Are you in need of cash? Have you exhausted all your options but unable to find a solution to your cash problems? Even financially stable families may get caught in financial crises. Prolonged illness, loss of a job or any other unforeseen event may compel you to look for quick financing options.
If you are trying to obtain a short-term loan to end your financial crises, you may have heard of the following advertisements related to auto title loans:
1. Get Cash for your Car!
2. Get Quick Cash!
3. No Credit Check required!
Auto title loans are prevalent in several American states. It is popular among borrowers because the loan program is easy to obtain. You may have heard about it from your neighbors or friends. If you are interested in obtaining the loan program, you must only join the club after understanding it thoroughly.
What is an Auto Title Loan?
According to Investopedia, it is a short-term loan in which the borrower’s car title is used as collateral.
To obtain the loan program, you will have to allow the lender to place a lien on your car title. Also, you will have to surrender the original title to the lender.
What is the Difference between an Auto Title Loan and an Auto Pawn Loan?
An auto title loan allows you to obtain cash and end your financial crises by pledging your car as collateral. The lender will require the title of your car and not take possession of your car. But, if you obtain an auto pawn loan from a lender, you will have to surrender your car along with the title of your car.
What are the Requirements for getting an Auto Title Loan?
If you want to obtain the loan program, you have to fulfill the following requirements:
1. You should be at least 18 years old.
2. You must have the original title of your car.
3. There should be no lien on the car.
4. The car should not be older than 15 years.
What Documents are required for getting an Auto Title Loan?
Following is the list of documents that are required for getting the loan program:
1. Identification Proof
2. Age Proof
3. Income Proof
4. Original Title of your Car indicating No Liens
5. Utility Bills
6. Vehicle Registration and Insurance
What is the Process of getting an Auto Title Loan?
Just like any other loan program, you have to submit an application form to the lender. The lender will consider your financial situation and analyze the worth of your car. Do not worry if you have bad credit history. If your car is valuable and you have a stable income source, the lender will approve your loan application.
Obtaining an auto title loan is simpler than you think! If you have ownership of a car, you can use it to get out of your financial troubles. Truly, your car is your treasure-house. Use it in times of distress.
Source by Rock Watson