Auto Title Loans
Auto title loans are short term loans. A Car Title Loan is a simple and easy way to turn your car title into Cash the process is fast. When time gets tough and you need extra funds, a title loan may be the best type of loan for you. You can get the cash you need. You keep your car and they simply hold the title to the car until the loan is paid in full. Its that easy. It is type of cash advance which is offered for a very short period of time. Title loans are high-cost, short-term small loans secured by a vehicle that the borrower usually owns. Such loans are used by many people who are fedup from the mainstream banking system. The interest rate, which is usually charged on a monthly basis, may range from 10% to 25%. There is one more important thing to note, if you owe anything else on the car, you will not be able to qualify for an auto title loan.
In a car title loan, the lending company evaluates the price of your car based on wholesale values and then gives you a loan based on what it thinks your car is worth. The lending company then holds on to your car's title until your loan is repaid. The loan isn't similar to when you bought your car. This loan is a short-term loan with a high interest rate; if you don't pay back the money within a set time frame with interest, you have essentially sold your car to the lending company by default. Alternatively, the lender may just charge you the amount of interest for one month and rollover the loan for another one month. You can keep rolling the loan over and over again for as many months as you want, however this can become an expensive option. However these are becoming popular ways to generate fast cash. They are being used more and more since there are some real benefits to them. The biggest benefit of getting a car title loan is that it enables the borrower to get the money they need quickly. Car title loans are usually processed within a day or two. This is because it is a simple process, that only involve the lender looking at your car to make sure it is worth atleast the amount you need to borrow.
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