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A car title Loan is a loan which lets you borrow fast instant cash using your car as collateral even with bad credits. You car title is used as security which lets you borrow cash on the value of your car for a period of 4-6 years without any credit checks or job requirement. There is no pre-payment penalty on repaying the loan earlier.
Basically everyone owning a vehicle qualifies for a car title loan if the title is in the lenders name and the lien is fully paid off. The interest rates are also low since it is a secured loan. It is the most convenient of all loan types.
Whereas in the case of pay day loan you are required to have a job and need to repay back within a short period of time, maximum 30 days and minimum of 7 days accompanied by very high interest rates. The paper works and documentation are also more compared to car title loans.
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∙ 6y ago
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If you have a bad payday loan can you still receive a car title loan?
yes if you are lucky enough. I guess nationwide car loan executives are very smart enough to give you car title loan even if you are having bad payday loan.
You bought a car for a friend that signed a pmt agreement You repossessed the car from the individual for non-payment The individual got a payday loan against the title Who owes that money?
Who ever signed the pay day loan contract owes the money. You bought the car for the friend so the title should have your name on it until such time as you have been paid for the car and you sign over the title to the person buying it from you.
How can one obtain a cash loan if they have bad credit?
You can obtain what they call a "Payday Loan" if you have bad credit. Just take along the title to your car and it will be used as collateral for your cash loan. Of course if you don't pay back the cash loan they get to keep your car.
What is an example of signing over a car title?
When you sign over your car title, it is like getting a payday loan. You will have high interest and a short time to pay it back. They will give you more time to pay back the loan, because they have your car title and can repose it if you are late on your payments. Be very careful when using predatory lending.
If the title to a car is in your name but the name for the car loan is in someone elses name who has legal ownership?
If only your name is on the title and the loan is not listed as a lien on that title then you are the legal owner. If someone else obtained a car loan for you then their name should be on the title to the car with yours. The question of ownership should be addressed if someone was kind enough to borrow money for you to have a car. The car should have full insurance coverage in case of an accident.
What is a title loan?
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
What happens if you Car title loan in default and car is totaled?
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.
Can I get a cheap payday loan for a new car?
While payday loans are a good option if you need to borrow a few hundred dollars, I don't think you could get one to purchase a car. You would need to go to a bank to get a car loan.
What is Title loan?
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
What determine the amount for a title loan?
Title loans are worse than payday loans. If you miss a payment, they take your car. The interest rates on these loans are generally very high, making it quite difficult to pay back on time. You run a great risk of losing your car. The amount of money they give you for the loan is a mere fraction of what the car is actually worth. It's a win win situation for the lender. I don't like payday loans at all, but I would even say that they are better than losing your car.
Can you take out a loan on a car with no title?
No u have to have a title.
How do you write a trade-in authorization letter to get your car title when you pay off your loan?
The dealership should have a trade-in authorization letter so you can get the car title when you pay off your loan. If not, you would just write that you are giving permission to get the title for a trade in.
