The car title is a simple, easy and quick loan procedure. It is the simplest loan type when compared to the traditional loan process. The car title loan lender keeps your car title as collateral and gives you the money. It doesn’t depend on the credit score, a person with good, low or no credit score can also apply for the car title loan. It is the best loan service to get money in an emergency situation. The loan amount completely depends on the value of the vehicle. Most of the lenders provide around 25% to 50% of the vehicle value as the loan amount. The features of car title pawn include:
1. Minimal Paperwork that doesn’t consume time
Unlike traditional loan process, car title loan requires minimum paperwork and hence has the quickest loan process. The documents required for the car title loan are the vehicle title, the driver’s license (the vehicle title and the driver’s license must have the borrower’s name), residential proof, income proof and some of the lenders even ask for the photograph of the vehicle from different angles.
2. Convenient Way to Get Loan:
The car title loan process is not as hectic as the traditional process. With the less paperwork involved, the loan process is quick. The car title loan lender doesn’t even ask for the purpose of borrowing money nor do they possess your vehicle. You can easily get the loan approval with the vehicle title only.
3. Easy refinancing option lets you get rid of old bad loans
The refinancing option is also available for the car title loan. If you feel you will not be able to pay off the loan amount in the given time-interval or you find the interest rates higher for you, you can get help from refinancing service provider. They ensure you to provide with reduced interest rates. The refinance company will pay off the amount of your loan to the previous borrower and you will now have to pay the new amount to the refinancing company.
4. Quick Money makes it easy to tackle the emergency situation
The car title loan process is the quick loan process and the loan approval takes a day or two in maximum. If you have proper documentation available you can easily get loan approval in an hour.
5. Good Loan amount eliminates the need to opt for a bank loan
The car title lenders provide you the 25% to 50% of the value of the car. You can borrow an amount up to $50,000 from car title loan. If you are getting a good loan amount from the car title loan at a lower interest rate it is better to opt for it and cutting the unnecessary procedure of traditional bank loan approval.
6. A bad credit score is not a problem as you can still be eligible for the loan
The car title loan doesn’t depend on the credit score of the individual, the loan eligibility and the loan amount both depends on the condition of the vehicle and its market value. It is the savior for the individuals with low or no credit score.
The car title loan is the most conventional type of loan system. The lender doesn’t even possess your vehicle; you can drive it while repaying the debt.