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Car Title Loans Near Me
There are a many kinds of loans available to people if their credit score is strong and their credit history is long. However, if you’re in need of quick cash and your credit history is quite a bit less than stellar, you may have a much harder time finding a lender who is willing to loan you the money you need with a car title loan near me.
That’s where getting a car title loan comes in.
Car title lenders issue loans for relatively small amounts of money – the average is $1,000 – over a short period of time. So, how do you get one? You get a title loan when you give up the title of your vehicle to the lender as collateral.
In order to qualify for a title loan, you typically must own your vehicle outright. In some cases that is the only requirement, as you can typically work around any other financial shortcomings to secure a title loan depending on the lender.
So, how do car title loans work?
Basically, when you reach out to and search for a car title loan online provider near me or local lender, you will be asked to provide several documents. These typically include an application, the title of your vehicle that you are putting up for collateral, and a photo ID. Lenders may also ask for documents providing proof of income, bank account information, and may even ask for personal references. Before the loan is approved, lenders will ask to either see a photo of the car or inspect it in person. That will allow them to decide what amount of money they are going to loan you in exchange for your title.
Lenders will also often ask to be given a spare set of keys. They may also ask for the borrower to install a GPS tracker or a remote immobilizer in the car. This will make the car easier to locate in the event of a default and repossession.
Once you get a title loan, you typically will have 15 to 30 days to pay it back in full, including any interest you may accrue. If you are unable to pay back the loan within the 30-day period, you can roll over your loan, but that means that you will have to face having to pay additional fees and interest on top of whatever you still owe from the original loan.
There are two kinds of car title loans. Single-payment loans require borrowers to repay the loan in one lump sum – usually in the aforementioned 15 to 30-day period – with an average APR of 300%. Installment loans let the borrower pay back the loan in multiple payments. The lender typically offers a repayment period of three to six months and an average APR of 259%
Now you know how they work. So how do you get a title loan on your car? Sometimes it really can be as simple as logging on to your computer and opening a web browser page. After you confirm that title loans are in fact allowed in your state – because about half the states in the U.S. don’t allow them – you can take to the web and begin your search process. When deciding what lender to go with, make sure to prioritize lenders that have years of professional experience. You’re also going to want to try to find a flexible lender who is looking to work with you, not against you.
After that, check the interest rates. If the lender’s interest rates are too high, you could end up spending way more money than you really have to. Worse still, you could even end up owing more money than you can truly pay back – all because of the interest fees you have accrued. If you are truly unable to payback what you owe, you risk defaulting on your loan and getting your car repossessed. Another thing to keep in mind when looking for a lender is any hidden fees. The more common than you’d care to believe and can also make it more likely that you will ultimately default on your loan.
Why apply for a car title loan with True Financial?
Before you decide to go with one specific lender, do a quick search for any customer testimonials. The best companies will typically offer testimonials right on their site. Other’s should be easy to find thanks to the numerous company review sites. If you cannot find any customer testimonials for a given company on the web, it is probably best to street clear of that company.
After you have made those decisions, you are pretty much ready to go to get a title loan on your car. If you have all of the aforementioned documents at the ready, you can begin your application process. Now comes one of the reasons why title loans are so popular. After you submit your application, you can expect to hear back within an incredibly short amount of time. While it is quite common for applicants to wait for days or even weeks to hear back about personal title loans, title loan lenders are looking to get you the money you need within a matter of hours.
Sometimes, you may have to travel to the lender’s brick and mortar establishment to pick up your loan, but it is becoming increasingly popular for lenders to be able to receive, analyze, approve, and deliver your loan without ever having to meet you in person.
Once you have officially received your loan and have your cash in hand, it is very important for you to remember that the clock is ticking on the life of your online title loan. Make the payment you need the money for, and begin working to earn the money to pay back your loan and any fees you have accrued by the end of your payment term.
Getting a title loan is the easy part, sometimes getting rid of it is much harder. In order to get the most out of it, you’re going to want the end of your loan’s life to be as smooth and straightforward as the beginning was.