Other than this, the most beneficial thing about Title Loans is that here you can take the loan of tens of thousands of dollars within no time, as payday loans only grant you hundreds that too with higher interests, title loans are preferred over them. So, all these factors considered, we suggest you proceed with a Title loan, rather than any other.
And keep in mind that the amount you are capable of borrowing doesn’t depend on your income flow or the previous transactions, here everything you will get depends directly on the quality standards of your car, its model, and the market value. If you own an old car, you might get a lower amount due to depreciation, meanwhile, the updated model of the same may offer you a good amount.
Coming to the further details, let us give you a sneak peek at what you have to do to avail your Title Loan! Check out the eligibility criteria and steps here:
- US citizenship or permanent residency
- Should be at least 18 years old (differs for each state)
- Maintain a steady income
- Own your car outright
Step by step process for loan:
- Approach a lender on the Internet or in person.
- Provide your name, date of birth, address, and email address
- Submit your state-issued ID
- Explain your employment status and income
- Have your vehicle evaluated
Post all this, if you apply online, your vehicle might be evaluated at the lender’s home on the next business day.