Car Title Loans Online

by Auto Equity Loans on November 24, 2015

If you have heard of auto title loans but aren’t sure how they work, you’re not alone. This is a confusing field for many, but car title loans can actually be a safe and useful financial choice. Determining if they’re the best option for you is a critical actor in picking a loan, and here, we’ll break down exactly what can help you get car title loans online quickly and easily.

How Do Car Title Loans Online Work? title-loan
If you’re wondering how do title loans work, the process is fairly simple. In essence, the auto title loan is a collateral loan. Borrowers use cars and trucks to secure a loan, which has a lien placed against it. Then the borrower gives a hard copy of the title to the lender, and a replica of the keys are also delivered. Then, once the loan is paid back, the lender gives back the keys and title to the borrower — and the lien on the car is given up as well. However if the borrower has to default on the loan, their car gets kept by the lender.

Higher Interest Rates but No Credit Check
These loans usually have higher interest rates and can have APRs as high as 35 percent or more. In general, the lender won’t give you a credit check, but may look at the car’s condition and market value in determining how much they”ll lend you. Since it’s a fairly high risk loan for both parties involved. This is why the high interest rate is necessary. A lot of borrowers have to default because they aren’t in a good financial position.

Car Title Loans Online: Making the Process Quick and Easy to Get Cash

A Quick Process to Apply and Secure Your Loan
However, for those who are capable of managing their financial situation fairly well, the car title loan only takes about fifteen minutes to set up. You can get anywhere from $99-$99,000 or more with these loans. However, with the risk involved, many traditional credit distribution agencies and banks may not provide loans of this type. However, in seeking out a loan of this type, you will still need to have a steady employment/income source. Then the lender will verify these and appraise and inspect the vehicle. The Internet makes it easy to get car title loans online.

Usually you will get a 30 to 50 percent amount of the full value of the vehicle from the lender. This way if you happen to default, they can sell your car at a decent profit.

How to Get Car Title Loans Online
Basically, to secure a loan of this type, simply bring the vehicle and title and a photo ID to your nearest lender. Then you can complete a quick application and the appraisal of your vehicle will be done. Then the lender looks at your cash needs and the value of your car and your budget. Then they will explain each term, condition, and obligation before you must sign paperwork. After that, you can leave with the car AND your cash, provided you have supplied all the necessary documents. As you can see, learning the answer to the question of how do title loans work is not as difficult as it sounds at first.

Repayment Terms
It is usually about 30 days before you will need to repay the money. But sometimes you might need more time to repay the loan, in which case you can work out a different payment schedule with your lender. You may also be able to rollover any loans and take on new loans if necessary, but this does put you at risk of accruing more interest. This can of course put you in over your head in terms of paying back the loan. In addition, there are governmental limits on how many times lenders can rollover loans, so you’ll need to keep this in mind when applying for an auto title loan.

The application process is a great part of the car title loan sequence because it is generally very fast and can even be done online. Generally in just a few minutes of putting in an application, the loan representatives will get back to you.

Proof of Income Makes for Easy Loan Securing
It’s also extremely easy to get a loan of this type as long as you can prove you are getting income and will be able to pay off the loan in time. Just be sure you are over 18 years of age and own the title, and have already paid off any liens that are currently on the car. As well, you must have a valid driver’s license.

A Quick Cash Source in Times of Financial Strain
If you’re in need of some quick cash and want to put your car up as collateral, an auto title loan is a great way to secure the money you need. Just be sure to stay on top of paying back your loan and you’ll be able to finance any pressing events that have recently come up.


Auto Title Loans 101: The Basics

by Auto Equity Loans on June 13, 2015

Getting a loan quickly and without hassle is a difficult process at the best of times. There are numerous credit checks involved and many times it can be problematic to acquire the acceptance of a loaning company. An auto title loan is an option that is used by individuals looking to find the fastest way of acquiring money in the form of a loan. This piece will focus on auto title loans and explain how they work for those looking to find the best way of procuring a loan.

Auto title loans are based on the ‘collateral’ system of loan giving. Any lender will be looking to ensure their money is secure in the form of property or any other asset. Auto title loans focus on the individual’s car being used as collateral in case the loan is not paid. It is a safety measure that works out well for both parties involved. The individual looking for the loan will have the money in their hands within hours upon signing the agreement. While, the lender will have the safety of knowing their money will not go down as a complete loss.

