Now and then, people need a large amount of money, and they approach different banks for assistance in loans. The loan could be for educational purposes, any emergency, or for business investment. As bank loans are not a convenient option for many individuals living on a moderate income and a tight budget, a title loan is just the solution for your financial issues.
Without worrying about any hidden or extra charges, you can easily apply for title loans and obtain cash according to your needs. You can get an auto title loan quickly if you own any vehicle such as a car, truck, or motorcycle.
How Much Can you Borrow?
The amount you get to borrow primarily depends on the equity of your vehicle or the market value of the auto. The higher the market value of the car, the bigger the loan you receive. You also need to make sure as you provide your vehicle as collateral, that all previous mortgages taken upon purchasing the car have been cleared. In most cases, the amount you get for a loan equals to around 20 -25% of the car’s total worth. It is done to ensure a speedy and comfortable recovery of loans and a smooth process of repayment.
The Option of Rolling Over
As this is considered to be a short term loan, it needs to be repaid quickly, in about 15-20 days. However, not every individual finds that manageable. Repaying a loan in such a short period can seem a bit challenging. Hence, you are provided with the option of rolling over your loan. In simpler words, you can renew the loan for a month. However, you need to check the State Law first, if it is allowed or not. It’s because each State has a different law regarding the title loans.
Applied Interest Rates
Generally, loan applicants are charged a 20 to 25% of an interest rate of the total amount for one month. However, with an increase in the period, the interest rate increases as well. It is advisable to check with the State law as each State has certain limitations regarding interest rates.
Getting a loan could never be more comfortable than this. If you wish to receive the ultimate title loans for your needs, you need to log onto the internet and apply for auto title loans online and complete the formalities. Within no time, you can have the amount in your hands without the extra legwork. You can get more information about these title loans from companies such as The Net Lender.
Quick Cash on a Short Term Basis
If you want a loan very quickly, especially in case of an emergency, then an auto title loan is the best option for you. You can quickly get a loan without any long waiting or hassles according to fair market rates. You can hand over your vehicle to the lending party until you can repay the amount. You can also get a customized repayment plan to pay the amount back.
Tips to Get the Best Title Loan Deal
Title loans are quick money. If you need money quickly, a car title loan is one of the best options. Here are a few tips that will guide you and help you get the best title loan deal:
Before you select the company for your title loan, make sure to check the background of the company. Check their reputation and how much experience they have or how long they’ve been working. You should check if they have a physical office. These are essential things before you apply for a title loan.
Eligibility is another thing that you need to check is if the company has the license for business in your State. You’ll get the title loan only from the companies that have permission to do business. Laws and regulations regarding title loans vary from State to State.
Check the Payment Options
It is crucial to know the title loan repayment options offered by the lender. Do they accept paychecks, or do they accept direct payment? You need to check the payment options before you apply for title loans. Another thing that you need to know is how long the repayments will last? If it lasts for a more extended time, the lower should be the amount of the repayment.
Know About Pre-Payment Plenty
Once you get your title loan, your interest will start counting. Obviously, you don’t want to the interest amount adding up, and you would love to pay the loan before the due date to save your money and time. Make sure that your company doesn’t penalize you for early repayments. Yes, some companies will charge you with pre-payment plenty if you pay your repayments early. So, before you sign the agreement for title loan, make sure that there is no clause of pre-payment plenty in your agreement.
Application and Approval Process of the Title Loan
The application and approval process varies from company to company. Different companies offer an online application process, and everything is taken care online, and you don’t have to visit the office. While some companies may call you for verification or may request you to visit their office physically to verification. So, make sure to check the application and approval process of the title loan.
Know About the Car Types your Company Accepts
Yes, knowing about the car type your company accepts is one of the important things. Some companies accept the car manufactured from the year 2000 to the current year, but some companies may accept the vehicles from 1995 to the current year. Milage is an important factor too. You should check the mileage figures too.
Make Sure that you Keep Driving your Car
Before you sign the car title loan agreement, make sure that the company lending you loan allows you to keep your car. There are companies that will keep your car in return of title loan. Some companies seize your car if you are unable to repay the loan. So make sure that you keep driving your car.