What is the best way to get cash right now? Well, there are several useful options you could use, but one of the best ones is a car title loan. If you have the title to your car, you probably qualify for one of these lines of credit. If you are interested in learning more about these loans, here are four facts to understand.
They Are Easy to Get
You are probably wondering what it takes to qualify for a car title loan, and the answer is simple. You need a driver's license and a car title, but you do not need perfect credit. Many car title loan lenders do not even check credit.
The Amount of the Loan Varies
The next fact to know is the amount you can borrow through your car title. You can borrow a percentage of its value, but the rate varies by lender. If your car is worth a lot, you can borrow more than you could if your car was not worth a lot of money. If your vehicle is not worth a lot, you can probably borrow $300 to $500. With a more expensive automobile, you might be able to get $1,000 or more from the loan. Lenders base the loan amount on the value of a vehicle.
You Can Get the Money Today
One of the best things to know is that you can get the proceeds from the loan today. If you apply right now, it only takes an hour or two to find out the answer. If they approve you, you can get a check today. They may even deposit the proceeds in your bank account. Make sure you know the due date of the loan, though, so you can repay it on time.
The Lender May Track Your Car
Finally, you should understand that the lender may track your car during the time you owe them money. To do this, they have the legal right to place a GPS tracker in your vehicle. They may also ask you for a spare key to the car. They will only use these things if you default on repaying the loan.
When you have no other way to get cash right now, getting a car title loan is a helpful solution. A car title loan offers a fast and guaranteed way to borrow some money when you need it the most. Talk to a car title loan lender to begin the process.
For more information on car title loans, reach out to a loan lender in your area.
Share1 April 2020
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