Auto title loans were brought as an option for those unable to acquire loans without collateral. It gives people an option of using their cars as a safety nets and getting the money required at the moment. When the agreement is signed, there are minimal questions asked and the money is in the hands of the person asking for the loan. It is a quick and safe process that is tried and tested.

Repossession of Car
When the loan is given, the agreement usually revolves around the concept of ‘missed payments’ as decided by the lender. If there are one or more defaulted payments, the lender has the option of possessing the car that was used as collateral. The safety net that was installed will be utilized in order to ensure the lender can cut its losses. This safety net is rarely used as most clients are able to pay the money back in time. It is just there in place to ensure both parties get what they want as quickly as possible. Auto loan companies provide the individual with the opportunity to keep the vehicle that was used as collateral. This enables the individual to still use the car while having the loan; it is an added perk of going with the company.

It is to be remembered that repossession of a vehicle is used as a ‘last resort’ by the lender. It is something no party wishes to participate in as it can be a lengthy procedure and less beneficial. Payment of the loan is important as it becomes a good deal for both the lender and the individual obtaining the loan.

As the ‘title’ of the vehicle is passed onto the lender upon signing of the agreement, there is only one way of getting it back. Once the loan is paid in its entirety, the company will immediately shift the title back to its rightful owner. There is no hassle involved in the process as it is automatic and no questions will be asked from the lender.

Ownership of Vehicle
It is important to note the vehicle’s registration papers have to be in the name of the person looking for the loan. If the car is not in the individual’s name, it cannot be legally used in the transaction. The lender will look for appropriate legal papers in order to ensure the vehicle is in the name of the individual. The auto title loan will only go through following the confirmation of the vehicle being in the name of the person asking for the loan.

Quick and Easy
The process does not take a long time, the entire procedure can be completed within a few hours. Most individuals looking for a loan will try to find the speediest route to resolve their financial needs and this comes in the form of auto title loans. These loans are one of the fastest ways of procuring money that is legally transacted. This is important for those looking to find a safe route to securing money. Using one’s car as collateral is not a hefty price to pay as long as one pays the loan of within the mandatory time frame.

Everything with an auto title loan is focused around the idea of one’s car and its value. This is important for those looking to avoid credit checks that might leave then unable to obtain the desired loan. Most institutions that do not use ‘auto title’ loans will look to lend money through credit checks and other established procedures. This can be difficult for certain individuals and this is where auto title loans come in. Auto title loans will only focus on the value of the car and provide money based on that fact alone. While, there are credit checks done by the company, they are not a ‘big deal’. Most will overlook certain factors as long as the value of the car is as assumed.

Acquiring Another Loan
After payment of one’s first auto title loan, the option for another one is effective immediate. There are no glitches in the process and most will go through even faster. The second auto title loan will often go through faster because of the trusted relationship now established between both parties. The lender will have more trust in the individual asking for the money and the loan will be pushed through as fast as possible.

Car Eligibility
Looking past the car ownership details, there are a number of other factors that are taken into due consideration. The complete payment of a car is one such factor that is taken into deliberation. Upon assessment, the lender will acknowledge whether it is feasible to allow an individual to procure money based on a leased vehicle. All of these factors have to be discussed with a representative of the company. All other factors account for the wholesale value attached to the vehicle. The loans can range from $500 to several thousands of dollars dependent on a number of factors.


How Do Title Loans Work?

by Auto Equity Loans on November 14, 2013

Everything You Need to Know About Auto Title Loans
Perhaps one of the many ways people use to get their hands on quick cash is with auto title loans. These loans allow you to easily tap into the equity your car holds. You can take out a loan even on motorcycles. Debt has a tendency to snowball out of control and has a tendency to get bigger and bigger. These types of loans are great for emergency needs and to help reduce the amount of debt you may have.

No matter what your income level is, these types of loans can help with any financial mess. There are many uses of these types of loans such as closing costs on a home, paying for college expenses, last minute home improvements, and more.

There are many people that avoid taking out payday loans for a number of reasons, and that is why auto title loans are a great alternative. Even with bad credit, these loans are a great alternative to get you the cash you need.

How Auto Title Loans Work
As the name states, auto title loans allow borrowers to use their car title as a form of collateral. These types of loans are available to people who have less than perfect credit, and in fact, many people who apply for these loans have no credit at all. For those with bad credit, this can be great news since these lenders don’t check your credit score.

The loan decision is based solely on what your car’s value is. If you own a vehicle that holds high value, you will be able to get a higher loan amount. This can be beneficial if you have bills or other items you plan on using the loan for.

