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Auto title loans are risky at best. Interest rates are very high, it may become impossible to pay off the loan. A good article about the disadvantages of an auto title loan can be found here: http://articles.CNN.com/2008-10-08/living/aa.car.title.loans_1_car-title-loan-interest-rates-responsible-lending-for-title-loans?_s=PM:LIVING
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Can you get a title loan on a salvage title?
Most banks or independent title loan companies will NOT give you an AUTO loan or consider the car as collateral on a Salvage title car. Some dealerships have been know to sell salvage title vehicles and submit the title for a loan, unbeknownst the bank or the vehicle's owner. This is not illegal in some states. Always ask to see the title when purchasing a used car from an unknown dealership.
When a cosigner is needed to obtain an auto loan do he need to be on the title?
I am able to take a loan out against my vehicle and have a co-signer and was told by the bank that this does not mean that my co-signer can have my vehicle nor their name on the title but just that they get to repay the loan if I do not. I hope this leads you in some direction.
If you refinance a home mortgage and the new lender rolls your existing auto loan into the new home loan do you receive the title of the car since the original auto loan no longer exists?
Your info was a little sketchy but I will assume the new loan was used to pay off your existing debt on the car which, providing there are no other liens on the vehicle, will allow you to receive the title. I am assuming you have a vehicle loan agreement that is marked PAID. Receiving the actual title can take some time depending on your state.
Factors In Getting An Auto Title Loan?
When times get tough and you run into the need for additional money, an auto title loan could help you get the funds you need. When considering an auto title loan, there are some points that you will need to keep in mind. An auto title loan is a loan in which your car will be used as collateral for the loan. This means that should you default on payments, the lender will be able to repossess your vehicle and sell it to recuperate the balance owed on your account. In the event that you fall into this unfortunate situation, it is important to remember that should the lender sell the vehicle for a price that is less than you owe on your loan, they can come after you for any deficiency balance. The amount you will be able to borrow on this type of loan depends on the value of the car you are pledging as security and maximum loan laws. For instance, if you are trying to get a loan for $5000 and your vehicle is valued at $6000, you will likely be able to get the loan. However, even if you have a car worth $15,000 and you are trying to get a loan for $12,000, the maximum loan amount may only be $7500 or $10,000, depending on where you live. Your lender will also take your credit history and stability of your employment and residence into account, as well the amount of other debt you have outstanding. Someone with poor credit and a short term job and residence will have more problems getting approved than someone with good credit and a long term job and residence. This will also have an effect on the amount they are willing to lend you in relation to the value of your car. Getting an auto title loan is easier than an unsecured loan because there is collateral. However, maintaining your payments is extra important as you can lose your vehicle if you fail to make payments. Taking a loan with a payment you know you can afford is the main thing to consider when thinking about taking out an auto title loan.
Where can one find auto loan quotes?
Auto loan quotes are available from many different companies. Some companies that provide auto loan quotes include Nationwide, Chase, and Capital One.
How can you get a Credit Union auto loan?
One can get a Credit Union auto loan from several different providers. Some of these include: FIrst Choice Auto Loans, Dream Team Auto Financing, and Mission Fed.
How does an auto title loan work?
In danger of being too vague, basically an auto title loan uses your car for collateral for the loan. This means if you default (miss one or more payments) on the loan, the company you borrowed money from could repossess your car. Be VERY careful if/when you get an auto title loan. Although they may let you "keep your car" (as a lot advertise as a "perk" to getting a loan with them) they may have very strict standards (i.e. repossessing the car if you are just one day late on a payment).Buyer beware...Such financial transactions only apply to a "clear title". It is illegal to attempt to procure a loan using a vehicle title that has a lien holder indicated.Read the fine print. Some Companies will apply an early payment to principal and not to the upcoming payment. Example: Your payment is due on the 2nd of the month. You make a payment on the 1st. The the payment on the 1st will be applied to principal. You still have a payment due on the 2nd, and on the 3rd they may come to repossess your car. So, make a payment in person every month, and read all the fine print before getting this type of loan. Check with your BANK or Credit Union. Some Banks/Credit Unions also provide a title loan but with conventional rules.Personal Experience:Years ago I looked at getting a title loan. I read the fine print and was shocked at what I was reading. When I asked the lady who wanted to give me the loan how can you legally get away with this I was told "OUR MONEY OUR RULES".....My response was "My Car My Title" and walked out!
Where can someone get an auto loan online?
There are many loan companies whereby an individual can get an auto loan online however some are not very reliable. Credit card companies such a CapitalOne provide this service.
What companies offer auto loan refinancing?
There are several companies that offer Auto Loan Refinancing. Some online companies include my auto loan and credit provider, however you can also go to your bank or another bank like Citibank and Wells Fargo bank to get a refinancing loan.
Are there any extra charges for a auto loan early payoff?
Some auto loan companies charge document prep charges or application fees for an auto loan early payoff. You may be able to find companies that do not charge any fees though.
If someone has bad credit can they get an auto loan?
You be able to get an auto loan if you have bad credit depending on the loan provider. Some loan agencies claim to fame is not checking your credit score. You may have to search many places and find a good loaner.
Is it easy to refinance an auto loan?
Getting a refinance auto loan can be hard or easy for some people, because it depends on your credit status. If your credit score has improved since your last car purchase, you have great chance of getting approved for a refinance auto loan.
