Auto Title Loans: An Inside Look At The Application Process
Understanding the steps involved with applying for auto title loans often makes the process simpler and less stressful
. It can also save a chunk of money. Nearly every family experiences cash shortages at one point or another. Borrowing from a bank often means long delays and several trips to the bank to complete the process. Cash advances from a credit card include cash advance fees, higher interest rates, and a reduction in available credit. Equity loans on car titles allow families to avoid compounding their financial problem with these unnecessary charges. Auto title loans are a safe and simple way of getting cash fast and at low interest rates. They allow families to take advantage of the equity built up in their car to borrow money at lower rates. They are low risk, so they cost less.Applying online is safe, simple and secure. Applications for equity loans on car titles are completed online, and approval often occurs quickly, all from the convenience of home. Having the necessary documents and information at hand makes the application process go even faster. As soon as approval occurs, a company representative should make contact and go through the process in greater detail and answer any questions you may have.
Information Needed
The following items, documents, and information are needed to apply through a secure website:
1.Auto title (free and clear of any liens)
2.Personal data
3.Driver's license
4.Social Security card
5.Vehicle registration
6.Proof of insurance
7.Most recent paycheck stub
8.Current home phone and utility bill
9.Current mortgage statement or lease
10.Multiple references
11.Spare set of car keys
Having these documents handy before beginning the secure online application process will make it go faster and more smoothly. The information submitted is evaluated right away, and a response email sent to the application email. Very often, preapproval occurs within an hour.
Approval Process
The value of a vehicle is used to determine the amount of money you can borrow. The more a vehicle is worth, the more money can be borrowed. Generally speaking, cars must be no more than 10 years old to qualify. One advantage of these cash sources is that the car is still available to use while paying back the debt. There are no cash advance fees or inflated interest rates associated with these debts, such as are common to credit cards and standard bank lines of credit. While cash advances from credit cards are normally fast, they also feature drawbacks that many cardholders do not realize. As payments are made on credit card debt, those payments are applied to purchases first. This means that the higher interest rate on the cash advance accumulates interest for much longer than the rest of the debt, effectively increasing the interest rate to unacceptable levels.
Fast Cash
Generally, after signing the contract, the proceeds of the loan are electronically wired into your checking account on the same business day. There is no need to drive across town, wait in a lobby, or plead with a bank manager. There is no delay or bank hold placed on a loan check with auto title loans. Once the funds are deposited, they are there to use in whatever way they are needed, whether it is to pay rent, cover a medical emergency, or to help out a friend in need. These debts are secured by the equity built up in a car, allowing lenders to offer money at lower interest rates and with far less hassle.
Paying It Back
When the time comes for the debt to be repaid, a loan officer should phone or email to make the necessary arrangements. Borrowers are even given a variety of auto title loan payment methods to choose from, allowing them to select the method that works best.
Equity loans on car titles are the best way to resolve short-term cash needs without paying extra fees or higher interest rates. Instead of borrowing through high risk, high rate debts, equity loans on car titles are a fast and inexpensive way to get the money you need. There is no need to travel back and forth to a bank or to max out your credit cards. An auto title loan allows you to continue driving your car while you get your financial situation back under control. Equity loans on car titles are a financially responsible way of getting the money you need now at a price you can afford.
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