With the increase in the economic growth of the country, a lot of products and services are available to consumers across various social and economic backgrounds. Many people are applying for loans provided by different banks and financial institutions. One of the easiest loans to apply for and receive is a car title loan. Car title loans are much like payday loans in that they are small emergency loans. Applicants should be aware that they have a substantial interest rate and are required to pay the loan back in a month's time. The most common and frequent question asked is, "what is a car title loan?" A car title loan is a loan in which the title certificate of a car is kept as security for a loan. The amount of the loan depends on the market value of the car that is kept as security. Many customers are apprehensive to give the title of their car to a bank, and they want to know if they are allowed to use the car during the payback period. In this type of loan, a borrower surrenders the title and a set of keys to the lender, but they are allowed to keep the vehicle. If they repay the loan in the specified time allotted, then they regain the title and extra set of keys. However, if they cannot make the payments, they sacrifice the car. Most people want to know what they need to apply for a car title loan. You need to have a title in your name, as well as a phone bill or other utility bill that verifies where you live. If you own a home, a mortgage statement in your name is acceptable. You also have to show that you have lived in your home (or rented) for at least 12 months, and you have to have a job that you've held for at least one year. Other demands are that your car is fully insured and that your income is at least $12,000 per year. Any one 21 years old is eligible to apply for a car title loan. auto title loans
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