Many people who are in dire need of financial assistance opt to apply for car title loans. For those who may not know, car title loans are short-term loans where the lender uses the borrower’s car title as collateral. Quite a number of people prefer this type of loan as opposed to traditional loans due to the easy application process and fast approval. It is however important to understand what a car title loan entails before filling the application form. Here are some of the things you need to know.
Only Car Owners are Eligible
One of the most important things you need to know is that you must own a vehicle to qualify for car title loans from 15 minute title loans or any other lender out there. This may not come as a surprise since the title of your vehicle is used as collateral. Keep in mind you must provide a clear vehicle title for your RV, motorcycle or automobile during the application process. In addition, the car title ought to have your name if the application is to be processed.
No Credit Check
If you think your credit score is going to affect your eligibility for a car title loan, then you are totally mistaking. Car title loans from lenders such as 15minutetitleloans are secured loans, and are therefore backed by collateral. Since you are using collateral, there is no need for the lender to dig into your credit history. No wonder most people having low credit scores rely on car title loans and other secured loans when looking for financial assistance.
Loan Amount Depends on the Vehicle’s Value
Let us face it; there is no way a lender is going to give you more money than what your vehicle is worth. As a matter of fact, the loan amount must be less than the collateral value, thus explaining why the approved amount will depend primarily on the value of your car. Other lenders might decide to examine your current income before determining the loan amount.
These are just but some of the things you need to know before getting a car title loan. For those who do not know where to start, then you can consider paying a visit to the official website of 15minutetitle loans. Here, you will get car title loans within the shortest time possible.
Stella Tennant has helped several global brands, which get heard across the digital space, through result driven content & social media marketing efforts. Studying blockchains and cryptocurrencies makes her hopeful of a free and decentralized future.