Auto Title Lo An Auto Loan

1050 Words Apr 21st, 2016 5 Pages
An auto title loan is a type of secured loan where borrowers use their auto title as collateral. People who get auto title loans must allow their lenders to place a lien on their vehicle title, and submit the original copy of their car title temporarily, in exchange for a loan amount.
How to Get an Auto Title Loan
Unexpected emergencies are one of the most difficult things to budget for. If you own a car and find yourself in unexpected situation that requires some extra money, you can always apply for an auto title loan.
Here is how you can apply for a car title loan:
In order for you to qualify for an auto title loan, you must own the car being used as security and the car must be paid off or nearly paid off. You will also be required to show proof of ownership as well as your repayments on the vehicle before you qualify. The maximum amount of money that can be given to you is based on the resale value of your vehicle, so if you have a newer vehicle in good condition, you can qualify for a larger amount of money.
The next step is to look for a lender that you have confidence in and are comfortable to work with. The lender you choose may consider your employment status and source of income when determining approval. It’s always important to have a secure source of income as this will assure the lender that you will have no problems repaying the loaned amount. Most of the lenders usually offer you 25 to 50 percent of the car’s current market value.
Before applying for an…
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