These loans are not entirely for everyone. While you get the money you need fast, it can be hard for some people to pay off the loan in the specified time frame given. You need to be able to pay back the loan or else you only find yourself in more debt in the process.

Qualifying for Auto Title Loans?
In order to qualify for this type of loan, it’s apparent that you need to have a vehicle and the title. If you don’t have the title to a car, you aren’t going to qualify for this type of loan. Some lenders need you to be a certain age, for the most part 18. There are also lenders that have their own set of requirements, so researching them will save you a lot of time and hassle. You might need to have a minimum income each month as well to prove that you can pay back your loan. Having proof of your current address is required as well and this is done by bringing the lender a bill that is in your name.

With auto title loans, there are several benefits. These loans offer fast closing times in addition to a fast approval process. The application itself takes a mere 15 minutes, and in some cases, less. There are other loans as you may know that take days to get approved for and this can be frustrating.

While some loan companies have loans that are higher than what you want, these particular loans can start out at $100 and go higher. If you only need a few hundred, this will be beneficial as you won’t be taking out a high loan and not having the ability to pay it back. This also helps eliminate having to pay a higher amount of interest.

There are also some lenders that will allow you a longer repayment term. Some even extend as long as five years and this should be more than enough time for most loans. Most lenders will work with you as long as you can pay something and as long as communication is present. Also, most lenders won’t penalize for paying your loan off too early.

The process is fast and easy. This helps you get the money you need in a hurry no matter what you may need it for. Lenders refrain from checking your credit score making the process a lot easier. This also is why lenders can loan you the money faster. The lender has no risk with these loans making it easier for them to loan you money. Your car is used as collateral so if the loan is not paid, you lose your car until the loan is paid off.

Why Work With a Reputable Company?

In regards to getting auto title loans with a reputable company, it helps give you the sense of security knowing you are working with experienced professionals. It’s important to make sure you are working with a company that is going to inspect the car and give you the right value. You want a company that is reputable which gives you the sense of security to know you are getting what you deserve.

Make sure you work with a company that is stable. This ensures the transaction is going to run smoothly. You want a company that has been in business for a number of years so you have that stability that is needed for this type of transaction.

Having a company that is registered with the BBB is also going to be your best option. This gives you the peace of mind you need and this also ensures that the company you are working with gives you the best terms possible for your needs.

These auto title loans are becoming increasingly popular and that’s why you want to take time to research companies to make sure they are what you need. Some lenders have certain criteria that you need to meet to be considered for this type of loan.

If you find yourself in a position where you need some cash fast, consider the many advantages of car title loans. These loans are fast and easy to get and for those with less than perfect credit, this seems to be the easiest way to get the cash you need.


Get Fast Cash with a Car Title Loan

by Auto Equity Loans on January 27, 2012

For anyone looking to get their hands on some cash fast for whatever reason, a car title loan may be your best option. There are a number of lenders available but many people either don’t have the credit, or they just need something short term. The best part of this form of loan is that they don’t run your credit. While this sounds straightforward, this can get you further in debt if you are not careful. Another higher risk you are running is losing your car as it is used for collateral.

How Does an Auto Title Loan Work?
Let’s say you had some jewelry that you were going to be taking to a pawn shop. There are people there that are going to appraise it and examine it to see how much it really is worth. They are going to give you a set amount of money and you give them the jewelry. They also are going to charge interest. If for some reason you do not pay back the money of the loan, they are going to keep your jewelry. This is similar to a car title loan except you are using your car as collateral.

TFC Title Loans

Your car is evaluated and an amount is determined. The estimate is based on wholesale value. Your car’s title is held until the loan is paid off in the specified amount of time. The loan is different from when you initially bought your car. It’s a short term form and the interest is typically higher. Not paying the lender back results in higher interest being added as well as late fees. This leads to the lender getting your car.

How to Qualify For an Auto Title Loan
For the sole reason the loan amount you are given is based solely on your car’s value, these loans are only applicable to those who own their car and have the title. You are not going to be able to even consider this type of loan if someone else holds to title to your car. There may be a minimum age requirement for some lenders as well as having a set amount of monthly income and you also need to have proof of your current residence. This can usually be in the form of a bill that is in your name.

Read the Entire Agreement
While it seems simple to get in your car and drive to a lender, there is typically a little more involved. Before being OK with this type of loan, you need to read over the entire agreement and make sure you have a clear understanding of it. You need to have an understanding on how the lender is calculating the interest. While you use a 3% rate, which is good, you need to make sure it’s not 3% for each month you have the loan. This is going to lead to a heft rate of 36%!

