Having your own automobile helps a lot in our daily living. Yet circumstances such as if there is an emergency in the family or you are strapped for cash does happen. One way to get funds quickly is through a cash loan. Automobile title loan is one of those you are able to take advantage of.
You can avail of this loan even without the need to cash advance your credit card. Not when it comes with a hefty interest and charges. You can still utilize the available credit which you might want or otherwise need to transact for other necessities. Also, you do not have to go through the complicated loan process in a bank. Title loans are easily available if the car is fully or almost paid and you have a clear title.
Who is eligible for Automobile Title Loan?
The eligibility criteria for automobile title loans are given to anybody for long as they own a vehicle. For those with history of bad records about previous loan processes, you need not to worry since it does not count. Moreover, the loan amount is determined by the existing value of the vehicle only.
Other criteria of eligibility are mentioned below:
- The age of applicant should be 18 years as per US lenders criteria.
- He should be a US citizen.
- The social security number is necessary to get the approval.
- The applicant should have a job with a salary account in US bank.
- While poor credit score is also acceptable, he should not be bankrupt.
Typically auto title loans does not take too much time for processing. All you need to do is just walk into a loan agency or do it easily by completing out the form through the internet and the loan application will be processed within 24 to 48 hours. Common among title loans, lenders loan up to 50 percent of the value of the vehicle, which takes care of any depreciation in the price of the car over the repayment period.
Bear in mind that there are few things to remember after qualifying and granted a car title loan. This type of loan can be a very high financial risk for the borrowers, especially those who borrow more money than they can actually afford to pay. Remember, a single missed payment on this title loan could result in your car being repossessed at anytime. If your car is seized, any additional funds obtained from the selling of the vehicle is also retained by the lender.
With this, qualifying for a auto title loan is a real blessing in times of great need and it assures the help you need for specially when faced with a major financial crunch.
