Why Are Car Title Loans Important?
A car title loan is a short secured loan that allows you to borrow a certain amount or a car’s value in exchange for using that car’s title as collateral. If you qualify for the loan, you can get money as soon as on the same day.
On the other hand, the loan lender can repossess your car if you do not pay the money back on time. Car title loan lenders finance your vehicles which are paid off, however, some other lenders can lend you money with loan balances.
Important aspects of Car title loans include:
- You get the money faster
- These loans have a lesser impact on your credit score
- There are very less credit checks
Let us understand this with a simple example:
Imagine you need $3,000 for your short-time expenses. If you take this type of loan, you can have 30 days to repay the amount of $3,000. Here the finance fee is 25%. It means that you need to pay $750 additionally to borrow $3,000. You give the car title to the loan lender and he/she gives you $3,000 as a cash loan. Once the time span of 30 days ends, you need to pay $3750 plus any other additional fees.
Features of FastTitleLoans
The best thing about FastTitleLoans is that it gives you a loan in just 3 easy steps. You do not need to hassle with complicated procedures to get the cash. Here are the 3 steps that feature FastTitleLoans to be the best Title loan broker.
Step 1: Submit your basic information
In this step, you just need to submit some basic information. You get to connect with one of their lenders with the help of your basic information on their platform.
Step 2: Take a decision instantly
Their partner lenders will receive your submission and they will correctly value your car according to the market data. Once the assessment is done, the partner lenders will decide on the amount you will get for your car.
Step 3: Get your money instantly
Once you and your lender come to a mutual agreement, the lender will transfer the fund directly to your bank account in a few business days. This process can also be completed within a day.
Moreover, FastTitleLoans provide a great range of Title loans that you can avail of in these 3 simple steps. These major Title loans include
- Auto title loans
- Motorcycle title loans
- Boat title loans
“Title Loans”, “Title Loans Near Me” “PaydayLoans”…These are the major categories they work on. However, there are much more subcategories in which they help you.
What Information Should I Look for if I Apply for a Title Loan?
If you want to get a title loan, you must own a vehicle, there must not be any mortgage against the title. On the lenders’ part, they also need some paperwork which includes:
- Copies of the vehicle’s key.
- Original ownership of the vehicle
- Government-issued document that matches the name of the title.
- Proof of residency like any utility bill that matches the name on the title.
- Vehicle insurance proof
- Present vehicle registration
- Names, addresses, and contact numbers of at least 2 references.
- Recent proof that shows you can repay the loan.
Other than these things, you must:
- Own a vehicle
- Have a stable source of income
- Be 18 years or above.
Click here to know more information about title loans.
Fees and Rates
Title loans are more expensive than normal bank loans. The interest rate varies, however, there are states where it isn’t capped. The interest rate is usually set at 25 percent a month, or 300 percent annually. This implies that if you borrow $1,000, you will repay $1250 once the 30 days are over.
Most loan lenders also charge a lien fee. In places where this practice isn’t regulated, a few lenders additionally charge document fees, origination fees, processing fees, key fees, etc. these fees can add up to $25 or more along with the interest charges. Therefore, you need to add up all the fees while understanding the amount you will need to pay.
What Makes FastTitleLoans outstanding?
Here is a list of benefits you get while collaborating with FastTitleLoans:
- Considers every type of credit
- Very easy process to apply
- Quite competitive rates
- They accept most of the models
- High Acceptance
- Transparent and friendly service
FastTitleFind specializes in title loans. They are devoted to their customers and try to meet their customers’ needs as soon as possible.
Here is a list of other loans that FastTitleLoans provides. These loans make it the best in the market.
Payday Loans
Payday loans are short-term, and high-interest loans. They are designed to get you through financial crises till you get the next paycheck.
Installment Loans
An installment loan is a type of loan that allows you to borrow a lot of money and pay it back in Instalments.
Personal Loan
Personal loans are installment loans , which can be used for a variety of private purposes like medical expenses,car loans, house rent, and much more. Their term is usually between 12 and 96 months.
Cash Advance
A cash advance is the receipt of cash from the card issuer or lender. This does not require any credit check.
Bad credit loan
As the name suggests, a bad credit loan is specifically offered to borrowers with a bad credit history. Lenders having customers with bad credit charge higher fees to mitigate the risk of fraud.
Quick Loans
Designed for money needs, there usually are multiple but urgent quick loans in many forms like line of credit, payday advances etc. Getting a quick loan can be quite easy with a quick application and review.
Short Term Loans
Short-term loans are loans for a short period of time, usually 1-12 months.
They are an alternative for people who want long-term loans but fail for various reasons.
Same-day loans
For users who want cash on the same day as the deposit date, a same-day loan can help.
Possible Alternatives to Title Loans
Payday Alternative Loans
Alternative payday loans are low-cost loans offered by state credit unions. They are the same as title loans but do not require collateral. They offer small amounts but have more favorable repayment terms such as affordable monthly payments over several months.
You can borrow from $200 – $1,000, and federal interest rates are usually capped. Additionally, credit unions work with borrowers who don’t have much credit to find the best solution for them.
Personal Loans
Personal loans are generally unsecured loans that can be obtained from a credit union, bank, or online lender. You are open to using them for almost anything you need. Also, many personal loans will offer to withdraw funds once approved. Even if you have bad credit, you can go for a personal loan.
Although personal loans have interest, the interest rate is around 36%, which is very less than a title loan.
However, you only get the maximum personal loan interest if your credit rating is weak or damaged. Borrowers with good credit are eligible for interest rates as low as 10%. Finally, the repayment terms range from 2 to 7 years, allowing you to make good monthly payments until the loan is repaid.
Credit Cards
When you apply for it, you are granted a certain credit limit that you can use as needed. You should generally repay your balance every 30 – 50 days and you can reuse the available limit when you repay the credit card bill.
Any outstanding balance will earn interest; However, credit cards have lower interest rates than mortgages.
If you are ok to pay off the balance each month, you are essentially taking out an interest-free loan. Some credit cards also offer interest-free financing periods for longer periods, such as the initial twelve months of card ownership. Taking advantage of such an offer is a convenient way to take advantage of cheap financing.
Friends and family
Ask around if your close ones can lend you money to avoid falling into the mortgage trap.
Your relatives are unlikely to impose strict interest rates like payday loans and investment firms do.
They’re even kind enough to work out a repayment plan that works for both of you.
Borrowing money from loved ones, however, can put a strain on your relationship. Choose this path carefully and keep your repayment schedule in mind so everyone is happy with the outcome.
Conclusion
In conclusion, I would say that FastTitleLoans is the best in the market and I find their services very helpful and easy to proceed with. In case you need a title loan, you can go to their website and claim your loan in just 3 easy steps.
Step 1: Submit your basic information
Step 2: Take a decision instantly
Step 3: Get your money instantly
Their wide range of services allows you to think over the type of loan you need to make sure you get the full benefit out of it.
It offers quick and easy title loans for everyone. The 3 best things about FastTitleLoans are
- Quick cash
- Quick decision
- Very easy and convenient to use.
You don’t have to worry about your creditworthiness either.
