subject: Car Title Loans: Secures Your Instant Needs [print this page] In a car title loan, the borrower provides their title of car as collateral against the borrowed amount. This loan is typically designed to cater the borrowers short-term cash needs. In comparison with other loan types, borrower has to pay slightly higher interest rates. The reason behind this is that lender does not check credit score. They only stress on value and condition of the vehicle as quote is depended upon it. Meanwhile, during the loan repayment option borrower is free to drive the car.
The borrowers with adverse credit ratings like CCJs, IVAs, arrears, defaults, missed payments, etc can avail the loan to meet their desired needs. The entire car title loan process is carried fast and requires lesser time for approval. For availing the loan, borrowers have to meet certain eligibility like:
* Loan seeker must be at least 18 years of age or above
* Proof of the UK residency
* Necessary information about income details
* Valid active bank account
Car title loans are small and short in nature. The repayment term varies from 14-31 days so the interest rate charged is slightly higher than other loans. The borrowers with adverse credit history can even apply for the car title loan as credit history is not taken in to consideration. The loan amount availed is depended upon the borrowers car conditions.
The amount availed can be used for meeting various necessities like grocery bills, electricity bills, debt consolidation installment, sons education fee, daughters wedding expenses and so on. So, it can be said that this loan is well-suited for meeting various small and short expenses.
There are many ways to opt for car title loans like banks, leading lenders, financing institution and online lenders. Online mode is considered as the quickest and cheapest ways for opting car title loans. There are many lenders available in the financial market that offers genuine terms and conditions. So, it becomes important to compare and contrast the best for meeting various needs. Online calculators help the borrowers to make the decision on the best quotation for them.
