Do you want to know more about car title loans?
A car title loan, which can also occasionally be referred to as auto title loans, or vehicle title loans, is a short term loan that gives you cash that is secured with your car title until you get your next pay check or up to thirty days. At that time, the money is due in full.
Who is eligible for a car title loan? First you will need to apply for a loan. In order to be eligible for most car title loans, you must have steady employment for at least six month, show proof of residence, and own a car.
Why do they require employment? You have to prove that you can pay back the loan so in order to do that, the car title loan company will ask you to bring in some check stubs during a certain period of time in order to show that you have been working.
Showing proof of residence can be as simple as bringing in your power bill, gas bill, or another bill that you receive monthly establishing your place of residence. This is to prove that you live where you say you live. It’s just another way to verify your personal information on the loan.
You need to own a car in order to get a title loan. In some cases, you do not need a clear title, you can have it financed through another lending company as long as you fill out the correct information on the loan application that will allow them access to this information. Your vehicle must be worth more than your requested amount. Your loan agent will assist you in determining the actual value of your automobile.
You never know when you find yourself in need of money and no way to get any until payday. Sometimes, things that come unexpected cannot wait until payday and family and friends cannot help either. That is when you turn to a car title loan. You don’t have to rely on the car title loans all the time, but it is nice to have somewhere to go in case of an emergency or unexpected expense.
Most of the time, you can apply for a car title loan and have an answer shortly there after. This means that you don’t have to search for more options until you get an answer from the loan company. Once you are approved, your money is either automatically deposited into your checking account or you can walk out with a check the same day. Money is available immediately and the terms are effective immediately as well.