What are title loans?
A title loan is an easy and secured loan that the borrower can avail of by giving the borrower’s car title as security. These are the easiest loans to get that don’t take much time to get approved. The best part is the borrower gets the loan amount approved on the same day. The lender is fully secured with the title in hand whether it is for car or commercial Truck title loans.
Things to keep in mind before applying for Commercial Truck Title loans
To have a Title loan you need to own a vehicle
Title loans are easy loans that use the vehicle as security. It is a short-term loan that gets approved on the same day but for that, you need to own a vehicle and should not have any auto loan in your name. You need to have 100% ownership of the vehicle. If you are unable to pay back the loan then you may lose your vehicle.
The Title loan amount you get on the vehicle ranges from 25% to 50% of the value of your vehicle. It totally depends on the lender how much Title loan amount he would disperse against your vehicle.
The interest rate is very high
The interest rate charged on Commercial truck Title loans is usually very high. The lender may charge the Annual Percentage Rate (APR) of 300%. That means if you take the loan you will have to pay 3 times the value of your Title loan.
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