In case, you are in search for some affordable credit option, you are at the right place. Here we are going to unfold a credit option that is going to help you avail cash for all your basic as well emergency requirements. We are here talking about Car Title Loans. These are one of the most popular short term credit options available in financial market. These loans let you avail small amount as credit for dealing with all your expenses. The best part is that there is no restriction as in where you could utilize the funds.
For this particular credit option, the lending company lets you avail cash without considering your financial stature. You do not have to present any balance sheet or tax return to qualify for loan. All that the company needs to qualify for the loan is a collateral asset. The company makes sure that the applicant has a vehicle of his own that he or she could pledge as collateral. The company secures the title documents and provides cash in return. The condition here is that the vehicle needs to be in the name of the applicant. Also, the title should be free from any previous loan. The best part is that the lender does not keep the vehicle with them. Instead, they secure a hardcopy of title documents and a set of spare keys. This means you can continue using the vehicle even when the loan tenure is still on.
Other conditions that the applicant applies are as follows.
– The applicant needs to be minimum 18 years old
– The applicant should hold citizenship of US
– The applicant should make sure that the vehicle is not older than 10 years
– The company would be evaluating condition of the vehicle to know the market price for the vehicle.
– Based upon the market value, the applicant can avail up to 50% of the amount as credit
As an applicant, you need to make sure that you are well known to the repayment terms. These are short term loans that have a tenure of 15 to 60 days. The applicant needs to ensure that they have sufficient resources for repayment. Any sort of delay or failure in repayment would lead to possession of the vehicle by the lending company. The applicant can always ask to rollover the Car Title Loans in case the resources they have are limited.