Our life is never stable, and at any time, we may need cash for managing debt, paying bills and dealing with emergencies. One of the fastest and easiest ways to get funds in this situation is to look for Commercial Car Title Loans. We also call them as the best 1st Capital Title Loans. However, most of us do not know the details of these loans.
You must have your car for availing a car title loan–
In case of car title loan, you need to use your vehicle as the collateral. You will get very small amount of secured loan with it. The loan amount can range between $100 and $5,500. This amount is 25 to 45% of the value of your car. Moreover, Commercial title loans SC is a short-term loan, and you have to repay the amount within 15 to 30 days. You can choose your motorcycles, car or trucks as the collateral for loan.
In addition, you have to ensure that you are the only owner of the car. Apart from this car title, your lender will ask you to show your car model, insurance proof and photo ID. While you get the approval and the loan amount, the car title will go your lender. You will get back this title after paying off your loan.
No need of checking credit score–
We can compare the title loans to the payday loans. Furthermore, these title loans are much appealing, as there is no need of any credit check. The lenders do not verify any other information and give you approval very easily. In most cases, you have a chance of getting the loan on the day, when you have applied for it. However, conventional loans may take some days to send approval.
Applying for the title loans–
You may search Google by entering- Commercial Car Title Loans Near Me. You can find the name of various companies, offering these loans. You need to submit the essential documents to your lender. It is important to know the details of the agreement and then sign on the paper.
You must make your decision, checking out your capability of repaying the loan. While you cannot repay the loan, the lender would repossess the vehicle. Thus, to avoid this type of risk, you have to be ready to pay off the loan within the right time.
Due to the higher interest rates, some borrowers say that the Commercial title loan are not the right options. However, to get the loan within the shortest time, this is the best alternative (Commercial Car Title Loans are the Good option for You). You can speak to various lenders to find the loan at a slightly lower rate.
Let the Experts at 1st Capital Title Loans help you get the cash you need and solve the money related issues. Call us 803-548-1727.
Before going any further, let us fathom the definition of car title loans. Well, in case of a car title loan, the lender will take the title of your car as collateral for the loan. Once, the borrower gives money back to the lender; the lender will give back the title. Well, title loans are one of the fastest ways to get some time.
Sometimes, we go through a financial crisis. During those times, we require some cash to sustain in our life. During those times, commercial title loans are useful. If you have an automobile, you can easily opt for a title loan. Now, if you are searching for ‘title loans near me’, you are in the right place. Here, we are going to discuss how title loans work.
Working principle of the title loans
Now, let us get a look at the working policy of the title loans. Well, most of the times, the title loans are shored term loans, and their interest rate is pretty high. Most of the times, you will witness that the APRs (Annual Percentage Rate) is a triple-digit number. Like any other loan product, here you have to send an application.
Well, there is a possibility that the lender will ask you about your employment information. Moreover, he or she can also ask some other information from you. To be precise, most of the times, the lender will ask this information from you. However, lenders don’t have to bother much about this information of yours as they have your vehicle as collateral.
Once you get the approval, the lender will take the title of your vehicle. Once you pay back the money to him or her, they will give back your title. Well, the amount of the loan depends on the condition and value of your vehicle. Maybe, the lenders will offer you 25% or 50% of the price of your car.
Moreover, you don’t have to bother about your credit history. You don’t have to worry much about getting the money if your car is in good condition. There are cases where they may increase the amount of your loan. Also, there is a possibility that they will take photos of your vehicle to comprehend the condition of it.
If you want the lenders to accept your application, you have to make sure that you are the owner of the car. At least, you must have some equity regarding the vehicle. If you cannot meet this criterion, the lenders will not accept your application for the loan. Besides, the lender will also not take your application if your vehicle already has a lien against it. In that case, it becomes more complicated to get access to the title.
So, this is how car title loans work.
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