No Equity And No Credit Checks: What To Expect When You Ask For A Car Title Loan
When you need a little extra dough, trying to get a loan is harder than ever. Because of the federal crackdown on banks, banking practices and loans, credit checks and equity are a requirement before you can access any cash via the usual routes. This means either you need near-perfect credit, or you need something with a lot of equity. To circumvent these financial sticking points when you do not own a house, a boat or other recreational vehicles, you can get a car title loan. Here is what you need to know.
Verifying the Age of the Car
With the exception of antique and collector's vehicles, your older model car will only help you get a loan for a percentage of what your car is worth. Most title loan lenders see your vehicle as an opportunity for investment and resale. That means that a much older model of car (that
Providing an Extra Key
Many car title loan lenders will ask for a duplicate set of keys to your vehicle. Be sure to bring an extra set of keys with you when you apply for the loan. The extra set of keys allows the lender to have access to your vehicle and repossess it should you avoid making timely payments. The extra set of keys also serves as a reminder that you need to pay the debt to get the keys back.
Agreeing to a Lien on Your Vehicle
Your car acts as collateral for the loan amount you are