People may not realize when they are depressed and it often prevents them from working. Life is full of uncertainties and there may be situations when you can get extremely depressed. During these times the only option is to seek therapy despite family obligations. If you are facing a financial crisis a car title loan from a reputable financial institution can bail you out on those rainy days. These are typically short-term loans.
There are a few factors that determine the amount of money you can get from a car title loan.
Even if you do not have a good credit score you can still manage to get a car title loan. However, you should have a monthly income and equity in the car. There are some financial institutions that do not give much importance to credit rating. The equity in your car will determine how much many you can get as a loan. The monthly income is taken into consideration to determine how much you can repay every month.
There are some documents that you need to submit to qualify for a car title loan:
Many people think that a salary certificate is the only way to give proof of income. However, there are several other ways to furnish proof of income to qualify for a car title loan. Here some examples:
In case you foresee that you cannot repay the car title loan, contact your lender immediately. Do not miss payments as it can take a hit on your credit rating. You will also be viewed as a defaulter. Once you default then the car will be sold.
In some states, as a law, the lender needs to give you a right to cure notice. This notice allows some time for you to repay the car title loan. This notice will also specify the amount that needs to be repaid. Even after the notice period is over if you do not repay then the vehicle will be seized without further notice.
The car will be auctioned to recover the loan amount. If there is any surplus amount from the sale it will be returned to you. However, most lenders do not let the situation to come to this and they work with you to find the best possible solution.