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During financial emergencies, whether big or small, a title loan can assist you to overcome your financial situation and move on. The idea is to help you to revive cash-wise so that you can focus entirely on your life endeavors and other aspects of good living, such as your health, your family, and your career. You should neither allow unforeseen circumstances to weigh you down nor should you waste time contemplating what step to take. However, knowing everything about best title loans before applying is ideal.

If you find yourself asking what title loan is and how you can secure one, you aren't the only one in this situation. Understanding its procedures and obtaining one is very straightforward and easy.

What kind of loans are Car Title loans?

Car Title loanrefers to a loan that calls for an asset as collateral before securing one that matches the value of your asset. Usually, the collateral can be a car or a motorcycle. It can be an offline or online title loandepending on which method you prefer. It is a short-term loan that demands an auto titleas collateral from the potential borrower. Usually, the title car loans have very high interest rate. They are risky, and expensive for borrowers to pay, unlike other loans and credit forms.

The repayment period of the title loan is determined by lenders or state law and regulators, although it's ordinarily due within 30 days. The borrowers' credit rating is irrelevant when it comes to a car title loan. Therefore, it can be secured as fast as possible if you have your collateral handy.

The way online title loans operate

The borrower can only secure cash by offering the lender an asset of value, and that’s why it is also called a "secured loan." In this perspective, a vehicle is required to stand-in as collateral. However, in case of default, where the borrower fails to meet up with the repayment plan, the lender has the legal right to sell the collateral to recoup the lender cash.

Since the title loan is centered on a car loan, any potential borrower must be a car owner, and the car must have a title. Easy title loans are typically issued to borrowers by finance companies, and they are worth at least 30% of the total car worth.

After securing the title loan, borrowers are free to service or repay the car title loan just in a single payment or in installments, depending on the agreed plan between the lender and the borrower. In a case of default where the borrower violates the initial loan agreement, the lender can outrightly repossess the car. Other than that, the lender may decide to allow a rollover on the loan amount where the borrower makes the interest-only payment until the loan is fully settled.

How to apply for a Title loan easily?

It takes just little minutes for the process of title secured loan as long as you confirm eligibility. The procedure for applying for this loan is quite quick and straightforward. There are numerous companies in the lending business. So you can apply for either online title loans or offline. However, the online method of application is the easiest and quickest. All you need to do is to fill out an online form, hit the submit button, and you are good to go.

If you prefer to do things offline, you can do so in person as well by visiting any of the loan providers outlets to fill the forms. The documentation will be reviewed, and the loan will be processed to your credit. However, there are significant requirements a loan applicant must satisfy before getting better title loans from the lender.

Loan Criteria for best title loans

Here is the break down of what is required of you for an easy title loan. The basic requirement to qualify for the best title loan is outright ownership of an automobile. In that case, you are required to get the following documents handy to give you access to this loan.

  1. The personal vehicle title must be provided alongside the application. It is either you bring a hard copy to the offline lender's office or you scan and send via email to car title loans online lenders.
  2. You need to be verified and identified by lenders. Therefore, you must provide a suitable means of identification either in the form of a national ID card, Drivers license, or international passport.
  3. Alibi on personal income is very much needed when it comes to loans. Lenders require a piece of evidence to back up your application in the form of a bank account statement or any other proof of income.
  4. Details of your current residential address are compulsory. You are required to show either your light or water bill or any other documents that indicate your address.
  5. Most lenders also request for your car insurance card as evidence of insurance and proof of car registrations to back up the application.
  6. In some cases, you also need to provide references who can stand-in for your personality or character. However, that depends on the company involved.

About the interest rates

Loans have durations for repayment, and as for title loans, it usually spans for 2-4 years, and the rates are generally very high. You can't compare interest rates of automobile title loans with that of a standard bank or other forms of loans. They are always very high and expensive.

However, the applicant is qualified for a certain amount of cash advance based on the vehicle's worth. Therefore, the interest rate will be generated from the car’s value. This interest rate is recouped monthly from the consumber. Irrespective of the brand and model of the car you drive, the most important thing is to be an automobile owner or own a share in the car, and you are certainly going to get an auto title loan.

