With time economic situation, we are forced to keep up. Sometimes, we are suffered from financial problems. However, there is always solution for it which is loan. There’s many types of loans and one of them is car title loans that you may have heard before because it is not that unfamiliar. This is one of the fastest way to acquire money. Car title loan is a short-term loan, which means you have to repay the loan within 15 day to 30 days. The amount of the money you can borrow is determined by your car’s value since it is the collateral of the deal.
Most lending institutions and situs bola including http://220.127.116.11 don’t include credit score as requirement and they don’t conduct credit check. Therefore, the process is usually fast, not over an hour. The maximum of money you can get depends on the equity you have over the car. Usually, the lenders offer 25-50% of your car’s value. That’s why they conduct vehicle inspection instead of credit check because the vehicle is more important.
Car title loan payment
What you need about car title loan is that it is costly. The interest rates are relatively higher than banks, it can be 25% to over 100%, depend on the lending institutions. The risk to lose your car is also higher because you only have 30 days at max to repay the loans. There is an extension called ‘rolling over’ which gives you another 30 days to repay. However, it comes with higher interest rates. Thus, you need to make sure that you will be able to repay the loans before deciding to apply for title loan.
Find the right lenders
Of course, there are lenders that can give you plenty of time to repay the loans with lower interest rates. That’s why you need to be selected to choose the lender. Find lending institution that can give you as much cash as possible. If you search enough, you will also find lenders that can give you loans even when you have bad credit score or unemployed. The fee to process your loan application may be different from one lender to another. It can range from $25 to $100.
Before applying car title loans, make sure to prepare all the documents you need such as driver license, documents regarding to residency, proof of income, car registration, references, lien-free car title in the borrower’s name, and car insurance (only in some states).