Understanding car title loans
Quick cash is no longer hard to get with car title loans. It usually takes less than an hour and has a simple process too. But what is a car title loan?
A car title loan is a loan in which a borrower can get a loan against his/her car’s title. The loan process in this type of a loan is quick and simple. One can get both cash as well as credit checks against their car title. A quick search online for car title loans near you can help you find lenders. There are also trained loan officers to help you understand the auto car title loans, the interest rates, and anything else you might want to know before opting for the same.
Below is some information that can offer a better understanding of car title loans:
What are the necessities for getting a car title loan?
In order to get a car title loan, you require:
- The car title along with the car
- Driver’s license
- Passport or other ID proof
- Proof of income (social security income, disability income, or pay stub)
- Bank statement
- Bank routing number
- Spare key of the vehicle
How can you pay for car title loans?
- Bank account: You can link your bank account to the loan provider and have money debited automatically every month when the payment is due.
- Cash: You can also pay physically, in cash, at the loan provider’s branch.
- Interchangeable: You can also choose to change the mode of payment as per your convenience. If bank payment is not possible for one month, you can pay by cash that month, and vice versa.
How do car title loans work?
- Loans can start from approximately $2,600 to $50,000.
- Car loans are fast and are approved in no time.
- Car title loans use your car as collateral and the credit is based on the wholesale value of your car.
- The duration of your car payment can go up to 3 years, and they have low monthly payments.
- The car remains in your possession while your title is held by the provider. Once the loan is paid off, the car title is returned to you.
- The car title loan holder becomes the lien holder of the car until the car title loan is paid off completely after which the lien is removed.
- You need acceptable forms of ID proofs like government ID or driver’s license.
- You need a proof of a steady income, which may include a pay stub or a bank statement from social security.
How do I increase the value of my car?
- Fix worn tires: A car with worn tires makes the whole car look old and used. Black Friday sales give you great discounts for new tires. Opting for a change of tires can help with your car’s value.
- Fix windshield cracks: Your insurance can help fix cracks and cover your repairs which can increase your car’s value.
- Dents and scratches: Remove dents and scratches with easy DIY hacks or at small auto repair shops. This can easily break even with the loan amount you will be receiving.
- Remove dirt and grime: Dirt can make your car look shabby. A shiny car looks new and can have a great resale as well as loan value.
- Don’t over tint the windows: Tinted windows are helpful but dark tints are hard to sell, especially in places with hot weather. This can lower loan values.
- Don’t over customize your car: Overly customizing your car can make it hard to use for certain people and can make wholesale value much lower. Instead, simple additions like a sound system can increase the loan value.
- Installing turbochargers is a bad idea: Cars with these enhancements make it seem like the car has been used roughly and can go against getting a good loan value.
How do I find auto title loans near me?
- A simple way to find auto title loans near you would be to search for the same on a search engine like Google.
- Search engines list out companies that are in your area, city, or state that offer you car title loans.
- You can also identify established lenders who operate across the country and check through their store locator if they have an office near you.