Understanding Auto Title Loans
An Auto Title Loan is a relatively easy, convenient and fast way to get money for unexpected expenses or to cover bills when your finances are tight. There aren’t tons of requirements or terms and conditions to remember when you take a title loan, but it’s still important to understand the title loan basics.
OWN A VEHICLE: Obviously, this is the most important aspect of auto title loans to remember when you consider applying. Moreover, your vehicle should fit in one of the following categories: car, RV, motorcycle, watercraft, trailer, truck, or boat.
You will be asked to provide proof that you are the legal owner of your vehicle. Since title loans don’t have extensive eligibility requirements, your vehicle is a guarantee that you will pay off the money.
BE FAMILIAR WITH YOUR VEHICLE: Not only will you have to be the legal owner of your car but also you need to know the exact equity of it, as well as its make, year, model, and approximate mileage. It is important for the lender to know the year and model of your car because the loan your lender will give you will be based on the equity of your vehicle. Another important thing to keep in mind is that your car must be in a decent condition in order to qualify as collateral for your loan.
RESIDENCY OR CITIZENSHIP: California residents can get fast and easy cash online in as little as 30 minutes. You will have to be citizen or resident in the USA and be at least 18 years old to qualify for an auto title loan.
HOW TO APPLY: You can apply in person, by phone or online. You won’t have to go to a bank and wait for hours. You will be handed your money in cash in approximately 30 minutes!
At Fast Money Loan, we have offices throughout California, so you can meet our representatives in person and they will answer any questions for you. We have locations in Long Beach CA, LA County, Orange County & San Diego County. A qualified loan advisor will assist you throughout the application process.
FEES AND INTEREST: We offer annual percentage rate (APR) as low as 17% with the maximum of 33.42% APR for the Diamond Express Loan. You can pre-pay your loan at any time because we don’t have pre-payment penalty and we don’t oblige you with a minimum payment period. The administration fee, however, is non-refundable and customers will be asked to show a minimum of 620 FICO score. In addition, there might be DMV Lien Transfer fee and a single processing fee.
SHORT-TERM: Unlike other loans that take 5 or even up to 20 years to pay off, our title loans are usually short-term and they are used by people who need fast and easy money for medical emergencies, unexpected personal expenses, or money due for a rent when you know that within the next 30 days you will find the money to pay off your loan.
KEEP DRIVING YOUR CAR: After you have applied for an auto title loan and have received the money in cash, you will be able to keep driving your vehicle.
In order to get auto title loan, however, you will be asked to give the title of your car to the lender until you have paid the full amount of the loan you have taken. This is our security measure to make sure you will pay off the loan.
PAPERWORK: You won’t be asked to provide tons of paperwork and there would be no need to pull your full credit report as long as you show a FICO score of 620. Even if your credit score is low and you have outstanding payments all this won’t affect your application for auto title loan. If you are currently paying off your vehicle, we will still give you a loan and help you pay off your vehicle debt as a bonus to your new loan. Furthermore, you will be granted a loan even if you have recently lost your job but show an ability to repay the loan!
In 2016 the number of people who had taken out personal loans only was roughly 83 million. The top 10 reasons why people take out loans are for tuition fees, business, paying rent, personal expenses, vehicle expenses, consolidate debt, medical expenses and emergencies, bills, moving expenses, and vacations. If you are in urgent need of cash you can use our easy, fast and convenient services!