Whether you are planning to expand a business, go on long vacations or have stuck in some situation which demands urgent flow of cash car title loan can be the best solution. People nowadays fail to save enough money which can help them get through majority of situation and therefore people today are more dependent on financial institutions for aid.
Traditional loan is considered the most genuine process by people as it is in operation since four decades. Undoubtedly, it is one of the safest loan processes but it has complex structure and high demands with low rate of approval. It is not easy for every individual to smoothly get through bank loan as it determines credit score and carries out financial background verification. One with bad credit score usually faces rejection from majority of available loan options but not with car title loans. Title loan doesn’t determine credit score of borrower nor does it verify financial background to determine their repayment ability.
Any individual can easily qualify for title loan and can get instant access to fund if he or she owns a vehicle completely with clear and lien free vehicle title. Title loan is well known among borrower for its simple structure and easy processing. The minimum of demands and requirements makes the processing easier for lender and therefore from start to end, it can be completed within few minutes.
The loan process can be initiated by filling the loan application form with all vital information. Borrower can either submit application form by visiting physical office of lender or by using the online portals. Representative of lending company after reviewing loan application form inspects the condition of vehicle and provide borrower an idea about the amount of loan, in majority of cases, lender offers around 50% of vehicle’s worth as amount of loan and one can get a maximum of $50,000 with title loan depending on the significance of vehicle whose title is used as collateral.
Here is a list of benefits one can experience by applying for car title loan
Easy loan process with instant access to cash
Title loan has the simplest loan process with minimum of demands which makes processing really easier. Moreover, the structure of title loan ensures borrower to provide with quick cash once the loan is approved. Hence, title loan is an ultimate savior for people who are in urgent need of cash.
Minimum of paperwork
Unlike most of the loan processes, title loan doesn’t require borrower to provide plenty of paperwork. Rather they request borrower to submit minimum of documents which are required for the basic documentation. The list of documents required for title loan includes original car title with copy of photo identity proof, car insurance paper and proof of regular income.
Vehicle is not physically possessed by lending company
In case of title loan, vehicle title of borrower is used as collateral to secure the amount of loan. People often doubt that they might need to give up on vehicle while applying for title loan, but that is not the case. None of the licensed or genuine title loan lender possesses vehicle of borrower rather they hold vehicle title with lien placed on it temporarily until the repayment of loan. Once, borrower makes complete payment to lending company they handover a clear vehicle title to them.