What Can You Expect When Getting Auto Title Loans?

by | Sep 15, 2014 | Financial Services

When you need cash for an unexpected financial emergency, it can be stressful. Though you could borrow money from a bank, the process is often time-consuming and you must have stellar credit to even be considered. Unfortunately, not everyone has the credit or the time to deal with the banks. Fortunately, there is a faster and less stressful option for getting the cash you need. Through Auto Title Loans, you can have the cash you need, in as little as twenty-four hours. The best part is, you do not have to have good credit. Through this information, you will learn more about these types of loans and how you can apply.

There are many auto title loan companies available, but it is important you shop around to find the best rates. To be approved for a title loan, you must have a clear title in your name. A clear title means you have fully paid off the vehicle and are the sole owner. You must not have any liens against the vehicle or owe on any loans. Your title must also be in your possession. You will need to submit the title to the loan company and show your ID. The ID must match the name on the title, or you cannot be approved for the loan.

The terms of Auto Title Loans can vary greatly. Many of these companies require you pay off the loan in five payments, while some may allow for more. You can borrow up to $2,500, depending on the value of your vehicle and the amount of income you have coming in each month. A finance charge will be added to any amount you owe and then the amount will be divided into equal monthly payments.

If you do not pay your payments on time, the loan company holds the right to seize your vehicle. This is why it is imperative you are careful in getting a loan. For more information on these types of loans and the terms of service, contact Xpress Title Loans. They can help you get the cash you need, so your financial emergency is taken care of.

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