New Collateral Personal Loans use Car Title to Secure Loan

Posted: Dec 17, 2009 |Comments: 0 |

There are many different types of collateral personal loans, but using your car title as collateral for a personal loan is probably the most advantageous of these options available.  It’s even easier now that you can apply for online car title loans to get the money you need when you need it.  As long as you own a car, truck or van with a minimum wholesale value of $5,000, it’s possible to get a lump sum of cash in as little as one hour even if you have bad credit.  And unlike other collateral personal loans, you can actually keep the car that you used as collateral while you are repaying the loan.

You may be wondering “how does a title loan work, and how can I get one?”  Well, the way that it works is fairly simple.  Even if you have bad credit history, tax liens, bankruptcies, repossessions or you’ve been denied by other lenders, you can still qualify for this type of loan.  If approved, you will have up to 36 months to repay the loan, the upfront fees will be deducted from the loan and you can pay it off early without any pre-pay penalties.  The amount of online car title loans differs, but they are typically approved for between 25 and 50 percent of the vehicle’s wholesale value. 

There are many required items you will need to apply for online car title loans.  You will need the original title or a notice of originated notarized lien satisfied that is in your name, as well as registration for the vehicle and a copy of your driver’s license and social security card.  You’ll also need such items as a copy of your most recent paycheck stub, an extra set of keys, proof of full coverage insurance, a home phone bill, a cell phone bill, utility bills, list of references and contact information for your landlord or mortgage company.  The lenders may also need to perform a final inspection before providing the funds for the loan.

If you’re still wondering “how does a title loan work,” there are experienced specialists who can answer all your questions and help you determine if this borrowing choice might be right for you.  You can speak with someone via email or over the phone.  With as much information as possible it will be easier to make an informed decision.

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