How Car Title Loans Work
May 23, 2012
If you’re wondering what a car title loan is, or how a car title loan works, you’re not along. You may have seen television ads or radio commercials advertising car title loans and probably heard people talking about car title loans as it’s become quite the topic of discussion. Such loans are also referred to as auto title loans, pink slip loans and or title loans.
Car title loans are often easier to obtain than bank loans and usually offer convenient features like flexible payment options and no prepayment penalty. Below lists more information on what an auto title loan is and how an auto title loan works.
To qualify for a car title loan, you must own a vehicle. This means that the vehicle must be fully paid for. Vehicles with outstanding payments, leased vehicles or any others that are not fully owned will not work out.
If you own a vehicle, you should have the vehicles pink slip. This is what you must present to a car title loan company in order to begin the process. Depending on the lender, you may also have to bring some other items, such as proof of insurance, a photo ID and others.
Find Out More Information
Consider contacting a car title loan company like by email or phone. Also, make sure to visit their website. In either case, find out what specific requirements each car title loan company has so that you can gather all of the relevant items before heading to their location. At Car Cash Loans we’ve been considered one of the best car title loans companies around for years now. You can contact us by email or phone and we’ll get back to you ASAP.
Getting a Loan
Once you’ve gathered all required items, take a trip to a car title lender. The process is often much more streamlined than at banks, so you probably won’t spend too much time on it.
The car title lender will assess your vehicle’s value. Then, it may offer you a loan based on that value.
You’ll have to fill out some paperwork, as well, but it won’t be like you may expect with a bank. Car title lenders often require less paperwork than banks, meaning that you won’t have to spend all day filling out forms.
The entire process of getting a loan usually doesn’t take very long. In fact, at Car Cash Loans, you’ll typically be in and out in around an hour. This means that you could have the money you need in an hour, not days or weeks like many banks require.
Will There Be a Credit Check?
Whether or not you are subjected to a credit check will depend on the lender. At Car Cash Loans, you’ll never go through a credit check. This could be very beneficial if you have credit problems, as they won’t hurt your chances of getting a loan like they would at a bank.
What Will Happen to My Vehicle?
Car title lenders generally won’t ask to keep your vehicle. They usually just want the title, which is held temporarily until the loan is repaid. This means that you can get the money you need and keep driving!
Will I Have Enough Time to Pay My Loan Back?
Car title loans can be structured with convenient payment terms. Whether you want to pay your loan back quickly or spread out your payments, you can do so with a car title loan. At Car Cash Loans, payment plans of up to 5 years are offered, giving you plenty of time to repay your loan!
Should I Get a Car Title Loan?
If your wondering if you should get a car title loan, just remember this is a personal financial decision that you’ll have to make. Remember that car title loans are generally easier to obtain than bank loans. Also, if you need money quickly or have credit problems, a car title loan can be a great alternative to a traditional loan.
Consider a car title loan if you like the idea of getting quick cash without a lot of hassle. You can pay your loan back over a convenient timeframe and keep your vehicle while you do so. How does that sound?