Quick Guide to Availing Online Car Title Loans
Car Title Loan Reflection (Photo credit: Jeremy Brooks)
As the name indicates, car title loans are loans that can be taken with your car as a security. This kind of loans is very much popular amongst individuals who wish to get access to a huge amount of cash when they have not got their paychecks. Shopping around for car title loan firms is a procedure that needs you to invest sufficient time to research various choices before choosing one. With online car title loans made available, things have become easier since all the research work can be done from the convenience of your home.
The process of applying for online car title loans may vary depending on the lender you select, but most of the steps are general. Here’s how to avail car title loans online.
Research and Find a Reputed Loan Firm
This is the most important step in availing the best car title loan. Once you have chosen the right company, the rest of the process is a breeze. Conduct a research using search engines to find the best lender, though this may be a time consuming process. First, shortlist few good potential lenders and research further about the shortlisted firms to ensure that the companies are legal, reputable, and fair. Find out if customers have experienced any serious problem in the past for getting their title loans.
Analyze the Minimum Requirements
Evaluate the minimum requirements that the loan lending company looks out for. Here are a few requirements:
- Is your car less than ten years old?
- Is there any lien against your vehicle?
- Does your car have a wholesale blue book worth a minimum value of $2,500?
- Will you be able to give the needed verifying documents?
- Are you at least 18 years old?
- Are you employed currently?
These are the minimum requirements needed to be considered for availing title loans. Answering ‘yes’ to all these questions does not assure of loan approval, though answering ‘no’ to any of these queries will lead to instant disqualification.
Compare the Loan Rates and Terms
Compare the loan rates and terms of agreement from at least 3-4 loan lenders. Remember that all online car title loans don’t come with the same interest rates and terms. So, it is recommended to do a bit of comparison shopping and get the best possible rates. Ensure that you check the policy of the lender about early payment. If you repay you loan earlier than expected, you can save a good amount of money that you would have otherwise paid as interest. However, few firms charge penalties for early repayment; so make sure you choose a company that does not charge such early repayment penalties.
Submit the Application Form
Once you have research for online car title loan companies and opted for the one you deem to be the best for your needs, fill the application form and submit it through fax or electronically. After the application is reviewed, the firm will decide whether or not to go ahead with the process. If approved, you can proceed with the secondary application process like submitting copies of documents like your driving license, recent pay slip, social security card, insurance proof, and any other document that the lender needs.
Get Your Money
After final approval of the loan, which usually takes 1 or 2 working days, the loan amount will get electronically transferred to your account. You can then withdraw the amount from ATM or nearest branch.
Such an easy way to apply for car title loans online makes it a convenient way to get quick cash when you need it urgently. To learn more on how to avail car title loan click here.
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Category: Loans, Uncategorized
