Car Title Loan Qualifications and Requirements
Want a car title loan? Read on to find out if you are eligible for one.
NEW YORK, NEW YORK, UNITED STATES, July 25, 2021 /EINPresswire.com/ – Unexpected financial emergencies are the worst! Not only do they take you by surprise, but they also require urgent financial attention and can be costly to sort out. Whether you are faced with the inability to pay medical bills or keep up with expenses, you need a solution to your financial woes – and that solution could be a car title loan.
If you are new to the concept, a car title loan is a short-term loan that allows a borrower to use the title of their car, SUV, or vehicle as collateral in exchange for funds. You can use this financing option if you are looking for an easy way to get money without having a good credit rating or showing proof of employment. So if you need the cash fast or you have tried unsuccessfully to get a traditional loan then a car title loan might be the right way to get the cash you need.
Although you can apply for a title loan online, you should still bring your vehicle and the necessary paperwork to the lender’s store – where they will verify the condition of the vehicle and the authenticity of your documents. When you get the money, the lender keeps the title to your vehicle and you have to repay the loan after 30 days to get the title back to your car.
If you have never applied for this loan option before and are unsure of how to go about it or what to do to get it, then you are on the right page. Read on to learn more about the requirements for getting an auto title loan.
Documents needed to get a car title loan
While title loans are easy to obtain, lenders often require certain documents to confirm whether you are who you say you are and whether the vehicle really belongs to you. Lenders need some or all of the following to release funds to you. So, to get an auto title loan, you will need:
• Original vehicle title showing proof of ownership
• A valid government issued ID that matches the name on the title
• Valid and current vehicle registration
• Contact Information: This includes your name, phone numbers, email addresses, and at least two references.
• Proof of vehicle insurance
• Proof of residence corresponding to the name on the identity document and title
• Copies of the vehicle keys
• Proof of ability to repay the loan
In rare cases, lenders may ask you to install a GPS tracking device on your vehicle, in case they need to repossess the vehicle due to defaults.
Car Title Loan Requirements
Before applying for a title loan, lenders sometimes ask potential borrowers to:
• Be 18 years of age and over
• Own a car, motorcycle, trucks, semi-truck or any other vehicle
• Have a stable source of income. If you don’t have this, any pensions, unemployment or social benefits will do.
• Have a car title without privilege
• Bring their vehicle to the store for a visual inspection. Once your vehicle is in good condition, the lender grants you the loan based on your car’s current market value and other state-specific requirements.
Prices and fees
The loan limit for a car title loan is generally between 25 and 50% of the current market value of the vehicle. Interest rates vary from state to state, but are generally set at 25% per month.
Car title loans are great for getting the extra cash you need during tough times. You need to connect with a reliable lender to get loans that give you the peace of mind and the cash you need – and for that, you need 212Pawn. 212Pawn is a research site that connects you with trusted lenders with great loan deals in your area. All you need to do is fill in your vehicle details on the 212Pawn website and log in to lenders who provide good loans.
If you have any questions or need more information about car title loans and how to connect with a reliable lender, please feel free to contact 212Pawn’s website – they will be happy to help. help you.