Car Title Loan
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Car Title Loan – Drawing On The Title For Cash
Help! Did every bill arrive at one time this month? If you could only get some extra cash until the next pay period, then you could pay those ugly bills (and more) and keep creditors off your back. If you've exhausted other options, a car title loan may be the answer.
Quick cash is the draw of the loan. The car loan terms are simple, but heavy consequences lurk in the shadows. The catch is: you must have a paid-off vehicle, free of any liens. Also, in most situations, you have only 30 days to repay the entire loan or you loose your auto title and your mode of transportation.Putting A Lien On Your Paid-Off Car
The quick process begins with an application asking for vehicle information and income verification. While the application process usually goes through a sub-prime credit bureau rather than a major bureau, your credit can still be hurt if you don't meet the borrower's terms. Fill out the application form on our site and get a auto loan quote quickly.
How quickly can you repay?
When the auto lender approves your loan, up to the value of the auto, you normally have approximately one month (30 days) to repay the loan in full. At the end of every week, a finance charge (6 to 10% of the remaining balance) is tacked onto the loan. So, the sooner you can pay off the loan the less final payment you'll encounter. Some finance charges are a percentage of every $100 left on the loan. The worst way to repay this type of loan - outside not repaying it at all - is to only make interest payments and then pay off the loan in full after the 30 days.
What Does A Lien Really Mean?
Even though the lender still allows you to drive your vehicle around, the lender in this situation is the temporary owner, until you meet their terms. Reason the lender does this is to reduce their risk of losing the money they lent to you.