Are you unemployed at the moment? What happens if you remain unemployedfor a longer while and there are no jobs in sight? What do you do when your bills are past due and it seems like there is no light at the end of the tunnel? Turning to relatives is not yielding any result neither is going to a bank for a traditional loan going to solve the problem. This may be the time when car title loan is your only source for getting the money you need.This type of loan is geared towards the borrower who has challenges getting a loan from mainstream financial institutions like banks and credit unions. When the banks turn down your loan application and relatives are not approachable, car title loans are a quick and easy resource that have to answer any embarrassing questions to get a loan approval. Most likely you will be approved and the best part is that you will get the money you need directly deposited in to your account for overnight funding.
A car title loan is quick and simple all you need is need to own your vehicle outright and make sure that the title is free and clear of any liens whatsoever. To apply for car title loan is quite simple. You have the option to conveniently fill a simple application online or in the store location; it doesn’t take long at all.Also, you need to have a governmental form of ID, proof of residency, proof of car insurance and a clear title. It does not involve any embarrassing credit check or any other questions of why do you want the loan after approval and appraisal. Your quick fund will be in your hands within 24 hours, via cheque or direct deposit.
Your car would be inspected and appraised before the loam is approved. The lending companyoften use the Kelley Blue Book price of resale value for your vehicle and if the vehicle passes the inspection, the lender will fund you 50% of the value of your car. This remaining percentage is a cushion for the lender in case you default on the loan payment. At the signing of the loan you will need to submitthe copy of the car title as well as a copy of your car keys.The loan duration is usually for 30days and after the 30-day period, the loan is due in full including fees and interests. If you are not able to repay the loan on time, the lender might give you options such as rolling over the loan. The rolling over the loan will entail more interest and be aware that if you rollover and are not able to make your payment, your vehicle will be in danger of being reprocessed.
One added advantage of the loan for the borrower is still they are able to own and drive theircar for the duration of the loan payment allowing the borrower to run errands and get to work as usual.