If your debt is small why not take car title loan? |
Posted: December 6, 2018 |
Some debts can be a real pain, and getting through it seems difficult as they possess high-interest rates. People often find paying off the loan as most difficult financial condition. In such a situation when an individual needs an urgent cash to get through the crisis, one must consider car title loan. The title loan process is a secured loan process which ensures the borrower about the instant access to cash with an affordable interest rate. The title loan is said to have the simplest loan process with minimum requirements and demands. Unlike traditional loan process, car title doesn’t determine the credit score or the financial condition of the individual as the eligibility criteria. Nor does it require plenty of paperwork, financial background verification or a complicated loan procedure. The complete loan process from start to end can be completed on the same day of applying and within a few minutes. Moreover, the borrower is provided with the instant access to cash. In order to be eligible for the car loans Oakland process, one need to own the vehicle outright and should have a clear and lien free vehicle title. The vehicle title is popularly known as pink slip and is considered as the important vehicle document since it states the ownership of the vehicle. In title loan process the vehicle title is used as the collateral in order to secure the amount of the loan and reducing the involved risk rate. The presence of collateral makes the complete loan process secure while ensuring the lender about the repayment in the provided time period. However, the vehicle is not physically possessed by the lender since the loan is sanctioned against the vehicle title. A lien is placed on the vehicle title of the lender and is temporarily held until the repayment. Although in case of default the lender reserves all the legal rights to repossess the vehicle and auction it in order to settle the remaining loan amount. The minimum requirements and the simple loan structure make the title loan process popular among the borrower. The amount of the title loan is determined according to the current market value of the vehicle and one can get a maximum of $50,000 with title loan depending on the significance of the vehicle. Though title loan offers a decent amount after inspecting the vehicle, it can be a great deal for the individuals who are stuck in small debt. The ownership of the vehicle which is often considered as the expensive possession can be of great help in case of financial emergencies. The title loan lenders ensure the borrower about flexible and affordable loan structure which makes it easier and smoother to get through the complete loan process. The repayment structure is designed by the representative of the lending company after interacting with the borrower. The repayment structure is designed according to the financial condition and repayment ability of the borrower. One can easily get through the complete loan process if he or she owns a lien free vehicle title of a good conditioned vehicle.
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