Loans against the Title of the Car - Trading Financial Credit, LLC
If you are in need of some immediate money, submitting the title of the car as your collateral security to get some urgent money seems to be quite a feasible solution. The loans of these types are usually called auto loans or title loans as they are availed against an automobile. If one needs a cash of $1000 or more to meet some short-term financial crisis, then these loans offer the best solution. These loans are popular among the people because these loans offer the easiest way to get some fast cash to meet up their immediate needs. The best thing about the title loans is that, a person can take the loan against the title of the car without depositing the vehicle to the financial lender.
The bank or other financial institutions also lend money according the requirement but they lay prime importance to the credit rating of the customer. The private financial credit companies offer auto loans to a person who owns a vehicle. The people with good, bad and even poor credit ratings can apply for these loans. The people who have tax liens, bankruptcies and have been refused loan by banks or credit unions can easily get the title loan for themselves. People prefer this loan over payday loans because there is a repayment period which can be extended upto 36 months.
The title loan has certain conditions, the prime among them is the vehicle’s ownership. The loan is given only to those people who have their own vehicles which are not under the lien of any organization. Since the car title is taken as the collateral security, the lending institutions prefer to keep it free from any kind of financial complexities. The second important factor in the case of title loans is the insurance; the vehicle against which the loan is procured needs to be fully insured. This is because the lenders only keep the title and allows the owner to continue using the car. During the tenure of the loan, if any accident occurs and vehicle gets damaged, then the company does not want to be liable for it.
The amount that can be availed against the vehicle is decided by the lending companies. The loan vehicle has to be less than 10years old; then only the loan companies take the car title for giving the loan. These title loans are always beneficial even though they attract a slightly higher rate of interest as compared to the other types of loans. But nevertheless, this is the best option available as borrower can get the cash within an hour.
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