Auto title loans are short term loans. A Car Title Loan is a simple and easy way to turn your
car title into Cash the process is fast. When time gets tough and you need
extra funds, a title loan may be the best type of loan for you. You can get the
cash you need. You keep your car and they simply hold the title to the car
until the loan is paid in full. Its that easy. It is type of cash
advance which is offered for a very short period of time. Title loans are
high-cost, short-term small loans secured by a vehicle that the borrower
usually owns. Such loans are used by many people who are fedup from the
mainstream banking system. The interest rate, which is usually charged on a
monthly basis, may range from 10% to 25%. There is one more important thing to
note, if you owe anything else on the car, you will not be able to qualify for
an auto title loan.
In a car title loan, the lending company evaluates the price
of your car based on wholesale values and then gives you a loan based on what
it thinks your car is worth. The lending company then holds on to your car's
title until your loan is repaid. The loan isn't similar to when you bought your
car. This loan is a short-term loan with a high interest rate; if you don't pay
back the money within a set time frame with interest, you have essentially sold
your car to the lending company by default. Alternatively, the lender may just charge you the amount of
interest for one month and rollover the loan for another one month. You can
keep rolling the loan over and over again for as many months as you want,
however this can become an expensive option. However these are becoming popular
ways to generate fast cash. They are being used more and more since there are
some real benefits to them. The biggest benefit of getting a car title loan is
thet it enables the borrower to get the money they need quickly. Car title
loans are usually processed within a day or two. This is because it is a simple
process, that only involve the lender looking at your car to make sure it is
worth atleast the amount you need to borrow.
For more details on Auto Title Loans click on it.
