There are times in life when you urgently need cash to take care of one situation or another. A traditional bank loan is out, and now you’re flat out of options. But don’t despair: if you have a vehicle with a lien-free title, you’re likely eligible for a loan that could see you through your emergency situation. Check out these benefits of online title loans – and more.
These short-term loans use your vehicle as collateral. This means approval rates are high. Your task will be to repay the loan so that you won’t lose your car.
Also, you can keep driving your car over the life of the loan. The lender will simply hang onto to your title, which you’ll retrieve once the loan is repaid.
There’s no limit to what a title loan can be used for. For example, people use such funds to cover unexpected medical bills, repair another vehicle, renew car tags, purchase school supplies, fix a large appliance, pay a big utility bill, or to cover tuition.
You will need the title to your car or truck. Some companies will also consider your boat, motorcycle, or RV. If you can’t find your title, let the lending company know. They can help you get another one.
Beyond that, you’ll need to provide pay stubs or bank statements or the like to prove you have the wherewithal to pay the loan back.
You also must have a driver’s license or other government-issued photo ID, proof of insurance, and proof of residence. There may be other required documents, depending on the lender.
In addition, the lending company will also want to see recent photos of your vehicle from all angles.
It depends on the lender, but loans usually are for between $100 and $10,000, although amounts can go higher.
In deciding how much to lend you, the title company will consider the make, model, age, mileage, and overall condition of your vehicle, and sometimes even its trim level.
Specifics regarding such loans depend on the lender and often the state in which it’s located. With that said, here are some general benefits of car title loans online:
Now that you know the benefits of online title loans, you can decide whether applying for such a loan is the right move for you. If you do decide to go that route, just be sure you can pay the loan back. If you can, you’ll be all set.
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