The Title Loan is a loan that allow you get a quick money if you are in financially crunch, by selling your car title to the bank or loan lender. Once you pay-off the loan, you will receive the car title back. This is a convenient way of leverage your car to get an instant cash when desperate in need of money.
There are numbers of auto loan lenders have offering these loans in the market, the interest rate, finance charges, repayment term are vary from lender to lender. In order to get the best offer, you should shop for multiple lenders and get their quotes. Tabulate all the information from quotations into a comparison. This will enable you select the best offer.
Before proceed your application, most lenders will required a check list against your vehicle, the items are as below :-
1) The title of your vehicle or lien release if your car is being leased.
2) Insurance: If you borrows more than $2,500, you must adjust the insurance policy where it includes full coverage on the vehicle and $1,000 deductibles for comprehension and collision claims.
3) Your bank statement and pay stubs for the past 2 months
4) Identification card and borrower's driving license
5) The car must be bring for an inspection and the report of inspection
6) One set of spare key of the vehicle.
7) The utility bills of residence of borrower, phone number and email address.
The items stated above is the basic things for checking, some lenders might required more items and documents to be submit prior to approve the application.
For more loans information, please check out Various Loans Guide instead of Title Loan
or Car Loan Guide for more auto loans information.
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