Rabu, 25 Mei 2011

How to Get a Car Title Loan Online

Your car is a very versatile asset that can do more than just provide you with a convenient mode of transportation. For example, if you own it outright and are no longer making monthly payments to a bank or credit union, then you can use the vehicle as collateral for online car title loans. This type of loan gives you access to instant cash, and as long as you make your payments on time, you can repeat the process whenever necessary. In short, your vehicle can serve as a much-needed financial safety net to help get you through any occasional rough patches you might encounter.

Although the specific terms, rates, and conditions of title loans vary from lender to lender, they have many common characteristics. In most cases, you can borrow $1,000 or more for a period of 1-24 months by surrendering your vehicle's title and an extra set of keys to the lender. You retain physical possession of the vehicle and may continue driving it during the loan period. You must make monthly payments on each due date, and at the end of the period you will have to pay off the balance of the loan. Failure to do this could result in additional fees or penalties, or in some circumstances, having your vehicle seized.

The application process for online car title loans also varies depending on which lender you choose, but here are the general steps.

1. Find a reputable loan company.This is by far the most time-consuming step of the process-and the most important one, so don't even think about cutting corners. Using your favorite search engine, first come up with a list of potential lenders that you will research further. Then run additional searches to verify that the companies are legitimate (not scams), fair, and reputable, and that past customers haven't experienced serious problems while trying to get their title loans.

2. Compare loan terms and rates. Not all online car title loans come with the same terms or interest rates, so it pays to do a little comparison shopping. Also, make sure to check the lender's policy about early repayment. Repaying your loan early could save you a significant amount of money in interest fees, but some companies assess penalties for early repayment. Try to stick with one that doesn't.

3. Review the minimum requirements. Are there any liens against your automobile? Is the vehicle less than 10 years old and does it have a wholesale blue book value of at least $2,500? Are you at least 18 years old, currently employed, and able to provide verifying documents? These are often the absolute minimum requirements necessary to even be considered for title loans. While answering "yes" to all of these questions doesn't guarantee approval, answering "no" to any of them will result in immediate disqualification.

4. Submit an application. This can often be done electronically and/or via fax. Once your initial application is reviewed, the lender will make a decision about whether or not to proceed with the secondary application process. The secondary application process for title loans typically involves sending in copies of your driver's license, Social Security card, most recent paystub, proof of insurance, and any other documents the lender requires.

5. Receive your money.Upon final approval, which often comes within one or two business days, the loan amount will be transferred electronically to your bank account. You can then immediately access the money at your nearest branch or ATM.

This easy application process makes online car title loans a convenient way for you to get fast cash whenever you're faced with an emergency. They are particularly useful if you have bad credit or no credit, and as long as you make your payments on time, you can keep the interest charges to a relatively reasonable level. When you run out of other options, give this type of loan a try.

4 komentar:

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  4. good info and usefully

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