If you are caught in an unexpected financial quandary, a car title loan can provide you the much needed quick cash to face the fiscal crunch. No one knows when some emergency would crop up and a large amount of your paycheck would get used. Such a situation could leave you with little or no choice for another source of funding if you already have a very poor credit score. It is the best then that you look for cash against your car loan and save yourself from being buried under mounting debts.
What Is Auto Title Loan?
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So, also, if your cash flow is running low due to some urgent circumstances and you need short-term cash till your next payday, then an auto title loan could be a savior in disguise. It is a means of procuring quick cash, wherein the lender keeps the title certificate of your vehicle and a duplicate of the key as security. In case you are unable to make the required payment in time, the lender sells your vehicle to collect the money. Therefore when you take cash, through auto tile loan be sure to pay back on time, else you might end up losing your car.
How To Get It?
The whole process for taking cash against car title is quite fast and simple. To qualify for such finance, your vehicle should be paid off i.e. there should not be any pending payments for it. The amount of cheap auto loan is determined based on the resale value of the car. The new car loan calculator is quite useful in this regard. It will help you to calculate how much exactly you can borrow and what the corresponding auto loan interest rate will be.
If you are 18 years old or above, with a permanent residential address and if you own a totally paid off car in good condition, then you can easily find an online car title loan cash provider for your fast cash needs. For it you have to fill out a simple online application form submitting some basic info like name, contact details, employment and income details, etc.
Repayment Process
Repayment process cash against car title loan is similar to that of student car loans and other borrowings. In this case, the loan provider holds the car title certificate that you get back only upon the return of the loan amount along with interest. Being a short-term loan, it incurs a huge amount of interest. Although if you are unable to repay on time, you can roll over into next month. However, in such a case you may end up paying an excess of the actual amount.
So make sure that you have a backup strategy for repaying the car title loan cash long before you start. Never forget that you are putting your own asset at risk and failure to repay on time might result in your losing the car forever.
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