If you are unfamiliar with Car Title Loans or just want to make sure you’ve got your facts right before taking one out then you have come to the right place. I’m going to answer any question you might have about what these loans are and how you can go about getting your hands on one. I’m hoping that by the time you have finished reading this article you will have a clearer idea about how an automobile title loan can fit into your financial strategy.
What is a Car Title Loan?
These loans are very simple to understand, a lender agrees to give you a cash sum in exchange for using your car as security against you defaulting on the loan.
How do I go about taking one of these loans out?
If you want to get your hands on a car title loan all you need to do is get online and find yourself a reliable lender. You can fill in an application form on their website and you will generally be approved within an hour. It then just a case of taking your vehicle down to their office to let them see it and you will get your loan in cash or wired to your bank account.
How big will my loan be?
The size of loan a car title lender will give you all depends on the value of your vehicle. You can expect to be offered around 50% of the market value but this will vary depending on which company you go with.
Can I lose my car?
This is the problem with car title loans and you have to think about using this product very carefully because of it. If you fail to keep up with your repayments the lender will repossess your car and sell it to get the money you owe.