Title Loan Demystified: Why Is Title Loan The Most Convenient Way to Get Money Quickly?
What can be more stressful than standing on top of an emergency without any cash in hand? You guessed it right, nothing. There is really nothing as stressful as facing a medical emergency or a lawsuit debacle without a single penny to your name. However, it does not have to be this way.
You can apply for car title loans that will give you money in time to pay your dues. We understand that there are many wrong notions about title loans that are currently deterring you from applying for it right now. There are multiple myths and fears the envelope this completely convenient and legal method of getting fast cash.
Having a practical idea about the loan process and qualification process will resolve a lot of your doubts and address a lot of fears as well. What you need is a concise yet complete take on how car title loans work.
How does a title loan work?
Here’s how you should start. Look up multiple car loan companies on the internet. Find at least ten near your place. These crisis companies should be legitimate and should also have testimonials from their clients about their past endeavors. Choosing loan companies that have been around for at least a couple of years is always a smart option.
Title loans have become a lot easier. It is a form of secured loan. So most companies will not want to check your credit score. The Bay Area Title Loans Company is happy to help you with the online application process. That is right! You can now start the application process online. Most of us already have all our documents in digital format. Their official website lists all the documents and the photocopies you need to provide with the application form. If you are confused, just give their customer service desk a call. They can guide you through the whole process.
The verification is a very straightforward and fast process. Companies like the Bay Area Title Loans, know that people apply for title loans during times of financial stress. So they make sure the process is smooth and fast. Most of the times, your loans will get approved on the same day as your application.
For the approval process, you will need to travel to their local office. The legitimate loan companies know that you depend on your vehicle for your livelihood. They make sure that you have your vehicle; you merely transfer the title to the loan company until you pay the loan amount back.
What vehicles qualify for title loans?
It is a myth that only cars qualify for title loans. All kinds of vehicles do qualify for these loans, but you can also get a loan on your motorcycle, street bike, van, limousine, pickup truck, motor home, non-Freightliner trailers and titled boats. More or less any and all on-road vehicles qualify for car loans except electric vehicles. Most companies do not accept non-boat watercrafts, dune buggies, Quad ATVs, dump trucks and semis as collaterals. A bus does not qualify for a title loan either. However, the requirements for vehicle qualification varies from company to company.
What factors determine the loan amount?
The amount will obviously depend on the lender you are applying with. Some lending institutions give as less as 30% of the current value of your vehicle, whereas the Bay Area Title Loans can give you 75% of the current value of your car.
The loan amount is never the same for everyone. It can vary depending on the condition of your vehicle, the value of your vehicle and the state of your residence. You can get a loan on an older car as well. The amount will depend upon the state of maintenance and its current value. Loan companies do not judge vehicles by model and year.
How can I pay off a title loan?
You can pay off a title loan just like any other loan. You can make small payments directly from your account. You should talk to your lender about this process clearly. There are options including credit cards, bank account debits and cash. Most of these companies do not take personal checks. However, you can use business checks to make these payments.
I want to pay off my title loan early, what can I do?
Most loan companies urge their borrowers to make more than the minimum payment. The loan companies are interested in getting their money back so they are more than happy if you can pay off your loan amount early. While there are rumors about pre-payment penalties, the Bay Area Title Loans will make sure that you can pay the amount off before term. It will not attract any penalties or fees.
What happens when I cannot pay the title loan back?
If you are way past your payment date, the lenders have the right to repossess your car. That is why the Bay Area Title Loans suggests its clients to get in touch with their executives and counselors before you miss a payment. If you are having financial difficulties, the experts will help you find new avenues for getting cash. This can be as simple as loan restructuring, debt consolidation or a loan “roll over”. You need to remember that a company does not really want to go through the hassle of repossessing your car and then selling it to raise money. The loan companies only want you to pay them back on time. Thus, most of them do their best to make sure that you can make your monthly payments and get out of debt on time.
People have misunderstood title loans for decades now. Most Americans fear title loan companies merely because they are under the impression that they will lose their vehicles. However, that is a popular myth. Since everything is now online, you can easily find out how you can pay title loans back without compromising your lifestyle. If you want to know the best rates, you can get for your car, visit https://bayareatitleloans.com/.