Traditional loans were once thought to be the finest way to get a loan and use it for any financial emergency or personal need.

Borrowers, on the other hand, were always dissatisfied with the length of time it took to file and approve a loan. This process took days and weeks, which weakened the purpose of getting a loan in the first place, especially since time was becoming the enemy!

Title loans, such as car title loans and commercial vehicle title loans, have eliminated this problem for borrowers and have become a much more popular choice.

Car title loans and commercial vehicle title loans function on the same basic principle: a loan is approved and sanctioned against the vehicle that is used as collateral. To begin the loan process, a few requirements must be met:

  • The car owner must demonstrate that the vehicle is registered in his or her name.
  • There should be no existing liens on the car.

If the above condition is met, car title loans can be availed within a matter of hours! Lenders would typically ask an applicant to complete a simple application form which will include the borrower’s name, address, social security number, and family details. Along with the form, the applicant needs to submit valid ID proof.

There is no requirement to submit any income proof or credit rating information.  This cuts down the loan approval process time drastically.

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