24 Aug 2018   /   0 comments

The Place Loans Against Your Car Titles Have in Today’s Modern Society

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The economy is down. Companies are putting staff off their books and by doing so, letting these workers go. Times are hard and are continuously getting harder by the day. All of these situations put together only make you experience financial difficulties. You desperately need access to quick funds. What then is the way out?

You might have visited various traditional financial lending institutions without any success. This is as a result of what the day has made of you. Your bad credit rating does not allow you to have easy access to quick cash as your credit history is the topmost priority for banks and credit unions.

Uncles and aunts have denied you access to their savings since they will also have need for it when the rainy day comes. Some of them might be willing to give you if only you will wait until a particular time but you urgently need this money to deal with an emergency situation. It becomes a serious worry. Though other forms of loan exist, a good option is the car title loan.

Over the years we have overlooked our automobiles and restrict them to only the sole purpose of conveying people as well as goods. Our vehicles however, are an embodiment of the cash we ultimately desire. In today’s modern society where one needs to keep up with the hustle and bustle that goes on, the place of mobility cannot be undermined.

The car title loan gives you an opportunity to get the dollar amount you desire but also reserve the right for you to still have full access to your car, at least for the time being. The dollar amount you desire is given to you in exchange for your vehicle title. With this money, you are able to handle such emergency that has arisen immediately while you gradually pay of the loan.

Is it not amazing how you are able to deal with the worries that having financial constraints bring along? Of course, it is. There is actually no need to worry anymore. You can still keep your shoulders high, drive your car and still get funding for whatever pending bills or tuition fees you may seek to clear up. Unpaid rent is hardly an issue anymore.

The importance of owning a car is always enshrined in our hearts every time we walk under the sun to our destinations. It is further seen when we have to board taxis here and there. It is clear to the blind how important a vehicle can be. After all said and done, this same vehicle can also qualify you to get a loan to deal with unforeseen eventualities in what is known as a Car title loan.

 

What is a Title Loan?

A title loan is just a kind of loan where you pawn your vehicle title for a cash advance. Title loans are often used to deal with the kind of emergencies that come with today’s modern society. While all other loans may exist, the title loans have certain features that make it a run-to loan when anyone requires quick money to deal with certain eventualities. These features may include:

  • Title loans give you access to quick funds at the time you need it. They are same-day loans. it is easier to catch up with deadlines when you seek for a title loan.it is also worth noting that some lenders are ready to make instant cash available to you even on weekends.
  • When you cannot get access to title loans through a physical presence, the online presence makes it easier for you to gain access to a team of title loan professionals that are always ready to deal with any emergency you have brought to the table.
  • With title loans, you do not just get instant cash but you get the cash without breaking a sweat. This is why most individuals will always prefer to seek out title loans for refuge when financial emergencies come knocking on their doors.
  • Credit check is not an index for qualifying with title loans and so individuals with various categories of credit ratings are always welcome to use a title loan.
  • Just like most other title loans, title loans are secured loans. they are secured loans since the pink slip is usually held by the lender until payment has been completely made.
  • Title loans lenders do not play any supervisory role as to how you get to spend the dollar amount you have been given. They only require assurance that you will pay up the loaned amount and all fees within the agreed date.
  • It becomes interesting when you can happily negotiate the contract terms on your table. With title loans, this is just another feature you get to enjoy.

With today’s modernization, it is a great idea when you can always move around without fear of emergencies as you can always seek out car title loan as an emergency fund box. TFC Title Loans offers you a golden opportunity to pull out a reasonable amount of cash instantly based on how much your car is worth, with your car title as collateral.

 

How Title Loans work?

Title loans work in a fascinating way. All that is required is that you own certain equity on a vehicle whose vehicle title has your name on it. A vehicle title is also known as a pink slip. It is a document that bears the name of the actual owner of a vehicle.

how does car title loan worksTitle loans are not meant for just cars. They cover a host of other automobiles. This may include motor homes, recreational vans, trucks, Sport \Utility Vehicles (SUVs), motorcycles. Some lending companies also allow the use of boats to qualify for a title loan.

Usually, a title loan representative guides you through the entire process of filling out the application form if you get to call their toll-free line as is experienced when you meet a reputable lender such as TFC Title Loans.

However, in order to get the best out of a title loan it is good for your vehicle to be in good shape without physical damage as this will increase the resale value of your car in case it gets to be repossessed as a result of defaulting. Vehicle inspection is necessary to ensure that you qualify for a certain dollar amount.

During the vehicle inspection, photos of the four sides as well as the interior of the car are taken. The Kelley Blue Book (KBB) is used to evaluate the resale value of your car. With some car title loan companies, you get to receive up to 50% of your vehicle’s resale value. There are a few others that will go the extra mile to ensure that you get 85% of your car’s resale value.

Every lender wants to ensure that borrowers are able to service the loan they are been given and for this reason they will require a proof that you earn monthly. This proof may come in form of pay stubs, tax returns and bank payment slips. Experian is usually used by most lenders to ascertain if you can repay the loan conveniently without it being a burden to you.

If it is seen that you can repay the loan conveniently, then you move unto signing the contract. Most persons may not be able to see out the loan term on their own. They end up not getting qualified with some title loan companies. Just a few title loan companies may suggest the alternative of getting a list of referees which enables you to qualify.

The references act as co-signers or co-applicants. When you cannot pay up the loan, they come in to help in servicing the loan. Standards are usually set. As you move from one lender to another, these standards are a result of company’s policy and so they are bound to differ from one another. While some are set on $1,200, others go above it as the minimum amount which you must earn monthly in order to qualify with them.

Once the contract term is agreed upon, papers are signed. Instantly, the money is either wired to your bank account or given to you by hand, whichever is comfortable for you. After this, it is important to begin to sort out plans with which you will follow to repay the loan within the agreed time.

 

Car Title Loan Requirements

Talking about what you will need to get a car title loan from TFC Title Loans, you will be required to present certain documents. These documents are required in order to provide better terms that will eventually suit your budget. These requirements may include

  • Your vehicle title
  • Insurance documents for the duration of the loan.
  • Evidence of monthly earnings
  • Your driver’s license as a means of identification
  • Proof of residence
  • A list of 3 to 5 references

These requirements are necessary for you to qualify with us as your lender. Some title loan companies may require more than these stipulations, but we choose to maintain the basics.

Get a title loan today and free yourself from financial hurdles

Consequences of Title Loans

Getting the loan is one part of getting a car title loan, paying off the title loan is another part of it. The continuous extravagant life one may get to engage in is understandable, but with a commitment like this, one needs to redress certain aspects of his/her life as this must be taken seriously or the individual involved faces the risk of losing his vehicle.

When a borrower fails to stick to the contract terms agreed upon by not paying regularly on the agreed dates or goes ahead to not pay at all, he faces repossession. Repossession is a situation where the lender reclaims the vehicle from the borrower.

Once repossession has occurred, the lender may auction the vehicle so that he can recoup the dollar amount that was lent out. While most title loan companies are eager to repossess, there are some others that wish you can repay back the loan.

In a time like this, it is quite a misfortune to lose your vehicle to a lender. It will only make the life more worthless. Today’s modern world requires that everyone is mobile to catch up with the recent happenings. However, while your car can serve as an emergency bank in times of financial crisis, you may have to plan well so that you do not lose it in the process.

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