Important Information about Car Title Loans
A car title loan is designed to give those who are qualified to borrow with safe and secure funds, particularly when they are in dire need of it. This type of loan presents a convenient means to resolve all financial concerns within a short time. A title loan is a secured type of loan that uses the title of the borrower’s car as collateral. The inquiry process involved in this type of loan is not that difficult. You only have to submit first an online inquiry form along with a couple of documents. The borrower’s eligibility and the amount that can be loaned are based on the vehicle’s equity as well as the borrower’s ability to repay the loan instead of his or her credit history. There are numerous reasons for one to apply for car title loans in Seattle WA.
The best benefit that the borrower can enjoy from a title loan is the ability to receive cash quickly. In most cases, you just have to complete the online application form and you can get your money quicker than other types of loans. Most often, the loan amount is less than the value of the car. This helps the company in cases when the borrower finds it difficult to repay the loan.
You Get to Keep the Vehicle
Similar to the home equity loan, you may continue to use the property while it is being used by the company as a collateral for the title loan. Even if you use the car as a guarantee toward the loan, you still can keep on using the vehicle for as long as you continue to make payments.
Not Many Credit Checks
Most people apply for title loans in Seattle WA because it is more convenient and easier to get a loan. The majority of lenders check the borrower’s credit history to know if he or she is eligible for the loan. Car title loan lenders don’t check the personal credit history of the borrower, and even bad credit is accepted.
How to Apply for a Title Loan
The steps involved in applying for a car title loan are simple. The first step is to complete the basic information of your car to get the process started. This will only take a minute or two. The company will verify the information given to them. You have to send all the supporting documents required such as ID or driver license, car title, and proof of income (minimum of $1,500 per month). Receive the loaned amount by cash in hand, check, or bank deposit. This only takes about an hour all in all.
Repaying the Loan
It doesn’t have to be cumbersome and difficult to repay a title loan. Lenders often employ customer service professionals who will be able to create the right repayment plan based on the individual borrower’s specific financial condition.
Car title loans’ best uses include emergency expenses, education expenses, medical bill settlement, utility bills, travel expenses, groceries, and even for fuel expenses. You need not drive yourself to the lender’s office. You can apply for the loan online.