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Buying a car | 15.02.2014 - 08:34

A Beginners Guide to Car title loans

There are many types of loans in the United States which can alleviate financial pressures, such as title loans. Before applying for a title loan, take a look at the following guide:
A Beginners Guide to Car title loans
A Beginners Guide to Car title loans

There are many types of loans in the United States which can alleviate financial pressures, such as title loans. Before applying for a title loan, take a look at the following guide:

 

Salary isn’t the only asset that’s considered

 

The value of a title loan is not judged against salary but a vehicle. If a driver doesn’t have a huge salary, they can still apply for a generous loan if they own a valuable car. When a driver owns many vehicles, a large loan can be applied for.

 

The minimum and maximum loan value is specified

 

Ranging from hundreds to thousands of dollars, the maximum figure that can be applied for through a title loan is usually stated on a title loan company’s website. By checking out how much can be applied for, a driver will know what they can get. Not only does a title loan company display the maximum figure but also the least that can be applied for. If a driver doesn’t want to obtain thousands of dollars through a title loan but hundreds, they can. When the minimum loan value is not specified on their website, a title loan company can be contacted in order to find out this information.

 

There are no stipulations on what money can be spent on

 

A title loan is different from a bank loan because money can be spent on anything that a driver wants. Unlike a bank loan, a title loan can be used to repay bills or a family holiday. As long as a driver is able to repay their title loan, the money that they acquire can be spent however they want.

 

A repayment period can be changed

 

Title loan companies usually enable drivers to change their repayment period. A driver can even repay their loan faster than what was initially agreed.

 

An application can be processed quickly

 

Unlike other types of loans, an application for a title loan can be processed very quickly. When searching for a title loan company, choose one which is able to process an application within twenty four hours. Other title loan companies are able to process applications after just a couple of hours. How long it takes to apply for a loan is usually on a title loan company’s website in their FAQ section.

 

Money can be issued in various ways

 

When an application for a title loan has been accepted, money is given in various ways, such as by check. Money can also be deposited into a bank account via a BACS payment. A title loan company usually allows applicants to choose how they receive their money. If a driver wants to be given their money in person, this option is normally available.  

 

Remember the implications of not meeting repayments

 

As with any loan, there are severe implications if a driver fails to meet their title loan repayments. When an application for a title loan has been accepted, a driver doesn’t own the title to their car anymore because a title loan company now has it. If loan repayments aren’t met, their vehicle will be impounded. Consequently, a driver should do everything they can to meet their repayments. By budgeting so that a driver has enough money for their repayments, their vehicle won’t be impounded.

 

There are many title loan companies in the United States such as eTitleLoan and Trade Financial Limit. Drivers in many States can apply for title loans through either of these companies, such as Florida. By choosing eTitleLoan in Florida, drivers in this State can apply for title loans. For more information, visit their websites.

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