Do you need cash right away? When you need cash fast, you may wonder what options you may actually have. You could go to the bank and request a small loan but there are so many steps to take with this type of loan; lots of paperwork, collateral needed, etc. There are more options, one being a auto title loan.
While the terms are slightly different, there are different requirements for this type of loan as well. You must have a clear title for your vehicle, you must have proof of insurance, you must provide at least six months of pay check stubs, and proof of identification. These documents are very important and will be needed before any money is transferred into your account. It’s important to know that while traditional loans will verify your credit score, a auto title loan doesn’t determine your eligibility by checking your score.
How much can you borrow with an auto title loan? The answer to that will depend on each branch of lending offices but most will not go past $1200.00 – $1500.00 maximum. Since the lender will not check your credit score, they need something to secure your loan; your vehicle. In order for your vehicle to qualify to stand good for the money, it will need to have a clear title and be valued at 50% more than what you are requesting. The lender will require this high value in order to guarantee that if you don’t make your Payments back on your loan, then the lender knows that they can sell your vehicle and get back what they loaned out.
You can also request smaller amounts of money such as $500.00 or less but most people in desperate times will need something that they cannot come up too easily. If you request more than $1200-$1500 that amount may not be accepted if they have strict guidelines on how much they can lend out.
While most lenders will require more paperwork, which In turn requires more time, a auto title loan usually takes about an hour or two to complete the paperwork and get the money deposited right into your account. An auto title loan lender is well known for their quick Loans that many people go to the lender during their lunch break to fill out the paperwork and then by the time that their shift is over, the money is automatically placed into their checking account if it wasn’t handed over in the office.