Car Title Loans Overview

Posted by Azizam Taylor on January 15th, 2020

A car title loan is a secured type of loan that an individual gets using the equity of his/her car. A secured loan is the type of loan where you get a loan by offering an asset or properties as such to a title equity lender as collateral. The essence of the collateral is to ensure that you, the borrower, are committed to making your payments on time. To use a car’s value for loan purposes, it must have equity. Equity is the amount between the value of a vehicle and the amount you still owe on car payments. In reality, it is the amount of the car that you own, regarding monetary value.

We will now take some time to talk about the car title loan and all its features. The first step in getting your loan is to apply online with your information as well as your vehicle information. When you are pre-approved for a title loan, you have to stop by the closest title loan office in your area for a signing bringing along the valid documents needed. At the location, our agents will guide you in the process of signing the loan, as well as providing any answers to any questions you may have. Pictures of your vehicle will be taken at the site, so bringing the vehicle that you applied with is important. One of the benefits of a car title loan is that your current credit score is unnecessary when it comes to approving you for a title loan. There is also no penalty for any early payments made by you.

Title Loans does not reject you based on your credit score. Lenders use a wider range of criteria when we make our decision on your loan application approval. Nevertheless, they do usually perform a credit check only to ensure that you are not currently undergoing credit counseling or in active bankruptcy. Title loans are customized for each customer’s unique situation between 24 and 36 months so that the monthly payments are more affordable. However, some people can pay off their loans early since there are no prepayment penalties. Learn more at http://fooyoh.com/car_news/15364381/a-guide-to-getting-a-car-title-loan-in-california