If you are in need of money in a hurry, consider getting an auto title loan. Many people do not realize how easy it is to get an auto title loan when they need cash quickly. The following guide walks you through the ins and outs of getting an auto title loan for the first time.
Understand What an Auto Title Loan Is
An auto title loan is a loan that you can get by putting your car up as collateral for the loan. You do not actually give the loan company your car though. You still get to drive your car, unless you default on the loan. If you do not pay the loan, the company can seize your car and sell it an auction to try to recoup the money that they lost when you defaulted on the loan.
The Company Determines the Value of Your Car
When you go to get the loan, you need to bring your car with you to the loan office. The loan officer will take pictures of your car and determine the fair market value for the car based on its year and condition. Many people think the loan amount will be based off of the blue book value of the car, but that is not the case at all. The company will give you a loan for less than they think they can sell the car for at an auction to make sure that they are not taking too large of a risk by giving you the loan. If you need a larger loan, you'll need to visit a financial institution like Weyco Community Credit Union.
Your Credit History Is Not Important
When you go to get an auto title loan, your credit history is not important because you will have collateral when you apply for the loan. The loan office does not have to worry about you paying back the loan because they know they can get their money back no matter what.
You Must Own the Car Outright
When you go to get the title loan, you have to have the title for the car in hand. The company will need to keep the title of the car so that they can legally seize your car if you default on the loan. If you lost the title to the car, you should be able to go to your local Department of Motor Vehicles to get another one created.
Getting a title loan takes just a few minutes and can get you the money you need the same day. You do not have to wait days to be approved for the loan. You can often walk out with a check in hand from the title loan office.
Share15 January 2016
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