Life is filled with various eventualities. Even when you try to plan out your finance properly so that you are not caught upin a financial crisis, you still find yourself in need of quick cash you did not bargain for. What you reallyneed then is an emergency money loans.
Sometimes, you may get overwhelmed with pending bills, tuition fees or medical emergencies without funds to deal with them. In such times, you have to find alternative means to deal with such emergencies immediately, and that’s where getting a car title loan comes in as a solution.
No one wants his landlord breathing over his neck for unpaid rents that are due, and certain emergencies have taken precedence in using the money that was earmarked for the purpose on the believe that certain amount of money will come in before the time it will be required. In dealing with this emergency, you will require fast money loans.
One fast money loan that you should optimize is the car title loan.
Car title loans are loans that require the borrower to pawn his vehicle title for a dollar amount. They are secured loans because your car is used as collateral and so when you cannot pay back the dollar amount loaned out to you, you face the risk of losing your car to the lender. Car title loans require that the vehicle is totally yours or you own equity on the vehicle for you to qualify.
Car title loans are not restricted to cars only. Car title loans cover all other forms of automobiles ranging from motorbikes, recreational vehicles, vans, trucks, Sport Utility Vehicles (SUVs) and even boats. Yes, you heard right. However, thle title of any of these automobiles should be clearly written in your name for you to qualify for a title loan.
TFC Title Loans offer quick cash within the range of $2,500 – $50,000 to help you deal with pressing needs. However, the amount you can qualify for is dependent on a number of factors. These factors include the following:
These factors influence how much you can actually qualify for and how much we can offer you. However, there are certain times that the mileage of your car is poor thereby affecting the overall resale value of the vehicle. At this point, the only influencing factor usually becomes your ability to repay the loan.
No, bad credit does not stop you from qualifying for a title loan. In fact, title loans were designed for bad credits. While other sources of quick cash such as the traditional financial lending institutions will require that you have a fair to perfect credit, title loans do not segregate between credits.
Title loans are secured loans and so when you fail to pay, you may end up losing your vehicle to the lender through repossession. This is one reason why some title loan companies do not actually do credit checks. However, some lenders may engage in credit check to find a suitable loan contract for you, TFC Title Loans, for example. This is actually good news as this policy eventually curtails the tendency to default and repossession
Car title loans are open to credits of all kinds. At TFC Title Loans, we even give loans to borrowers with bad credits and also give those without credit the opportunity for them to grow their credit status from fair or bad credit to perfect.
Auto title loans are usually for people with bad credits and low income which makes it high risk for the lender. The lender is however able to deal with the risk of losing the loan amount by charging very high interest rates as well as taking the car title as collateral. Most lenders may go further by asking for a spare key to the car so that they will not have to toll the car with a truck when you default.
In most states where title loans are licensed to be practised, there are regulations that ensure title loans are not predatory and so the interest rates are regulated to APR of 36%. Car title loans remain one of the most expensive loans to go in for. However, TFC Title Loans offer loans at relatively low and competitive rates.
Title loans are actually same day loans. Title loans remain the fastest and convenient means of getting quick cash. In most cases, it takes you less than 5 minutes to fully apply and qualify for a title loan, especially when you apply for a car title loan online.
Applying for a title loan can be done from the convenience of your living room either online or through a phone call. When you apply online, you will be asked to fill out an online application form which will guide the lender to provide a convenient repayment plan for you.
TFC Title Loans have physical offices located almost everywhere in America, including California,New Mexico, Texas and Florida. We make it easier for anyone to walk into any of our offices to apply for a loan. Although we do credit checks, our title loan process is quite faster than other loan processes; not just fast but also easy with lesser paperwork.
Emergency money loans are easy to come by, not quite as difficult as you had presumed before now. However, most lenders will require that you meet certain stipulations to qualify with them. Here are the requirements you will need to get a car title loan from TFC Title Loans;
Title loans work in a fast but efficient manner with TFC Title Loans who has been tested over time to have effective professional services. That is why we usually advice that you work with a lender who knows exactly what they are doing. For you to qualify for a title loan, the primary and most important thing you need to apply for a car title loan is a vehicle title in your name.
Once the vehicle title is in your name, which is enough evidence to show that you are the owner of the vehicle. The next step is vehicle inspection. Usually, the essence of the vehicle inspection is to check if the vehicle is sufficient to stand in for the amount that you, the borrower, wishto borrow. Most lenders will expect the worth of the vehicle to be two times the amount the borrower wishes to borrow, but with us, you will get funded provides your car is worth something.
The mileage of the vehicle is measured using the odometer to confirm the vehicle’s roadworthiness. Photographs of the vehicle are also taken. At the end of this exercise, the Kelley Blue Book (KBB) will be used to ascertain the resale value of the vehicle. While most lenders will give you 50% of the KBB value of your automobile, TFC Title Loans will give as much as 85% of this value.
Some lenders will want to ensure that you have insurance over the vehicle for the period of the loan. This is because while they give you the money you desire, you also return home with your vehicle. They only get to keep the vehicle title or pink slip and a spare key of the vehicle. The insurance is to ensure that all form of eventualities such as accidents that may occur within the stipulated period will be properly taken care of.
Having a nice car to enable you to qualify is not really the problem with most lenders. The problem you will encounter is having the financial prowess to repay the loan. For this reason, these lenders will require you to provide evidence of monthly income. This may come in the form of bank statements, pay stubs and even tax returns.
We will also check your credit using Experian, as well as evaluate your monthly income to ensure that your monthly income can comfortably see out the loan term. All of these are done in a matter of few hours and once you qualify, you can receive as much cash as you qualify for.
Title loan process is not just fast but efficient and easy to qualify for. It makes it an option anyone that owns equity on a vehicle can easily have access to in order to raise quick cash to deal with emergencies.
It is important that once you have received a title loan and have dealt with the emergency, you immediately start planning ways to service the loan. Every lender hopes that the clients or borrowers are able to see off their loan term. It is a loss to them when there are defaults.
Car title loans are secured loans and so there is collateral. The collateral is the vehicle title which the lender placed a temporary lien on. However, upon defaults the borrower may face the risk of losing his vehicle to the lender. Defaults are situations or conditions where the borrower cannot or fails to stick to the contract terms and neither pays on time or pays at all.
Defaults often lead to repossession. Repossession is a situation where the lender gets to take full control of the borrower’s vehicle. The lender reclaims the vehicle from the borrower and auctions it to recoup the loaned amount. After all checks and balances have been done and there is money left from the auction, most lenders will return the leftover to the borrower but this is hardly the case.
It is always advisable to find a title lender with professional expertise whenever you seek a car title loan so that you are sure of the best title loan services in order not to lose your vehicle to repossession.