Are in badly in need of some cash? Do you need money at this instant? Then look no further than car title loans. You can easily get loans on car title without having any financial history of yours checked. When getting a loan, the lending service does not look at your bank balance or your credit card status or even if you were bankrupt in the past. All they look at you is the condition of your car and you can get the money in a very short period of time. |
About a car title loan A car title loan is also known as pink slip loans. It offers loans on car title. That is you get the loan in exchange of the ownership of your car. In these cases, the ownership of the car is the pledge of the borrower to the service that is lending him or her the loan. This is going to ensure the repayment of the loan. The person who is borrowing the money is to allow the lending service, to place a lien on the title of the car. In short, the ownership of the car is transferred to the lending service once you take the loan and remains so until and unless you pay back the money with the interest. The borrower has to surrender the hard copy of the ownership of their vehicle to the loan lending service, and in exchange of the vehicle, the person gets the money. It is simple and can be done in a very short time. It is a good option to consider if you need a lot of money in a short amount of time.
Being applicable for the loan Anyone can apply for a car title loan. But that person must own a car. Also, the car title of the borrower must be clean and free from any fees or liens associated with the car. The lender or the lending service will inspect the car and see in what condition it is. Depending on the present conditions of the car and on an estimated sale price, the lending service can give the loan. The loan may be equal to the value of the car or maybe a part of the cost of the car.
Interest rates There is a high risk associated with Car title loans. Therefore the lending service always puts high interest rates on the money the give out. These rates can be as high as 36 percent and can even go up to a hundred percent. So, one must be very careful that he or she can definitely pay back the loan.
Processing and getting the cash If you get past all the paperwork, which is very simple, of course, you can get the money the same day you apply for the loan. Based on the services, and your records, processing for the loan would take fifteen minutes to an hour. The borrower can keep his car even after the ownership is transferred.
Car title loans are easy to get and one can get anything between $500 and $5000 or more. If repayment is not done at the end of the term, the remaining cash can be rolled into another car title loan.
For more information about Cash for Car Loans browse through loans on car title or visit at www.instantpinksliploans.com
Related Articles -
Pink, Slip, Loans,