Car title loans are an easy means for obtaining funds when you really need them. Car title loans are less of a headache if they are repaid on time. It has less paperwork and is more or less hassle free and the loan can be done on the same day if the cash is ready.
The loan that is obtained through the value of the paid off car is a car title loan. The amount of the car loan is the resale value of the car. If it is a new car then a larger amount of loan can be taken. However, for older cars and cars that were used more gently, the used car loan amount is lesser. The person who takes the loan must be the title holder of the car.
The car loan period is usually 30 days and the interest rates are usually high for car title loans. However if it is extremely important for you to have the money at that time then such loans can actually be worth it. Interest rates are high also to encourage borrowers to pay on time and to create a high profit margin for the lenders. If for any reason you are unable to pay, the loan can be carried forward for another month or even for half a year. But every time the loan gets rolled over another interest amount is charged.
If the loan keeps rolling over then it may be possible that you may owe the auto loan lender twice the amount you borrowed. If the time lag extends beyond six months then the car is at the risk of being repossessed. The lender in order to recover the loss will resell the car or may lease out the car.
A car title loan is a quick and easy way to finance any emergency. It is faster than any of the other loans. Other loans, may be even online car loans, may take weeks for processing and it may take long for the check to reach you. If there is an unexpected emergency and you are desperately in need of money, car title loans can be the answer. The only major condition that needs to be fulfilled is that you need to be the owner of the car.
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