3 Facts About Car Title Loans
Sometimes, the unexpected happens and catches you short on cash. Sometimes, you only need enough funds to get to your next paycheck. Depending on your circumstances, you may qualify for loan funded by your bank or other financial institution. A payday loan advance is another option that can help your short-term finance situation. If you own a vehicle, you also may consider the cash loans for car titles route.
Here are three car title loan facts to consider.
Credit Check not Required
When you take out a car title loan, you are borrowing against the value of your vehicle. Since the vehicle is something that you own outright, there is no need for a credit check. The financial institution who agrees to lend you the cash will run a series of calculations to determine the vehicle’s value, but your credit score will not factor into this transaction. You will be asked to provide the vehicle’s title, your driver’s license and proof of income, so be ready to present those documents.
Once you have presented the necessary documentation, the car title loan process is fairly quick. The agent helping you with the application will run their figures, and if everything checks out, you will fill out paperwork and sign as necessary. In many cases, the possibility of walking out of the office with a check only requires a few hours. Traditional loans, on the other hand, can take days before you find out if you have been approved and are given access to the funds.
Before you leave the financial institution that has agreed to fund your car title loan, you will be given the terms of repayment. Depending on the amount funded, you may be given the opportunity to pay back the loan over several months in installments. In many cases, payments are flexible and simple. If you would like to pay the loan back in full before the last payment is due, be sure to cover this information and other questions that you may have before you walk out of the office with the funds in hand.
Getting caught short on cash can be a sobering experience. There are funding options available to you depending on your circumstances. If you opt for a car title loan, no credit check is required, the process is quick and the repayment is flexible.