Alisha Delphi holds a degree in Economics and Commerce from USC. She started out as a financial advisor with a bank and has moved on to become a loan consultant with more than ten years of experience. Apply for car cash loans application now.
What is a car title loan?
A car title loan is simply put, a loan in which the title of a car is kept as security. The loan amount issued depends on the market value of the car. Lenders usually ask borrowers to surrender a spare set of keys to the car in case the latter defaults. The borrowers are, however, allowed to use their car in the payback period. A car title loan has a short repayment period, usually a month’s time. If the borrower fails to do so, the lender repossesses the vehicle. Therefore, the consumer is at a very high financial risk.
How can you apply for a car title loan?
A car title loan is very truly marketed as one of the easiest loans to apply for and receive. If you have a clear title to your car, you just have to make sure the remaining conditions are fulfilled before you apply for a car title loan.
• You need to have the title of your car in your name.
• Your car should be fully insured. • You should be able to provide a phone bill or other utility bill that verifies where you live.
• If you have a house in your name, a mortgage statement can be forwarded.
• You also have to show that you have been residing in your home (owned or rented) for a minimum period of 12 months.
• You are required to show that you have held a job for at least one year.
• Your income should be at least $12,000 per year.
• You should be at least 21 years old in order to apply for a car title loan.
A car title loan does have its pitfalls though; consumers usually avail a loan far below the market value of their car. The loan has a very high rate of interest and has to be repaid within a short time. There are rollover plans for consumers who may miss their payment when due but these are more of a booby trap.
Once the consumer is entrapped, he may end up paying a very large amount as compared to the principle amount of the car title loan. Getting rid of this loan may gradually become very difficult because if consumers fail to pay, they put their car at risk.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Fast Cash Loans - Advantages And Disadvantages
- Cash Loan for Car Title with Payday Cash Advance Loans
- Cash Loans for Car Titles- Get Easy Cash In Return For Your Car Title
- Bad Credit Payday Loans - Fast Cash regardless Of Your Credit
- Understanding How a Car Title Loan Works
- Car Title Payday Loans - Mayday Payday
- Title For Cash – Get Approval Because Of Car Titles
- Car Title Loans - Four Reasons to Opt for
Bad credit wedding loans-Make a healthy start for happy future
By: Kevin Sinclair | 02/01/2010To spend a wedding day in a lavish manner is everyone’s dream. If you are unable to budget your wedding and are holding bad credits, bad credit wedding loans are for you. With the help of these loans, you will be able to afford the perfect wedding. These loans offer you instant financial assistance to pay every penny of your wedding expenses.
Quick Loans Same Day- Provide Cash Instantly
By: Aldenn James | 02/01/2010Quick Loans Same Day is beneficial for those who require money instant. Those who want money at the same time can apply for these types of financial schemes. Due to their online mode it is the fastest method of getting cash in need time.
Unsecured loans: Get the needed funds in a convenient way
By: Fabian Bishop | 02/01/2010Unsecured loans can be acquired instantly, as it gets approved without the need of attaching any collateral. These loans are made available to applicants such as homeowners as well tenants. The amount derived under these loans can be used to meet all your priorities. The terms and conditions too are flexible.
Biweekly Mortgage Program - Why should I start one?
By: Jake Renneah | 02/01/2010http://biweeklymortgagetips.com to find out more about biweekly mortgages - use our free biweekly mortgage calculator to discover how much you can save
Cash Loans No Credit Checks- Fast Money Even For Bad Credit Scorer
By: Arvel Bond | 02/01/2010Cash Loans No Credit Checks is the best scheme for bad credit scorer. Those who have bad credit history can get cash instantly and without any delay. Now, from these schemes everyone who is citizen of US can fulfill their needs and desires.
Loans for tenants with bad credit-Feasible loan service when you need
By: Garfield Simpson | 02/01/2010Tenancy is the problem why you get rejection from external financial assistance? Also if bad credits are increasing more stress, don’t worry and apply with loans for tenants with bad credit. These loans are designed for the tenants who are facing financial problems and are also suffering from bad credit ratings. To realize your fiscal problems, these loans come as a great rescue for all the tenants.
Cash advance loans: Instant funds at any moment
By: Jason Jarrett | 02/01/2010Cash advance loans are short term loans, which are primarily designed to assist you to overcome sudden financial crunch. These loans are easy to derive and can be availed even by applicants with bad credit history. The amount gets approved instantly and is automatically transferred in to your bank account.
Installment Loans For Bad Credit- Cash With Tiny Installment For All
By: Astor Roy | 02/01/2010Installment Loans for Bad Credit is type of financial scheme which is free from stress. Means the borrower don’t need to repay all loan amounts at once. Every person now can apply for these types of financial schemes by their home.
Eligibility Criteria for Car Title Loans
By: Alisha Delphi | 18/05/2009 | LoansIf there is an emergency in the family and you are strapped for cash, one way to get funds quickly is to get a car title loan.
Auto Title Loans - Your Car to Your Rescue
By: Alisha Delphi | 13/05/2009 | LoansAuto title loans come in handy when you are facing a short-term financial crunch or are burdened with a load of unpaid bills and you need some money to tide you over till your next paycheck.
All you need to know about title loans
By: Alisha Delphi | 15/04/2009 | LoansMany people need quick cash during emergencies. One hassle-free way to get it is to use title loans. Here's everything you need to know about this kind of loan before you decide to apply for one.
Automobile Title Loans
By: Alisha Delphi | 24/03/2009 | LoansAnother financial emergency and you do not want to approach relatives and friends for help this time—not to worry, automobile title loans can take care of your impending problems such as other loan installments and dues. All you have to worry about is if you have a clear title to your automobile because that is what you are going to put to use now as collateral for the loan.
Auto Pawn Loans: Pawning With A Difference
By: Alisha Delphi | 17/03/2009 | LoansIrregular Income, Uncontrollable Expenses, a Credit Card Used Up to the Maximum, and a Family to Support-this is not an Uncommon Scenario. Where Do Go for Emergency Funds Now? Your Car Title Document, and not Your Car, is Considered the Pawn Item or Security.
Pink Slip Loans: A Quick-Cash Alternative
By: Alisha Delphi | 16/03/2009 | LoansIts Recession Time and Like Many Others, You May Have Landed in the Soup Due to Sudden Layoffs. How Do You Manage Your Expenses in Such a Situation? Pink Slip Loans Provide Emergency Funds Using Your Car Title as Collateral.
Title Loans: The Perfect Emergency Alternative
By: Alisha Delphi | 13/03/2009 | LoansIn the Event of Another Financial Setback, it Becomes Extremely Tough to Keep Going With All the Expenses That Crop Up Invariably. a Loan Does Help But When it Comes to Zeroing in on One, There are Too Many Pros and Cons to Consider.
Restore Good Credit Rating: Opt For Automobile Title Loans
By: Alisha Delphi | 12/03/2009 | LoansAutomobile Title Loans not Only Take Care of Your Immediate Financial Concerns But Also Provide You With an Opportunity to Correct Your Bad Credit Rating as a Timely Payment is Read as a Good Credit Score by Credit Bureaus.