Car Title Loans, get cash in under 1 hour
Car title loans are loans in which you use the value of your car to borrow money. When using the equity in your car to borrow cash, you can possibly get your loan in under 1 hour. Car title loans resemble home equity loans, you can tap the built up equity in the car and can borrow money against it.
Car title loans may be known by other names depending on your state. In California they are known as pink slip loans since the car titles are printed on pink paper. In other areas this loan is know as a car collateral loan, title loans, and an auto title loan. Let's now learn about these loans.
These loans are excellent for people with a history of bad credit. The reason for this is that a lender doesn't pull your credit report or credit score. The lender just needs to see there is value in the car and you have the income to pay off the loan. Even if you have a recently closed bankruptcy, you may qualify for a loan.
By the way, these loans aren't just for cars. Many lenders will loan you the equity in your truck, SUV, motorcycles, jets skis and even boats. If you have equity in any of these vehicles, you can probably find a lender to loan you money.
If your in need of a quick short-term loan, then car title loans may be the way to go. A loan can range from a quick 2 week loan to a loan term of up to 2 years. When shopping for a loan, ask the lender about the length of their loan policy.
Title loans can be structured several ways. They can be short term in nature where you only pay interest each month and then pay the entire amount due at the end of the loan. That type of payment is called a balloon note, much like a balloon mortgage. They can also be referred to as interest only loans.
One very important thing to check with your loan is if there are any prepayment penalties. Many states forbid lenders from charging a prepayment penalty if you choose to pay the loan back early. This helpful for the borrower. If you are able to pay back the loan before it is due, this will help you save money on the interest charges.
The lender will then check the value of your car. Based on your monthly income and the cars equity, the lender will figure out the most they can loan you. Most lenders will loan you 50% of the cars value. Check around though. Some lenders will go as high as 66% of the cars value.
In order to obtain a car title loan, the borrower must provide some information to the lender. First you will have to show proof of residence. This can be accomplished by showing a utility bill with your name and address on it. Next you will need a valid drivers license and an up to date automobile insurance policy. You will then need to supply the lender will the car title and registration. Finally you will need to show proof of income. For proof of income, all you really need to show is usually your last 2 pay stubs. But what if you don't have a job? Can you still get a car title loan? Perhaps. If you can show regular income such as a disability check, social security check or something similar, you could still probably get the loan.
You now have learned a lot about these types of loan. Now it up to you to shop for the best car title loan now. - 21392
Car title loans may be known by other names depending on your state. In California they are known as pink slip loans since the car titles are printed on pink paper. In other areas this loan is know as a car collateral loan, title loans, and an auto title loan. Let's now learn about these loans.
These loans are excellent for people with a history of bad credit. The reason for this is that a lender doesn't pull your credit report or credit score. The lender just needs to see there is value in the car and you have the income to pay off the loan. Even if you have a recently closed bankruptcy, you may qualify for a loan.
By the way, these loans aren't just for cars. Many lenders will loan you the equity in your truck, SUV, motorcycles, jets skis and even boats. If you have equity in any of these vehicles, you can probably find a lender to loan you money.
If your in need of a quick short-term loan, then car title loans may be the way to go. A loan can range from a quick 2 week loan to a loan term of up to 2 years. When shopping for a loan, ask the lender about the length of their loan policy.
Title loans can be structured several ways. They can be short term in nature where you only pay interest each month and then pay the entire amount due at the end of the loan. That type of payment is called a balloon note, much like a balloon mortgage. They can also be referred to as interest only loans.
One very important thing to check with your loan is if there are any prepayment penalties. Many states forbid lenders from charging a prepayment penalty if you choose to pay the loan back early. This helpful for the borrower. If you are able to pay back the loan before it is due, this will help you save money on the interest charges.
The lender will then check the value of your car. Based on your monthly income and the cars equity, the lender will figure out the most they can loan you. Most lenders will loan you 50% of the cars value. Check around though. Some lenders will go as high as 66% of the cars value.
In order to obtain a car title loan, the borrower must provide some information to the lender. First you will have to show proof of residence. This can be accomplished by showing a utility bill with your name and address on it. Next you will need a valid drivers license and an up to date automobile insurance policy. You will then need to supply the lender will the car title and registration. Finally you will need to show proof of income. For proof of income, all you really need to show is usually your last 2 pay stubs. But what if you don't have a job? Can you still get a car title loan? Perhaps. If you can show regular income such as a disability check, social security check or something similar, you could still probably get the loan.
You now have learned a lot about these types of loan. Now it up to you to shop for the best car title loan now. - 21392
About the Author:
Getting a pink slip loan is very easy. If you need cash in a hurry, you need to read about title car loans
posted by X - Men @ 6:30 AM
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