As with any loan, you’ll start this process by filling out an application. Nowadays, most lenders will allow you to do this online, over the phone, or through a customer-support portal on their website.
In either case, this initial step is a simple one. You’ll only need to give some general information regarding the amount you wish to borrow and what kind of vehicle you have. At this point, the lender just wants to do some preliminary work to ensure their services will be a good fit for your needs.
Benefits of car title loans:
· Car Title Loans offers one-day funding and applications are approved within one hour.
· Loan amounts range from $1,500 to $50,000.
· You only need a monthly income of $1,200 to qualify.
· Even if you have poor credit, you can be eligible for a loan of up to $50,000.
Required Documents For A Car Title Loan:
For your car title loan application to be granted, you need to have a title to the car, clearly expressing your ownership of the car, in writing. You will also need a valid Identity card, preferably one issued by the government. Besides, things like proof of income and vehicle registration.
OTHER REQUIREMENTS:
o You would however in addition to the required documents, be required to be 18 years or older.
o The car title loans are strictly for those who own cars in their names. One cannot give that, which he does not have, and as such, only persons with proper title to a car can seek to transfer that title to the lender, to hold as collateral.
o After ensuring the above, the borrower can make an application for the car title loans. If the application is considered by your lender whether, on an online platform or a physical, financial institution, the borrower has to take this over to their office, for inspection of your car. The value of your car is determined by the inspection, as it will determine the amount in the loan you will be given.
o You can still drive your car while the repayment process is on. All the lender needs are the title of your car.
When next you need a loan to sort out things, your best option will be a car title loan. Learn more at https://thenewswheel.com/a-guide-to-car-title-loans/