Car Title Loans: Pledging Your Car For Your Need

There may be certain times in you life when you are in need of some instant external financial help

. One may need money for several emergency expenses like it may be for paying medical bills, hospital bills, home renovation, credit card dues, purchasing of the car, electricity bills, debt consolidation, examination fees, wedding, travelling, etc. One becomes so helpless in such a situation. But do not worry now. Car title loans have been introduced in the financial market which provides borrowers with the required money by pledging their car as security against the loan. These loans are available to all those borrowers who have a clear title of a paid-off car and the borrowers credit record is not at all checked.

Car title loans are named so because the lenders ask for the certificate of ownership of the car which is known as title. There is no kind of restriction on the borrower to not to use the car because what the lender require is only the title. During the loan period, you can continue using your car and the title returns to you after you pay-off the loan. The title of that vehicle must be under the borrowers name. Loan can be availed up to 50 percent of the cars value. This is done in order to easily manage the loan amount without any kind of trouble when the prices of the car depreciate during the loan period. But, before applying for these loans, the borrower must satisfy the some conditions like he must be a citizen of UK, an age of 18 years, earning a sound source of income from the regular job, holding a debit card against your name and an active checking bank account. For such loans, the loan amount ranges up to $2,500 with repayment term of about 14 to 31 days. Since these are the short-term loans, therefore the interest rates for these loans are slightly higher. At that time when the loan is being granted, the lenders demand written title loan agreement from the borrower. Also, the people with bad credit records like arrears, late payments, defaults, missed payments and insolvency can apply for these loans without any kind of trouble. By repaying the loan amount in time, the bad credit holders can certainly improve their bad credit score. If the borrower fails to repay the entire loan by the fixed time, the lender takes away the vehicle and resale it to recover the loan amount.

Browse the internet and compare loan quotes from different lenders available online. Little negotiation and thorough research can let you grab a reasonable deal. Online application is popular due to its instant approval and easy loan procedure. Good online searching can get you the best deal ever and that too from the very comfort of your own home. Simply you need to fill up the online application form with your personal details and send it to the lender. You will get your money deposited into your bank account on the same day or the next business day.

by: Peterson Richard

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