It isn’t news to anyone these days that the economy is pretty bad. Job losses, and banks not lending money to those who need it makes it very tough on people today. We are all watching every penny we spend these days due this economic downturn. But unfortunately no matter how hard you try to save, some unexpected bill will pop up and you find yourself reaching deep into your savings, if you still have savings. That is when you will need to borrow money, and this is where a car title loan may help.
As you probably know, trying to borrow money from a bank these days is very hard to do. First of all, it seems some banks just aren’t lending money out. If they are, you must have a very high credit score in order for them to do so. Well most of us don’t have that high credit score. Some of us have maybe missed a bill or paid one late. Perhaps you have maxed out your credit cards. This is all bad for a credit score.
So where do you turn for bad credit personal loans? You could use a payday loan. These are quick an easy loans to get, but come with a very high interest rate.
If you own your car, and need short term cash, then looking into car title loans might be your answer.
Why a car title loan? This might be the easiest loan to get. This is because you are using your car as collateral for a loan. If you own your car free and clear of any debts or loans against the car title, then you may be eligible for a loan. What can make a title loan appealing is that you still have use of your car while paying off the loan.
If your car has no loans against it, and you hold a clear title to the car, then you have a very good chance of getting that loan. Car title loan lenders will usually loan up to half the value of your car. This is known as a secured loan. The lender will determine the worth of your car by checking out its wholesale value. This is determined by taking into account the age of the car, its condition and number of miles on it and the options on the car. You can get a rough estimate of the value of your car by checking for it online. The car must also have passed inspection and carry auto insurance on it.
After that, the lender will want to see a recent pay stub. This is to determine if you make enough to pay the loan back. There are some lenders who won’t ask for a pay stub, but they will charge you a higher interest rate. If you are receiving an unemployment check or disability check, some lenders will accept that as proof of steady income.
You will need to verify your identity. Bringing a valid drivers license, your social security card and proof of title and insurance can do this.
The lender will also want to see proof of residency. This can be done by showing a mortgage payment, or rent agreement or some type of utility bill (electric, gas, phone).
Shopping for a car title loan
When looking for a car title loan, you will also see it advertised under other names. They are sometimes called pink slip loans, car collateral loans, auto collateral loans and title collateral loans.
You can shop locally for a title loan. You will usually find a few in your town or nearby. You could travel to each one to find out what their loan rates and terms are. It might be much easier for you to get a car title loan online. Many lenders now use the Internet to make car title loans. This makes it much simpler for you to look for the best interest rates. You can also fill out the application online. Just supply all of the information they request so they can start to process your loan application.
Get a car title loan fast, in under an hour
Since you are using your car as collateral for a loan, it really doesn’t take long for the lender to decide if they will give you a pink slip car loan. No need for lengthy credit score reviews and pulling your credit history.
In fact, some car title lenders can give you your money in about an hour. Typically it will be less than 24 hours to have the money given to you or sent to your bank account. But some lenders are very fast.
You need to remember that this is a short-term loan. Car title loans are usually for 14 to 30 days. Depending on the state you live in, these loans can be rolled over for another 14 to 30 days. Ask the lender before accepting the loan.
What if you don’t pay back the loan? If you think you will not be able to pay back the loan, or might even be late with it, talk to your lender. If you are in default of the loan, then the lender has the right to go and repossess your car. You would then lose your car to the lender.
As you can see, getting a car title loan is easy and can help you out of a cash jam, but you will need to be careful or you could lose your car.
Do some more research to find the right online car title loan for your needs.]]>
These loans are generally short term loans and can carry a higher interest rate than other types of loans. The reason is because since you are using your car as collateral for the loan, some lenders do not need to do a credit check on you. As long as you hold a clear title to your car (or truck or SUV) and the wholesale value is at least $4,000, you should be able to get a loan.
One of the many benefits of a title loan is that while you have pledged the car as collateral for the loan, you are allowed to still keep the car and use it while making payments. Compare that to using say a pawn shop where you would have to surrender your car and be with out it. Also since this is a secured loan, your interest rate will lower than an unsecured loan, plus you may have as long as 36 months to pay it off. All while still driving and enjoying your car.
Often times you don’t even have to drive to the office to obtain a loan. Some firms can do it all online or by phone as long as you provide the proper documentation (I’ll discuss that later in this article.
Even if you have bad credit you can still be approved for car title loans as long as you have a job (in fact some lenders will accept disability payments as income) and own your car.
Here is all you need to obtain a loan:
-Clear car title—your title must show it free and clear of any loans on it.
