An auto title loan is a secured, short-term loan obtained by giving the title of the car as collateral with high rates of interest. A loan is put on the title and the hard copy of the title temporarily surrendered to the lender. On complete repayment of the loan, the lien is removed and the tile is returned. A failure to repay the loan will result in the repossession of the vehicle, which will then be sold to recover the outstanding debt.
Another type of auto title loan is one in which the borrower surrenders both the title and the vehicle. Both will be returned on complete repayment of the loan. Nonpayment will result in the borrower losing both. The title needs to be clear, free of any lien, and, often, the vehicle needs complete insurance. Generally, this type of auto title loan fetches higher loan amounts. The amount of loan depends on the vehicle’s value, the borrower’s capacity to repay and the loan requirement.
TitleMax is one of the largest online auto title loan lenders. The process is simple and streamlined to make it fast. The car needs to be fully paid up and the title clear without any assignments. The loan will then be paid online within 30 minutes. Also, TitleMax will refinance any car loan from other lenders online and at a better interest rate. Fast approval of loans, cash within 30 minutes, all makes and models accepted, good responsive customer care, convenient repayment schedule, and the borrower can have continued use of his vehicle are just some of the benefits of taking loans from TitleMax. There are over 1,000 branches and you should be able to locate one with ease. Locales can be searched by ZIP code.
The requirements at American Auto Title Loan are simple. One needs a clean car title and a job. The company understands that the borrower wants money today and at the lowest interest rate possible. Apply online in a minute and have the loan in an hour. They offer loans without credit checks, flexible repayments, no penalty for pre-payment, highest loan amounts, lowest interest rates enforced, and the borrower can keep using the car.
Advance America is an online auto title loan lender dealing other loan products since 1997. The company is fully licensed and has a national spread with 2,000 locations with an online platform as well. Loan availability depends on location. The requirements for an online auto title loan are simple. Drive your clear titled car in for an expert to inspect the vehicle and estimate its value. The borrower signs the repayment schedule and other conditions and collects his loan amount.