Money is an essential commodity needed by all; old and young, male and female. Whether you have a stable source of income or not, there will be some hard moment when you will be short on cash and all attempts will prove abortive. To be honest, probably all of us will pass through that stage one time or the other in our lives. With a bad credit score, approaching your bank for a loan is a dead end.
No matter your level of loyalty to them, the chance of qualifying for a loan in this trying moment is as good as zero. But if you have a car that you have fully paid for or with enough equity, you can access a car title loan anywhere in the world. These are the quick steps to follow to enjoy the benefits of a car title loan:
1. Know your Car’s worth
The first step to take while looking for a car title loan is to check for the value of your car. The worth of your vehicle will determine the amount of loan you can assess. Many lenders can loan you as high as 50% of the value of your car. Even if 50% is not obtainable, you will certainly get a minimum of 25%. There are various tools to help your know how much your car is worth. All you need to do is to enter your car make, the model and the year of manufacturing.
2. Identify the Right Lender
Accessing a car title loan from online lenders requires thorough research because a lot of scammers are online looking to have access to your bank details and disappear with your hard earned money in the name of granting you a loan. Check online for reviews about such lenders and ask as many questions as possible.
3. Apply for the Loan
The loan application is a fast process which can be completed within a couple of hours. Your loan will get pre-approved within minutes of submitting your application. The application documents vary between lenders but it always include your personal details, certificate of car ownership, utility bill and government approved identification means.
After that, you need to know the exact amount of loan you can afford. Remember that you are pledging your car title and no lender takes delight in you forfeiting the ownership of your much-valued car. So have to have a strategic plan on how to repay your loan within the agreed time.
The amount you have applied for would be sent to your account unless you stated otherwise. In this case, you may need to get a check to that effect.
Voila! You are done with your car title loan application process. Wait till you loan is approved. The length for loan disbursement differs for lenders. You can call them to keep yourself updated about your progress if you encounter a delay which is highly unlikely to occur. If you follow the highlighted steps, you will realize that obtaining a loan without patronizing the bank is a straightforward and reliable process. No matter your financial status or credit score, you deserve some funds to take care of pressing needs – why don’t you try a car title loan?