-A valid drivers license
-Social security card
-Proof of auto insurance
-In some cases a recent pay stub
It’s that simple.
So here it is, if you have a job and own your car you will be able to get a quick and easy loan on your car. You can usually get a loan in under an hour (some offer in 15 minutes). That’s much faster then going to a bank and the rates are less than personal loans.
If you need cash quickly to help you get over some recent unexpected bills, or thinking about the holidays coming up, now is the time to get a car title loan and getthe money you deserve.]]>
What is a car title loan? A car title loan is when you use you car as collateral for a loan. You generally must own the car free and clear of a loan. With the equity in your car, you can then go to a car title loan lender and borrow cash against that equity.
The amount of the loan will depend on what type of car it is and how much your monthly income is. Most lenders will loan you up to 50% of the Kelly Blue Book value of the car. Some lenders will go as high as 2/3’s the value of the car.
Now if you have a computer and access to the Internet, getting a car title loan is even easier. It was only a few years ago that you would be on the phone all day calling all of the local car title loan lenders in the yellow pages to shop for the best terms. Even worse, most people would simply go to the nearest title lender and accept their terms without shopping around and probably over paying too!
Most lenders are now online. That means instead of calling around or running from lender to lender, you can shop for the best rate while at home. You can simply visit the various sites and compare the terms they are offering you. Most sites will have a section called FAQ’s. FAQ’s stand for frequently asked question. Look through those sections first to have your questions answered.
After you have found the terms you like, you can apply online. You will have to scan (or maybe fax) copies of some of your documents. Each lender will need to see the title to the car, a copy of your driver’s license, an automobile insurance policy and 2 pay stubs.
Each site will be different, but those are the basics and you should have them ready so you may quickly apply for the loan. After all your documents are sent, the lenders can frequently give you and answer within an hour or 2.
Now it is up to you to locate some car title loan lenders here on the web and get the money you want today. Start checking now so you can shop for the best rate. There you have a quick look at getting online car title loans.]]>
· You must have proof of residency. This could be a bill form your electric company, water company, telephone bill etc.
· Proof of income. Usually this will be a pay stub or 2 to show you have an on going income. Some lenders will accept disability payments or social security payment as income. You just need enough that you can pay the loan and still have money to live on.
· Drivers license or a state issued ID card.
· A clear car title. Proof that you car is free and clear of any liens on it. Depending on the value of you car, some lenders may lend you money even if you have a loan on it already.
After you have submitted the information, the lender needs to appraise your car. You can get an idea of the value of your car by checking it out on Kelly’s Blue Book.
When the lender inspects your car.
The lender will give a quick appraisal of the car based on its appearance.
· Exterior- How is the paint on the car? Is it in good condition, been waxed and taken care of? Is it worn with paint chips and road nicks in it? How is the glass on the car? Does it have curbside appeal when you look at it?
· Interior-How does the interior look? Any rips in the seats? Condition of the carpet? Stains? The lender will also check to see if the lights work, radio and air conditioning are properly working and of course the odometer to check for the miles on the car.
· Mechanical-This involves the lender starting the car and listening for any noises.
Obviously before bringing the car to the lender, give it a quick check to make sure its looks and sounds right. Bring it to a car wash or do it yourself to really make the car stand out and to add value to it.
After the lender has inspected your car and checked the above documents, they should be able to make a quick decision on your car title loan and hopefully you can be driving out with your money.
You now have to information to get your loan today.]]>
Below is a quick guide to car title loans:
What are car title loans?
· Car title loans are a loan in which you use your car, van, truck or suv as collateral for a loan.
How much can I borrow?
· Depending on the lender you can borrow up to 50% of the value of your car. Some lender even approve loan of up to $50,000. Most lenders (depending on the value of the vehicle) will lend you from $2,000 and up.
How much does my car have to be worth to get a title loan?
· Your vehicle must have a trade in value of at least $4,000. A low gas mileage vehicle may have to be worth higher. You can find the trade in value of you vehicle by checking out Kelly’s blue book online.
How do I qualify for car title loans?
· Qualifying is very easy. You will need to be a resident of the state you are borrowing in. Your vehicle must be registered in the state. You need to be employed or be able to show a regular source of income that allows you to pay the loan and have money to live on.
What does it cost to apply for a loan?
· A reputable lender will not charge you to apply for a loan. Only deal with lenders that do not charge to apply for the loan. It should cost nothing to apply for an auto title loan. After your loan is approved, there may be an origination charge (which is normal) applied to it. These fees should be explained to you when you apply for the loan.
I have bad credit and a past bankruptcy; can I still get a loan?