Read about late payments and what the overall total length of the repayment plan is. If you are borrowing $5,000, you obviously are going to need more than 2 months to pay it back. Make sure an agreement is reached between the lender and yourself.


Why Obtain a Car Title Loan?

by Auto Equity Loans on January 12, 2012

With the state of the economy seemingly worsening over recent years, it us becoming harder and harder to make ends meet. Sometimes you have some extra money that you try to hold onto for a rainy day, other times you wonder how you can come up with the extra money to pay your bills. There are different methods of acquiring some fast cash without committing any type of crime punishable by jail time or calling long lost relatives. These methods include different types of loans; one such loan you may consider is called an auto equity loan.

An auto equity loan is normally a short term loan supplemented by some form of collateral, normally in the form of your vehicles title loan, or in some cases, using your current home value to aid in the purchase of a new vehicle. These types of loans are normally very fast and allow you to take out any size loan up to the current wholesale value of your vehicle without subjecting yourself to background checks or credit checks which could further hurt your credit.

There are two main types of auto equity loans. The first type involves using your current vehicle as collateral for the loan. In order qualify for this type of loan, most companies require that the vehicle be less than ten years old, the vehicle must be worth at least $2,500, and the applicant must be at least 18 years of age. If you meet these requirements, you may be able to apply and qualify for a loan of this type. Since you are putting up some sort of collateral, these types of loans are usually much quicker and simpler than some other types of loans, usually resulting in receiving your requested loan amount the same day you apply.

A standard auto equity loan is normally a very short term loan, usually lasting a month or less. The companies add on an annual percentage rate (APR) to cover their expenses for writing the loan as well as covering their payroll. Normally these annual percentage rates are somewhere in the area of 20% of your total loan. Most companies will loan you up to the amount your car is worth but usually have a minimum loan amount that varies from company to company but normally range in the $500-$1,000 area.

In order to apply, most companies also require that you provide an auto title that is clear of any liens, your personal information, driver’s license, social security card, vehicle registration, proof of insurance, a recent paycheck stub, a recent utility bill, current mortgage statement or lease, and usually up to 4 references. This information is usually reviewed by a loan officer for approval before you receive your loan. Some companies allow you to fill out an online form and approval is done electronically. Since collateral is being used, most companies do not require a background check or credit check, and usually don’t worry about past bankruptcy filings or lack of credit history. This allows those with bad or no credit to receive the money they may need as quickly as possible.

Even though it is called an auto equity loan, you don’t necessarily have to offer up your main form of transportation as collateral. Most companies will also accept motorcycles or some sorts of farm equipment as collateral as long as the total wholesale value of the item meets the loans minimum standards. This policy varies between loan companies so make sure to discuss this option with your lender as well if this is a viable option.

The 2nd type of auto equity loan is using your current home value to purchase a vehicle. Normally, a loan is taken out against the current value of a home in order to purchase a new vehicle and creating a lien against the property as collateral for the debt. This type of loan does have its perks as normally, the interest charged on this type of loan is tax deductible because the property is used as the collateral. Using this type of loan is normally less expensive due to the lower interest rate.

With both types of loans, the usual repayment period is usually around thirty days in which the loan fee is included. If the full loan amount is not repaid within this period, the fee is normally added back on to the total amount owed. Some vehicle owners who use their car as collateral for these type of loans may be tempted to roll over that fee to the next month which is allowed, however it is normally much more costly in the long run to pay the additional fee every month rather than paying the entire balance. Due to this, it is usually best to abstain from these types of loans except for in cases of dire emergencies.
Most companies, in case of financial hardships, are willing to work with you if you cannot make a payment or two. They should supply you with a phone number to contact them in these types of cases and will normally suggest some sort of alternate repayment method or will work with you to find a solution. If payments are still not met and a further agreement cannot be established, the loan company has the option to repossess your vehicle if deemed necessary.

It is always advisable to seek financial advice from a trained financial advisor before seriously considering taking out any sort of loan. Your financial advisor may have a better idea to assist you with your financial needs or may be able to point you in the direction of a reputable lender or service. Make sure if you are in the market to apply for a loan that you do your research on the company to make sure it is a legitimate loan service rather than some sort of scam or scheme to obtain your personal information. Keeping your confidential information from prying eyes should be your top priority as it could save you from a major headache down the road.