The cars are considered as the private assets of the people, which help them in moving around independently and also get them the required amount of money at times of emergency. The car title loans are offered for paying satisfactory sums of money to the loan seekers, who can use the title deeds of their cars as collateral, instead of placing the cars for pawning. So large numbers of car owners now opt for this type of loan that suits their interests the best.
Specific steps to be taken regarding the car title loans
- Check availability of title loan – The car title loans may not be available everywhere of the country in the same manner. So it is better for a loan seeker to check whether the title loan is permissible at his place and if there is any limitation imposed on such loans there. He may do an online research to find out all the required information, which will tell him if he can expect to get title loans for his car.
- Fill up loan application form – If title loan is available in his state, he can fill up the online application form of any chosen title loan provider company. He may also call up the customer service of that company to fill up the application form by providing information over the phone. Some companies also offer the facility of applying for a title loan on their special customer service portals.
- Submission of certain documents – The loan seeker gets a call from the financial company, within a day or two after the submission of his application form. The company asks him to provide some essential documents for the further progress of his loan application. These documents include a photo-identity proof for which driving license is the best one, an address proof, proof of regular income; original title deed of the car, a colored photograph of that car and also the insurance paper of this vehicle. The company also asks for 4 – 6 references for ref check, among whom a family member should be included as well.
- Check all terms and conditions – The loan seeker should go through all the terms and conditions set by the loan provider company, to find if all the rules suit his needs. He should check the proposed loan amount for his car title, the percentage of interest to be paid by him, the term of loan repayment and if there is any penalty for early or late payment of the loan amount.
- Inspection of the car – The title loan provider company then sends an officer to check in person the current condition of the car, whose title is supposed to be pawned. The authenticity of the information provided by the customer regarding his car is verified at this stage. The borrower also may take his car for inspection to the nearest branch of this company, for making the loan proceedings faster.
- Receive the loan amount – Finally, the required loan amount is handed over to the borrower, in the form of a check or cash.
Though it seems to be a lengthy process, the car title loans are actually available within a very short time so that the customers can have their required money to meet their emergency.