A Car Title Loan Can Help You Out In an Emergency
For many Americans in our current economy, there are more days in the month than there is money and this can create a very serious problem when it comes to paying the bills. When you add in any type of emergency, such as a medical problem or the only car you have breaking down, the situation can become untenable.
If you are fortunate to have been able to maintain a decent credit rating you might be able to go to the bank and apply for a loan. Otherwise you are going to have to find another way to get the financing you need to help out with your emergency. In recent years this has led to the emergence of the car title loan.
Unlike a bank loan, you do not have to give the lender a reason why you are asking for a car title loan, the only thing you need is clear title to a car that has a minimum cash value that meets the requirement established by the lender, a verifiable source of income and meet a few other small requirements. These often include a valid driver’s license, proof that you have full coverage insurance and proof of residence.
With most lenders that specialize in this type of loan, your credit rating has no bearing on qualifying for the loan. Most specialize in loans for those with a bad credit history or no credit history at all. If you have been denied credit by your bank, or have filed a bankruptcy, you will find that it will make no difference in your ability to qualify for this type of loan.
This is what has made these types of loans so popular that car title loan companies have sprung up all across the nation. At the same time you have to be very careful which company you turn to for this type of loan.
If you are interested in obtaining this type of loan, you should spend time researching the different lenders both on and offline to make sure you are borrowing money from a reputable lender. If you do not, you could easily end up borrowing money from a lender under such unfavorable terms that you have little to no chance of paying it off and end up losing your car.
For those who have never taken out a car title loan, finding a reputable lender can be more than just a little confusing. With so many lenders, how are you supposed to cull through all of them to find only those that are safe to borrow from? A good place to get started is by asking your friends and family if they have ever borrowed money from this type of lender. This should give you a list of possible lenders to research.
You should start your research by putting the power of the web to work for you. It is by far the most useful research tool at your disposal. You can use your favorite search engine to look up each of the companies on your list. Eliminate all of those companies who have not been in business for at least several years. While longevity is not always the best way to ferret out the best lenders, it is reasonable to assume a company that has been in business for several years has established a good reputation.
This should give you a short list of possible lenders, each of which should have a web site of their own. Take the time to read what each company has to offer. This includes the exact terms of the loans that they are offering and what will be expected of you in terms of repayment. Once you have selected the company you think you are going to use, you should try and contact them in person and ask questions such as what they might do if you miss a payment and if they have any prepayment penalties.
The idea is to be one hundred percent certain that taking out a car title loan to bail yourself out of an emergency is not going to create an even worse one down the road. At Car Title Loans California, we offer the best possible terms on you loan and can stretch the payments out to as long as 36 months. No matter what your credit history or rating is like we want to lend you money against your pink slip.
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