Rather than choosing any random lending stores, always go through the reviews of the particular stores which are located near to your residential location. So that, you can choose the standard and most genuine stores that offer affordable loan lending services. With the intention to beat the services of the banking and other credit unions, several cash stores or pawn shops have been established in various regions of the United States. These cash stores offer several loans like payday loans, car title loans, check cashing services, and so on. Thus, customers can choose any services that they wish to avail.
To avail the car title loans, you must be the owner of the vehicle. That means, the title of the vehicle must be in your name, as you cannot pledge other’s vehicle. Suppose you have purchased the used car, you should ensure to convert that car title is in your name. However, if you have purchased a new car, it will be in your name.
Essential documents to avail car title loans
Unlike banks and other credit unions, the cash stores seek fewer documents to provide you the car title loans. They ask you to provide them a valid ID (govt-issued, which should include your residential location, as well as your date of birth details), recent photograph, as well as your income proof. Apart from these, driving license or car purchase certificate to check if you own the vehicle. These are the essential documents that you have to provide to avail the car title loans.
Why are documents needed to get car title loans?
The loan lenders want to know if you are a citizen of the country, as they cannot offer loans to foreigners. Also, they can offer loans only to the people who are above 18 years old. So, they require a valid government-issued ID card in which your residential address and date of birth is available. They require your income proof documents (3 months’ salary slip) to confirm if you can repay the taken loan amount. They seek car purchase certificate to confirm if you own the car on which you wish to take the loan.
Short and quick application process
The application process is quite simple and quickly accessible. Just fill in the details which hardly takes minimum 5 minutes and maximum 10 minutes to enter the details. If you are applying for the long-term car title loans, you might probably require lots of patience because the application form will be lengthy and terms and conditions will be even more complex. However, to acquire these loans is very simple, an application form to fill, and the terms and conditions are easy as compared with the long-term loans.
Quick loan approval
Once you submit the application form along with the documents being asked, your job is done. Just wait till the loan lenders verify your application form and your documents. This will take approximately two to three hours. They will then notify you over the phone or email as per your convenience. You need to inform them regarding the comfort zone of the notification that you want to receive – Whether you want to be notified by SMS, phone calls, or via your mail id. They strictly follow the way you want to get notified. There is no need to bother about the car title loan approval, as they approve the loan for sure if you provide the accurate details in the application form and attach the necessary documents.
Quick money transfer
Once your loan processing is done, and loan gets approved, they will transfer the loan amount to your bank account directly. You need to provide them your bank account details to which bank account you want to receive the cash. While providing the bank details, ensure you provide the right account number. If you make a little mistake, the amount might get transferred to other’s account, so be careful and provide the right account number and location of the bank where you own the bank account. The loan lenders will hardly take 1-2 hours to transfer the cash to your bank account after approval. Somehow, some loan lenders transfer the loan amount on the next day. It all depends on the loan lenders that you choose. Always read the reviews of the loan lenders before applying for the loan. This will help you to get the loan amount quickly that too by paying low-interest rates and low service fees.
Easy repayment period
As these are the short-term loans, you will have to repay the loan amount within short duration – between 1 to 2 months as per the agreement between you and your loan lenders. Somehow, you can extend the repayment period via rollover option. That means you can keep paying the interest rates if you are unable to repay the loan amount.
This is how car title loans become helpful to every individual owning car title.