· Car title loan lenders lend based on the value of your car and your ability to repay the loan, so you shouldn’t have to worry about your past credit.
Can I pay off my loan early? Will I have a penalty for paying it off early?
· Most lenders don’t charge a prepayment penalty. Be sure to ask.
How soon will I be able to get my money?
· Depending on the lender in as little as 15 minutes to 1 hour or by the next day at the latest. Ask.
Can I get Car Title Loans while still making payments?
Yes you can. It will depend on the lender, some will, others won’t. It will also depend on the value of your car and how much of a loan you already have on the car.
What are Pink Slip Loans?
A pink slip loan is the same thing as a car title loan. Pink slip loans, auto title loans, auto pawn loans are all just another name for car title loans.
You are now armed with information and questions to show the lender you are prepared and have done your research.]]>
The value of your car will help determine how much of a loan you can get. If you can increase the value of your car, you can possibly get a larger loan.
How to increase the value of your car to your lender.
Now that you car is looking sharp, let’s get the paper work ready for the lender.
What documents you will need to get a car title loan.
If you have these items all taken care of, then getting that loan should be that much easier to get.
There you have it. Now its up to you to start today to get a car title loan or pink slip loans.]]>
What is a car title loan? It is simply a loan where if you own you car free and clear (no loans against it) you can put it up for collateral and get a loan for up to half its value. Best of all you can still drive and use your car as you pay the loan off!
Car title loans are relatively easy to get. As long as you have a job, a driver’s license and a clear title and your car is worth over $4000, you should be able to qualify.
How a title loan can help your credit score.
First if you have outstanding debts with other creditors, you can use this loan to pay them off. This way those loans are satisfied and can be report to the credit bureaus as paid.
You can use the loan to help budget your monthly expenses and to get your spending under control.
If you have a bad borrowing history, you can change that by showing you are responsible by paying a title loan promptly and even paying it off ahead of time. Auto title loans are a secured loan for the lender because he accepts your car as collateral for the loan. This helps make the interest rate you pay lower than a payday loan or a personal loan. Both have no collateral and are subject to higher interest rates.
When using title loans to improve your credit score, it is very important to remember that you need to make payments consistently and on time. If you are late with your payments, it may increase your interest rate, subject you to additional fees are even repossession of your car.
Summing up, getting a title loan can help correct a bad credit history. By getting this loan and paying it off on time, it shows lenders that you are a good credit risk and could possible help improve your credit score.
Take action now and start improving your credit today.]]>
Pink Slip Loans are loans where your car is used as collateral to secure the loan. These are also known as Car Title Loans, Title Loans, Auto Title Loans and Auto Pawn Loans.
How much can I borrow?
Loans are anywhere from $500 to over $25,000 depending on the value of the car and the lenders policies. Loans are typically granted up to half the value of your car.
How much does my car have to be worth to get a title loan?
Depends on the lender. Some like to see a minimum value of $4,000.
How long does it take to get my money?
Most lenders can give you your money the same day. In fact many lenders can give you money in under an hour. You have the choice of either getting your money as a check or have it transferred to your checking account.
How do I qualify?
Usually the lender will require the following:
Can I apply for a pink slip loan online?
Yes! Many lenders now allow you to apply online to save time.
Are there any charges to apply for a loan?
NO. A reputable lender will not charge you a fee to apply or a fee if you are turned down. There may be fees charged once you accept the loan.
I have bad credit; can I still get a loan?
Yes. Depending on the lenders guideline you should be able to. Remember, you are using the value of your car to secure the loan. There fore if you have an income and use your car as collateral, you should be able to get a loan.
What documents to you need when I apply of a car title loan?
I’m retired or collecting disability. Do I still qualify?
Yes if the monthly income from those sources is enough for the payments, you should be able to qualify.
Hopefully this answered some of your questions. Pink Slip loans are great for people with bad credit and need cash for short term needs. As long as you have a pink slip, you can borrow money.]]>
This is known as a secured loan. The car title loans lender now has some security when it comes to getting his money back. This is unlike a payday loan in which there is no security given. That is why a car title loan has a lower interest rate. You have pledged your car as collateral.
Even if you have bad credit, using your car as collateral can help you get a loan. A lender is more concerned about the value of your car and your monthly income than your past credit history. Generally a lender won’t even pull our credit report or credit score. As long as your car is worth more than $4,000 and you have an income, you can use your car as collateral to get a loan.
By using a money loan using your car as collateral, it may improve your credit. Pay on time and pay it off when due and it can only help your credit score. So yes, getting a car title loan can help your credit.]]>