Car Title Loan Advice
Car title loan is a type of loan which provide fast cash to borrower to meet their financial emergencies. This loan is made against the borrower's vehicle for which the title is held as collateral, if borrower unable to make payment under the term of loan agreement, the car title company is permitted to take possession of the car. Selling the car through auction activity, get the money from auction to repay the outstanding balance owed by borrower. The loan process is very fast, allow borrower to get the money within 24 hours.
If you are looking for this loan, there are several things you should know :-
1) Applicant shall be a car title holder, there is an exception to this rule. If a person has just a few months of payments on a car. Some lenders still willing to lend a loan to them by issue a loan to cover the remainder balance and the amount the person requests.
2) Normally, loan amount is limited within the car value. But some lenders lending an amount up to the resale value of the car. This is solely depend state and lenders, for usual practice, if a customer is borrowing against a new car, they will obtain higher amount than an older car.
3) The repayment period for title loan is very short, normally is 30 days. Borrower may request for extension of the repayment period, interest rate charges are vary in different states.
4) Borrower should have ability to repay back the loan, this loan is specially for emergency uses. If borrower does not have means to repayment, they will probably losing the car.
For more car loan information, please check out Car Loan Guide instead of Car Title Loan
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