How To Qualify For Car Title Loans
In every loan applications-no matter what loan you are applying for or from whom, certain qualifications need to be met and some requirements need to be submitted. Financial institutions such as banks and credit card companies have stricter qualifications to meet and requirements to be submitted. With the current economic situation of the country, these qualifications and requirements have become more rigid. Meeting these credentials has become more difficult for people to borrow money from these institutions. Because of these technicalities, people have turn to small lending firms offering car title loans.
Car title loans do not require a lot of credentials or requirements for their applicants or clients. Loan applicants need not go through a lot of personal or background checks. The nature of such loans does not require these stringent processes. This type of loan being a secured loan only needs you to give a pledge in exchange for the money you wish to borrow. With such loans, as the name imply, you only need to use the title of your car to get the loan. The essence of the loan is primarily the car’s title. Without the car title, you can have no loan.
In addition to the title of your car, you need to meet certain qualifications and submit several requirements. It is important that you are aware of these things before you apply for such loans.
First, you need to have the vehicle which is in your name. It is not enough that you have a car. Your car must be registered in your name.
The title of your car to be submitted can be in its original form or a notarized form.
Second, borrowers need to be at least 18 years old to be qualified for car title loan. This age requirement is mandatory.
Third, you need to at least have the capability to pay. Although credit rating is not checked, it is still imperative to prove your ability to pay. To prove one’s capability to pay, proof of income and pay stubs can be submitted. Others can choose to surrender a copy of the car key.
Fourth, borrowers are required to submit at least three references, one coming from a member of the family. Details such as the name, home address and phone number of the references must be included.
Fifth, you need to present a proof of identification. Normally, you are only required to submit a valid driver’s license. Some lending firms, on the other hand, would also require you to submit additional proof of identification such as the social security I.D. or other government issued identification cards.
Lastly, common requirements such as proof of residency, phone bills, electric bills and other utility bills may also be required to support the person’s capability to pay.
Upon meeting these qualification and requirements, you are ready to avail of car title loans. You can choose to apply online or go to your local lending firms to get this loan. For your convenience, car title loan applications are made available to you!