Do you find yourself asking, “What is a car title loan and how do I get one?” Don’t worry, many people are in the same situation! The process of getting an auto title loan is easy to understand once you know the basics of what’s required by a lender!
Do you know what’s needed at the time you fill out a loan application for a car title loan online? Were you denied funding and you don’t know why? First things first, you need to find out exactly what the underwriting department needs from you. Will the lender check your credit and employment history? If you have bad credit or no credit at all will the title lender use that against you? Another common question is whether their car needs to be paid off to qualify for online equity financing. You’d think this question would result in a yes or no answer. But there are some important variations.
Use our blog posts to learn about different news and topics about car title loans.
Online title loans are like cash advances and payday loans in many ways. Online payday loans became popular over the past decade and while it took a while it seems that car title loans are now as prevalent online. Much like a payday loan, a car title loan will come with very high-interest rates. Most consumer finance associations often complain about similar issues. Activists say the government does not regulate rates for vehicle equity borrowing, even though most finance lenders in our directory of title loan companies have active licenses. They say the government regulates other online businesses like mortgage and insurance companies. They claim increased oversight would make the loan more manageable and less likely to block borrowers borrowing cycle
How car title loans have changed over the past few years
Payday loans like auto title loans are based on your guarantee that you have a pay date coming up where you can make a payment towards your loan amount. The lender gives him the title to use for collateral and the applicant will still keep possession of the car. It’s often said that a title advance is like a payday loan.