If you have bad credit, then you should consider taking a loan against your car title. In fact, you can borrow money based on the actual value of your car. Of course, you would be asked to prove that the car title is yours. However, when you get a loan, you would be able to avail an amount that is based on the wholesale price of your vehicle.
Get a Handsome Amount as Loan
You must be wondering how much you money you might get when you avail one of the car title loans. Of course, you would need to assess the value of your car before you can approach a lender. Some lenders would need you to have a good credit. However, not all of them will disqualify you from getting approved. The interest rates may also not be that high when you avail one of these loans. Do some research online to find out what the value of your car is and what you can possibly get against its title? However, do make sure that the title of your car is clear and that only you own it. There are some credit repair companies will provide the loan against your car title.
Depends on Various Factors
Whether you would get a loan would depend on various factors such as its model, make, and the year in which it was manufactured. While seeking a title loan, you would need to remember that trade in value can help you determine how much you can get against your car’s title. Your lender will factor in to let you know how much you are going to get if you ask him or her to help you out. Most lenders would offer at least 25% of the value of your vehicle. Different areas will have different rules about what to offer against your car title.
Mind the Caps
Some states in the United States of America have caps against borrowing more than a certain amount. So, if you are wondering whether it is possible to borrow a higher amount than this, you should remember that your car should carry sufficient value. If not, you would not be able to borrow more than that amount. Make sure you find a lender, who will give you loans of a higher value at flexible interest rates if you want to succeed while trying to get an auto title loan.
Put an Online Application
Most lenders will allow you to put an online application if you want one of their car title loans. In fact, they will let you know within an hour or so as to how much loan you would get against the title of your vehicle. Within hours, you would find that you have the cash you need. If you need immediate cash, you could call up the provider of the loan and ask the person in charge to help you out. Of course, you can always ask the company with which the lender works to raise the limit of the car loans if you want more money but have a low income and the lender will be glad to help you out.