In every jurisdiction which exists today, there are rules, laws, and statutes that guide almost every activity which is undertaken by humans. Therefore, it is also reasonable that title loans would be covered by the laws which guide each region. While it is true that laws vary from place to place, it is also true that there are some general acceptable things that do not change from place to place. Let’s learn more about Car Title Loan Law!
This would also no doubt apply to car title loans regardless of the states in the United States. What are some of the things you can expect when you choose to take a car title loan?
The first thing which the law would require from you is that you are an adult. For most places in the United States, the requirement is that persons who are seeking a title loan must be at least 18 years of old. This is the prescribed age for entering into a contract. This can usually be confirmed through an identity card which has been handed down by the government which shows your date of birth and so many other factors.
Depending on the laws guiding your state, you might also expect to face some limits as regards the amount of money you can collect through a title loan. Some states, however, may not have rules concerning this and the amount and the interest rates can be set at the discretion and agreement of both parties.
In some regions, in the event that you default in the repayment of the loan, your car would automatically go to the lender which would be allowed to repossess it in less than no time. However, in other places such as Kansas, the lender would have to give the other party at least 10 days’ notice before he would be allowed to repossess the car.
The law also prescribes that the party who has the car should have the right and proper title to it. This means that the title should belong to him and should be free from any encumbrance in the form of third parties.
Other things which may be needed but may vary from state to state would most likely include a bank statement or a proof of residency. This is to ensure that you are actually a real and credible person. If all these processes are done properly, you would be getting your car title in less than no time. Visit www.tfctitleloans.com for more information.