How to Get Car Title Loans
by Garrett Tarbell on February 18, 2013, 9:26 pm
It is easy to get car title loans because lenders know they are more protected with these types of loans. Borrowers, on the other hand, receive their cash quick.
With your bad credit, it is not possible for you to apply for personal or cash loans. The only option you have is to make your car as collateral for loan. It can give you enough money to start your small business. If you have no idea how to get car title loans, check out the tips below:
1. Prepare all your documents: car title, insurance papers and proof of residence. Basically, these are what you need for car title loans in states like Arizona.
2. Try to know the value of your car through the Kelly Blue Book. Some loan companies do not lend money to people whose cars are valued at less than $2,500.
3. Search for lenders near your area. Ask referral from friends or check through online directories. Visit their offices personally and begin to make inquiries. Keep a note of the information you got and decide from there.
4. In knowing the answer to your question on how to get car title loans, you can also opt to apply for it online. Generally, you will have to provide them with information like car model, year, style, mileage, your name, phone number and state. Send the required documents through fax. You will receive a call that will invite you to their location or to your home, whichever is possible. A representative will inspect your car, explain all the details about the loans and show you the check. Soon as you sign the papers and receive the check, you will go home with hope that your business will be successful. This process will only take less than 30 minutes.
Be extra careful when dealing with online loan businesses, however. You have to validate their existence before you give your trust to them.
5. Car title loans may offer you quick and big cash but for high interest rates. What you should do then is to go to at least three to five loan providers and inquire about their interest rates. Choose the one that offers the lowest rate because this will give you a higher chance of bringing your car back to your garage.
6. Before you sign a loan agreement or receive the check, you have to be sure of your capacity to pay back. You do not want to lose your car with your complete disregard of your financial status. You have to think of other ways to avoid default.
The list above educates you on how to get car title loans. You just need to follow them and loan providers will be more than happy to assist you because they are more interested to borrowers who can get their cars as collateral. They know that their money is more protected with this type of loan. Borrowers, on the other hand, are more scared to apply for this because they do not want to lose their cars. But they have no other recourse just like you. You need money as added capital for your business start-up. Anyway, you can have it back in the right time.