Car Title Loans

So you're thinking about using your actual car title for a quick loan? Below are a few things to consider and to know before you begin the process.

About Car Title Loans

Getting cash for loaning the title to your car, is a quick and painless process. A quick advantage of this loan is that it foregos the need to go through a credit check for applying for this loan. Credit checks are not only a lengthy, frustrating process, but costly as well. When applying for a car title loan, you use your vehicle for actual collateral.

Applying for this type of loan is simple. You can fill out an online request in mere minutes. Your info is then submitted to nearby, reputable agents in your area. After an agent gets in touch with you, you will then need to present your car to them, along with the title, identification and valid proof of insurance. The agent will inspect the car and determine your eligibility of the loan and loan terms. If approved, you will walk out with your cash, the same day. Before signing of the loan, it is important that you know all the details of the loan, in fact it is a federal law requirement that the agent discloses all the information pertaining to this loan. It is also important, that you research all the loan interest rates available to you, for loaning your car title can come at a steep price. It is not uncommon for the loan to go as high as 300% APR.

Generally speaking, you will have 30 days to pay off the loan plus the agreed upon interest. The loan is determined by the condition of the car, along with its appraised value, along with your driving record history. Once you sign the contract, you must keep up with payments, for failure to make payments will result in the repossession of your car. The difference of the loan is absorbed from the value of the car, along with the payments made. Different states have different requirements for using your car title as collateral, but generally speaking, you must be at least 18 years old, have a current residence along with valid car registration. It also works very well if you have a clean driving record and no leans on the car. So if you're, you can easily find an assortment of reputable agents online. Feel free to call, fill out online or visit them in person to get on your way.