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Many people have heard of car title loans, but don’t know exactly what a car title loan is. The simplest definition can be found at Wikipedia. It states, “A car title loan…is a loan where the borrower provides their car title as collateral for a loan.”
In order to apply for a auto title loans you must own your car clear and free. Because the lender uses the car as collateral, you cannot have any liens against your car or still be making payments. Usually you must be able to prove that you can afford payments on the title loan. Lenders usually will lend up to half of the cars resale value at a large interest rate. They do not typically do a credit check, which explains the interest rate. Lenders may lend a smaller or higher amount depending on the agreement between the borrower and the lender.
Often times when your loan comes due you may finish off with a large payment or, hopefully, it works out that you paid the loan on time and get to keep your car. If the loan is not repaid, the lender has the right to take your car and sell it to pay off the loan. Often times if that is the case the lender will allow you to rollover the amount into a new loan.
You can often find car title loan companies in your local yellow pages. You might also try an online car title loan company. Often these loan companies will allow you to keep your car while you get the money for the loan. Some of the following qualifications apply to online Car Title Loans: clear title, same job for at least 12 months, phone bill and mortgage in your name, age requirements, insurance coverage, and a required monthly gross income of about $1,000. This appears to be the average requirements, although some companies differ. If you are approved for the loan, the company will usually directly deposit the loan amount into your account. Fast and easy is what these companies boast.
The Cash Loans for car titles can be pretty risky though. It may come in handy if you are in a pinch for money, but you do need to be smart and responsible with this loan. As stated before, you may loose your car, which might put you in a worse off situation than before the loan. Do your research before you decide to go through with this type of loan. Good luck and remember there is always hope!