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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.
What else can I help you with?
When getting an auto loan, is the title different in California than paying cash for a car?
Yes, taking out an auto loan means that there is a lienholder on the title of the vehicle. Once the loan is paid off, the lienholder is removed and it is owned free and clear.
How do I go about getting a title loan so I can make a mortgage payment?
You will find auto title loan companies in your community. Take the title to your car with you and talk to them about a loan. Your car title will be your security for repaying the debt. Just be ware if you do not, they can repossess your vehicle.
Does anyone offer a car equity loan online?
The biggest benefit to getting a car title loan is that it enables the borrower to get ... The best car title loan companies are those that offer quick cash, low rates ... Since there are no credit checks, anyone can get an auto title loan, as long ... Carbuckscorp.com is another online auto title lender out there with high success rates
What happens if I don't repay an auto title loan?
You will lose the car if the Auto title loan is not paid. The lapse in repayment can result in reposession of the car.
Where can I find out more about automobile title loans?
Automobile title loans is a good thing to use when in need of an auto car loan for yourself. To learn more about this information on auto loan you can check www.pinksliploan.com/Vehicle-Title-Loan.
What are some disadvantages of an auto title loan?
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
What is the difference between a normal auto loan and a title auto loan?
With a title auto loan, your vehicle has already been paid off and you are using it as collateral for a new loan sometimes referred to as a cash advance. A normal auto loan is dedicated to the new or used vehicle and the funds normally are not used for anything else unless financed within the loan ie. warranty.
If you cosigned for an auto loan and your name is on the title do you have a right to the auto?
Absolutely, name exists on title therefore you are part owner.
Does national city bank offer auto title loans?
if you are looking for a loan go to 1 stop auto title loans they offer the type of short term loan you are looking for.
What are the requirements to take out a title auto loan?
The requirements for taking out a title auto loan are, being the age of 18 or older, the auto vehicle must not have financial dues, and must provide valid proof of vehicle ownership.
Can auto title loan company go to a different state than the loan t?
Certainly.
If there are two owners on a auto title and only one signs for a auto title loan and dies is the other person responsible for paying balance of loan?
The short answer is yes, if you want to keep the car. Otherwise the loan will go into default and it will be repossessed. If you did not sign for the loan, it will not affect your credit.
