Did You Know that Your Car Is Basically a Treasure? | mumble in the jungle

Did You Know that Your Car Is Basically a Treasure?

Are you finding yourself short of cash to meet some sort of essential bill? You may be in a situation where you have tried everything, but you simply do not have a solution for your financial problems. Even if you are financially stable, you can find yourself in a crisis situation where you just can’t make ends meet. Perhaps you have lost your job, have fallen ill or have some sort of at home emergency. Whatever the reason, you will need a quick solution.

Car Title Loans

You may have seen a number of advertisements for car title loans that promise the following:

  1. You can get money for your car.
  2. You can get the money quickly.
  3. You don’t have to go through a credit check.

These three promises are actually completely real. It is very easy to get this type of loan, which explains why they are getting so popular.

What Is a Car Title Loan?

Basically, this is a short term loan in which you use the title deed to your vehicle as collateral. In order to get the money, the lender must be allowed to place a lien on your vehicle. This means that if you don’t pay your loan back, they can take your car.

Is it a Car Pawn Loan?

No it isn’t! With a car title loan, you get to keep your vehicle. All you have to do is allow the lender to place a lien on your deed. Some will also want you to give them the spare set of keys to your vehicle. With a pawn car loan, by contrast, the pawn broker actually keeps your car until you have paid the loan back.

How Can I Get a Car Title Loan?

There are just a few requirements that you will have to meet:

  • You must be at least 18 years old.
  • You must be the legal owner of your vehicle.
  • The title deed should be clear from liens (including car finance).
  • Your vehicle should be less than 15 years old.

What Documents Do I Have to Hand Over?

There is some variation between lenders in terms of the documents you must submit. However, in general, you will have to give them:

  • Proof of ID.
  • Proof of age.
  • Proof of income.
  • The title deed to your car that shows there are no liens in place.
  • A few utility bills to prove your address.
  • Your vehicle registration and your insurance documents.

How Do I Get a Car Title Loan?

Basically, you have to go to a lender and put in an application. In today’s world, much of that can be done online, which means you won’t even have to speak to someone. You simply tell them what your vehicle is, they look at the value and they make you a loan offer, highlighting the repayment terms. If that is acceptable to you, the money can be in your account in as little as two business days.