A time always comes in a consumer’s life when he or she will need extra money. The need for additional cash might be due to an unforeseen emergency or a secret desire that person wants indulge in now such as a vacation or a shopping spree. Sometimes it just feels secure for a person to have spare money in the bank account for when an emergency does arise. An auto title loan is an all-purpose cash advance for which most consumers can qualify. Whether it is for pleasure emergency or security the help is just a phone call away.
What is a Title Loan?
A title loan is a short-term cash advance that a lender issues to a person who owns a vehicle. Many lenders offer this type of advance because it is secure for the lender and helpful for the borrower. The amount of money the lender gives to the borrower depends solely on the value of his or her vehicle. Additionally the lender places a lien on the owner’s vehicle until he or she repays the advance. That way both parties benefit and if everything goes smoothly the borrower may come back again some time. Click here to know more details about finances.
Who Qualifies for a Title Loan?
Anyone who is over the age of 18 and is the sole owner of a vehicle may qualify for an auto title loan. Some lenders will also like the applicant to have a stable job and a decent income. However some lenders will allow a person who receives disability checks or unemployment checks to process title loans. Since the car acts as security for the advance most title lenders are lenient in regards to the qualifications. The best way to find out the criteria is to contact a lender in the area.
How much can a Person Receive?
The amount the lender offers the borrower for a title loan depends on the value of the car. The lender will use information such as the make model year and condition of the vehicle to come up with a fair offer on the car. Newer cars can qualify an owner for a larger advance. The average auto title loan is approximately between $500 and $5000. However some title loans may go up to $50000 or more. Hundreds of title lenders exist and every lender has its own thresholds and criteria.
Getting a title loan is a simple as making a phone call. Every title lender will have a number that an interested person can call. Some of them also have online inquiry forms the person can use. Usually the lender will answer a request within 24 hours and send someone to the car owners’ home to inspect the vehicle. Other companies might require the person come in to a branch location with the vehicle. If the borrower agrees to the terms of the contract and he or she signs the contract the lender will disburse the desired funds almost immediately after the signature.