What exactly is a car title loan?
A loan generally refers to a sum of money that is borrowed and paid back with interest. There are some instances where some services offer loans with little or no interest at all. A car title loan is a type of loan where a lien free car’s equity is offered as the loan security. The amount of loan is calculated based on the vehicle’s value.
How does it work?
The process involves a standard background check regarding you and the vehicle you own. The loan amount is then calculated based on the gathered information and relayed to you. Repayment terms and conditions are then negotiated and documentation collected. Once all documented information is verified, the funds can be wired straight to your bank account. It’s as simple as that. It’s a process that takes as short as one day to less than a week, depending on the gathered information.
What do I need to apply?
The requirements are pretty basic and simple. First, you have to be verified as an adult, which is 18 or older in most states. You have to have a lien free car, a driver’s license, and auto insurance. Official IDs as well as proof of insurance are sufficient documents to back these up. You also have to state whether you are on active duty with the military or affiliated with the reserves. Your car is already considered as collateral, so there’s no need for an additional one.
How much can I borrow?
Loan amounts fall in the range of $2,500 to $50,000. How much you can borrow is influenced by the value of your car as well as your ability to pay off the amount, which is based on your income. Approval can be done in as little as 15 minutes, but that still depends on the information collected. The negotiation and adjustment of the loan amounts based on collected information may be lengthy, but constant updates are given regarding application status.
What does a Lien Free mean?
“Lien Free” means that the car is officially yours. Others don’t have a hold of it due to unpaid loans, and is not used as collateral for any new loans.
What is equity and how does it affect my loan?
Equity is simply defined as the wholesale value of the vehicle minus the loan balance. The value of the car will determine the loan amount. Almost anyone can qualify for a car title loan.
Am I qualified to apply if the car isn’t under my name?
It is pretty easy to get a car title loan once you already have your requirements set aside. Personal background information regarding income, car ownership, and credit status are just some of the things considered before getting approved for a car title loan. If by some chance you own the car, but it wasn’t officially signed over to you, then you have to ensure that this step is accomplished first before applying for the loan. If you are one of multiple owners associated with the vehicle, then further consultation during application needs to be done to zero in on information that might be needed from the rest of the co-owners.
Can I qualify for a title loan with bad credit?
Your credit score also has little impact on your qualification for a car title loan. Though credit checks are still done on clients with bad credit history, the overall results will have minor impact on their scores and may not totally disqualify them from having the loan.
How about bankruptcy?
Clients who filed for bankruptcy are also still eligible for the loan so long as the bankruptcy has already been discharged. Right then, the client’s history on that account is no longer considered and he may be immediately approved for the loan if he meets the basic requirements.
I am retired. Can I apply for a car title loan?
Disabled or retired clients are very much qualified for the loan as well. At this point, it cannot be stressed further that the main concern of the payment program is the ability to pay the loan, not the source of income. Social Security checks are as easily convertible to cash as wages from employment. A disclaimer can be inserted at this point that there is no guarantee that anyone applying for a loan gets approved every single time. However, if one has all the necessary requirements such as a reasonably priced car that you officially own, and a good source of income, then the odds will be in your favour.
Do I need to be employed at the time of application?
In terms of employment qualifications, more focus is placed on the income rather that its source. Thus as long as you are able to pay for the amortization fees, it will not matter as much whether you are employed or not.
If my application is approved, can I still use my car?
The beauty of car title loans is that you can still use your car after getting approved. Only the title will be retained by the lender.
When do I get my car title back?
The car title will be returned to its original owner as long as payment of amortization fees is done according to the set schedule. When the final payment is done, the title is returned, no questions asked. Clients need not worry regarding privacy of bestowed information. Absolutely every single detail regarding clients is deemed confidential. Contact information is not sold, and is strictly kept between the client and the service provider. All information is collected strictly for business purposes.
What makes TitleLoansUnion.com different?
Car title loans through TitleLoansUnion.com is more convenient than other loan providers since less focus is placed on the source of income, employment status, and financial record of the borrower. The client is also allowed use of the vehicle. “Title Loans Union” simply puts a lien on the title. All forms of payment are accepted through a schedule that works best for you. There are no penalties for early payments. The earlier you can finish paying off the loan, the sooner you’ll get the title back. Application forms are available upon request. Fill up one now and get approved!