Title Loans

How Can a Car Title Loan Help You?

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Car Title Loan – Turn your Car into Cash

auto title loan
auto title loan

Are you looking for a way to get fast cash? If you own a car, you can actually convert it to  cold, hard cash by applying for a car title loan! In case you do not know, such a loan exist, read on to know more about it here and how Citrus North can help you get one easily!

What is a Car Title Loan?

A car title loan, also called an auto title loan, is a type of short-term loan. This loan involves using the borrower’s car title as the collateral.

How to be Eligible for Car Title Loans?

To be eligible for car title loans, the borrower must be the lien holder of the car title. In Layman’s term, a lien holder refers to the following definitions:

  • Primary owner of the car
  • Outright owner of the car
  • A person who has either leased a car to another (lienee) with insurable rate/s
  • A person who grants you money on a loan to purchase it
  • A third-party, such as a creditor, who holds the loan or any legal right on the car (or any property and asset) of another person (lienee)

Furthermore, did you know that lenders are more lax when it comes to the qualifications of auto loan borrowers? Having said that, here are some factors of borrowers who are eligible for this type of loan:

  • Clients with low income
  • Borrowers with poor or bad personal credit score
  • People who need an emergency money

What if the Car Title is Dirty?

Some auto lenders may even grant you the loan even if the borrower owns a dirty car title. Meaning to say, the car title has a levy from a third party (such as a creditor) and its legal ownership is unclear. In short, the car does not have a clear or clean title.

If that is the case, the lender offers a funding amount for up to 25%-50% of the car value.

5 Ways on How a Car Title Loan can Help you Financially!

Now that you know what this type of loan is, here are 5 ways on how car title loans can help car owners like you financially:

1. Car title loan provides fast cash

Happy young woman having money
Happy young woman having money

From start to finish, the entire car title loan process can take anywhere from 24 hours up to 1 week only. The variation merely depends on how long it takes for you to finish the application process.

In case you have no idea how to apply here on Citrus North, all you have to do is to fill up our loan request application form.

Then you have to sign the necessary loan documents and agreement (you can simply sign it electronically if you do not wish to print it).

Once you complete the documents and requirements, you have to wait for your meetup schedule with a representative who will take the photos of your car. After taking photos of your car, the representative collects the car title from you and grants you the loan.

2. No credit check required!

That’s right, unlike other loans a car title loan does not require the lender to check your credit score and credit reports. As a matter of fact, the two main items that concern your eligibility the most are 1) that you have the financial capacity to repay the car title loan, and 2) the car title is under your name.

3. Allows you to still use your car

Yes, you must turn over your car title to the lender or representative in order to receive the loan. Nevertheless, it does not mean that you have to physically give up your car to the lending company.

With that being said, the lender merely holds the car title as a collateral while you have the loan. The lending company will only return the car title back to you upon the completion of your loan repayment.

4. Lower interest rates than cash advances

low interest rate symbol
low interest rate symbol

The process of applying for and receiving a car title loan may sound a lot like getting a cash advance or payday loan. But car title loan is actually a bit better than the two.

This is because your car secures the title loan. Having said that, the lender does not need to hike up the interest rates like they typically do on a cash advance or a payday loan.

5. Involves a quick repayment schedule

One of the best things about taking out a car title loan is knowing exactly when it will be due. Unlike utility bills that just show up in your mailbox with various due dates.

With a car title loan, you will know the loan amount and the due date of the payment.

With that said, it is typical for this type of loan to be due on or around your next payday. But if you request a particularly large amount for a car title loan, then the repayment schedule may be spread among several paydays. This is to lighten your financial load as a borrower.

 

These five benefits of car title loans are just the tip of the iceberg. You may have a totally different list of benefits for your specific financial situation.

 

How Much Money can I get from a Car Title Loan?

Car title loans can be given in any amount. The amount you are eligible for will be solely based on the car value. With that being said, getting an approval has something to do with the following factors below:

  • Is the car brand new or used
  • Are you the very first owner of the car?
  • Does it have some car issues such as scratches, etc.
  • Does the car title have some violations, or any record in particular?

 

To sum it all up, if one or more of these benefits resounds with your current financial situation. Please do not hesitate to give us a call at our phone number. We are here to answer all your inquiries and get to learn more about our financial solutions services.

You can also fill up our online application form, we at Citrus North are more than willing to help you get a car title loan near you.