Car Title Loans For People With Bad Credit
A car title loan is a loan where you, as the owner of your car, use the equity in your car to get a loan. This can be similar to a home equity loan. By using your vehicle as collateral for a loan, you can typically receive a loan in less than 1 hour.
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.
If you have bad credit, this may be the only loan available to you. Why? By using your car as collateral for the loan. As long as there is sufficient equity in your car, and have a reliable income, you may qualify for the loan. Do you have a recent close bankruptcy? If you do, you are still eligible 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.
There are several variations of car title loans. As stated before, they can range from 14 to 30 days in which you just pay interest. This is called an interest only loan. You just pay interest on it and when the loan is due, you also pay off the principal balance.
Something to check when you get the loan is to see if there are any prepayment penalties. Most states do not allow lenders to charge you a penalty if you pay the loan off early. This is good to know. If you can pay it back early, you will save money on those interest charges.
The lender will appraise your car to help determine the amount of money you may borrow. The loan amount is determined by the car value and your monthly income. Depending on the lender, they will loan you anywhere from half to about 2/3's of the value of your car.
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 know more about getting a loan. Take the next step and shop for a car title loan. - 2368
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.
If you have bad credit, this may be the only loan available to you. Why? By using your car as collateral for the loan. As long as there is sufficient equity in your car, and have a reliable income, you may qualify for the loan. Do you have a recent close bankruptcy? If you do, you are still eligible 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.
There are several variations of car title loans. As stated before, they can range from 14 to 30 days in which you just pay interest. This is called an interest only loan. You just pay interest on it and when the loan is due, you also pay off the principal balance.
Something to check when you get the loan is to see if there are any prepayment penalties. Most states do not allow lenders to charge you a penalty if you pay the loan off early. This is good to know. If you can pay it back early, you will save money on those interest charges.
The lender will appraise your car to help determine the amount of money you may borrow. The loan amount is determined by the car value and your monthly income. Depending on the lender, they will loan you anywhere from half to about 2/3's of the value of your car.
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 know more about getting a loan. Take the next step and shop for a car title loan. - 2368
About the Author:
As you have found out, getting a car title loan is very easy. Find out more about car title loans
posted by Frank Potter at 1:01 AM
0 Comments:
Post a Comment
<< Home