The benefits attached to secured loans

The collateral requirement attached to this kind of loan makes it a bit advantageous when it comes to securing loans easily and quickly. Nevertheless, it can be a risky venture because you will have to repay a higher amount in a very short period. However, there are other benefits attached to a title loan, and they are as mentioned below:

  1. Applicants don't need much documentation since the significant requirement is the car title. Once it is provided, other things are just as easy to produce.
  2. It has a minimal or even no waiting time to get approved before getting the cash handy. Applicants can get their funds that same day they applied.
  3. There is nothing like loan routine checks in this type of loan, unlike other forms of loan. The values and condition of the collateral determine the amount of money that will be released to the borrower.
  4. The car can still be used by the borrower for daily activities while the loan is pending. There is no challenge about it until the loan is fully paid, as far as the car title in the lender's custody.

The risks involved in auto title loans

Relinquishing your car is the highest risk of this loan, including losing your comfort of going to work, including other activities. Other risks include;

  1. You may suffer a lot of expenses in the hands of lenders who charge very costly fees and amounts for the title loan.
  2. Where the borrower fails to meet up with the clearing of debt before time, the loan may be renewed or rolled over into a new loan term. Now, late fees and interest will be added to the new loan, which adds on to the existing debt.
  3. There is every possibility for the borrower to lose the car if the borrower defaults on the loan repayment. The lenders have the legal backing to lay off the car to recoup their cash owed.

Other Options apart from Title Loan

Out there are myriads of options to choose from in other to avoid the consequences of auto title loans. In all the other available options, the interest is less, and the risk of losing one’s vehicle is not there. Therefore before embarking on the journey of borrowing using your car or any other vehicle as collateral, these alternatives below should not be ruled out:

Credit Unions and Banks

Credit unions and banks usually provide a loan for a short duration of time, and as of now, this practice is increasing. This is aimed at averting this danger that predatory loans like title loans are causing to those that are financially bankrupt. The best thing to do is to seek to borrow in a lesser credit union or any local bank because the larger institutions quickly reject requests. Attempt to obtain your loan from the credit union if you have never tried it. Credit unions are financial institutions that are owned by an individual or group and can look individually into circumstances.

Personal Loans

Some investors are available even online, offering opportunities for lending loans. It can be peer-peer old fashioned lenders. This is also available on banks that are nearly free of collateral with the least possible interest. Here in the place of collateral, your credit scores are used, as well as your ability to repay. This does not need you to have perfect credit, all that is key to them is that you should have a constant source of income, and you are good to go. This is the best option in place of an automotive title loan since one can quickly pay back through their income and avoid the risk of losing the vehicle.

However, when getting car title loans completely online, you need to be careful. Some of them might offer loans at a higher interest rate.

Credit Card Promotions

This is another inexpensive way of borrowing cash, but be very careful because they are risky. One can easily get hooked on and fall into a debt cycle; however, if used wisely, it is not comparable to car title loans in terms of danger. It is recommended that one use the balance transfer or offer for their low-interest promotional rate. The fees should be observed and plan as fast as possible to repay.

Cosigner

These are official documents that are signed to obtain car title loans completely online or through an established firm. What cosigner do is to apply for a debt or loan along with you with an agreement that they will continue the repaying if you are unable to do that. However, one must make sure that the deal is signed with a cosigner that understands the risk, and they are challenging to get. It is certain that the consigners do no derive any benefit from the loan but are at danger of paying off the debt if you stop paying.

Therefore, ensure that the cosigners you involve in the situation understood very well the pros and cons of their undertaking. This is necessary to avoid confusion.

Debt Consolidation

It is difficult to qualify for this, but you can build a solid plan to eradicate your balance and make available your plans to the borrower for considerations. It can enable you to control your high-interest debt. However, always consider the minor financial institutions which can quickly approve them, but the larger one can easily reject it.

Credit Counseling

This becomes necessary if the source of financial ache is a result of debt, of which the lender is requesting repayment. With a counselor and your lender involved, set up a perfect plan for refund that will not cause any harm to your budget. Most time, these counseling are offered free of charge.

Conclusion

These loans are very risky and highly expensive, so it not advisable to deposit your car for it. However, if you insist, you must meet the fundamental criteria to be eligible despite that its criteria may be simpler than that of banks. You may also look out for credit counselors for further advice and guidance before proceeding.