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Auto Loans: Get Cash For a Car Title Loan Car loan or auto loan is a type of loan that accepts vehicles as collateral. In car title loan, the lender needs to place a lien on a car title and the borrower temporarily surrenders the hard copy of his vehicle title in exchange of cash. Once the car title loan has been paid in full, the lien is removed and the auto title is returned to its owner. The lender is liable to repossess the car and sell it to repay the outstanding debt of the borrower if payments are put in default. Car title loan is generally a short-term loan and lenders don’t actually check the credit history of borrowers for this type of loan, but rather consider the condition and value of the collateral vehicle. Most car title loans can be processed in fifteen minutes or less on $100 minimum loan amount. Other lenders may verify the source of regular income or if the borrower is employed. As for the process of seeking the services of a car title loan lender, it is commonly sought online, though a store location is also available. The following are needed for securing a loan: proof of residency, proof of income, a lien-free car title in their name, a valid government-issued ID like driver’s license, car registration, car insurance, and references. The condition and value of the collateral vehicle determine the maximum amount of loan. Typically lenders may offer up to fifty percent of the resale value of the car and some can even go higher. The borrower must have a clear title showing that the car has no liens or current financing and that it will be paid in full. Payment schedules may differ but at the very least the borrower must be able to pay the due interest on each due date. At the end of the loan term, the full outstanding amount may be due in one full payment. Since there is an increasing demand of car title loan and other short-term loans, there are lending companies offer software or applications for mobile devices that allow people to see how much cash they can get if they will be availing of their loans, inclusive of estimated payments each month. Indeed different lending companies have been influenced by the revolutionary effects of internet, and many car title and other short-term loans offer loan applications, pre-approval and approval online. The twenty states currently allowing car title loans are Wisconsin, Virginia, Utah, Texas, Tennessee, South Dakota, South Carolina, Ohio, New Mexico, Nevada, Missouri, Mississippi, Louisiana, Kansas, Illinois, Idaho, Georgia, Delaware, California, Arizona and Alabama.A Quick Rundown of Services

A Quick Rundown of Services

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