The title of that vehicle must be under the borrower s name and the cost of vehicle must be entirely paid off. Since the inflation is increasing day-by-day, therefore these days it’s just not at all easy for a common man to satisfy all his needs in that particular monthly salary that he gets in his hand. Sometimes, there may be some emergency expenses like medical bills, minor car repairs, wedding or any other expense that is inevitable and needs to be satisfied at that particular moment. But, you may be completely out of money at that time and may need some external financial help. In such a situation your own car could be very helpful to you in availing a loan.
Thus, to help out people, car title loans have been introduced in the financial market which pledges the borrower’s car as collateral. Search loans are available to everyone who has a clear title of a paid-off car without any consideration to one’s credit score. What a borrower is required to qualify for a car title loan is a vehicle that he owns. The title’s of that vehicle must be under the borrower’s name and the cost of vehicle must be entirely paid off. So if own a car of your own, then you are eligible for the car title loans. One can avail a loan up to 50 percent of the car’s value.
This is so that in future if the prices of the car depreciate during the loan period, then the loan amount could be easily managed without any child out of trouble. Before applying for these loans, borrowers must satisfy some conditions like he must have a minimum age of 18 years, documentary proof of income, identification and age are essential in order to take advantage of this loan. It is a short-term loan with a loan amount that ranges up to $2,500 with repayment duration of about 14 to 31 days. Since the repayment period is very short, therefore the interest Council charged on these loans are slightly higher. Lenders demand a written that title loan agreement from the borrower at time when the loan is being granted. So the borrowers with a bad credit record like CCJ’s, IVA’s, arrears, defaults or bankruptcy can take advantage of such loans since there is no credit checking while granting these loans. If the borrower fails to repay the entire loan amount by the time, the bank takes away the vehicle and resale it to recover the loan amount. The most convenient method of getting these loans is to apply online is fast and easy. The whole application process is completed online which saves both your time and money. Now you need not stand in long queues to apply for the loan as you can do the same from the very comfort of your own home. You just need to fill in a simple application form with some basic details and your money will be transferred into your account. Good searching online can get you the best deal ever. Peterson Richard is writer of car title Loanss.For more information about car title loans in Georgia, car title loans Florida visit