Car title loans: Right Choice if the Funding is Urgent and Unavoidable
Necessity of a personal car is not deniable for one and many reasons. But a car is one of the costly commodities in the market. This is why people in large number cannot purchase a car although they know how important it is to own a car. If you are really feel that you must have a car for all practical purposes and if you are short of money you can consider car titles loans regarding which a few lines have been submitted below.
The lenders can offer you car title loans with wither of the two conditions:
1) The borrowers can buy a car of his/her choice with the money provided by the lenders. The borrower can drive the car on the roads and use it for his/her purposes but he/she will have to leave a set of keys of the car with the lender. It is simple that the lender has given the loan for which the car has been mortgaged as collateral. In case the borrower fails to repay the loan he will just take the car away with him and sell it to realize his money. The borrower should keep in mind that he can take car title loans but he must be sure of the fact that he will surely pay back the loan plus interest within the stipulated time.
2) Under terms and conditions of the car title loans the lender can keep the car with him and pay the money to the borrower for car title loans. It is now a great pressure on the borrower to pay back the money as early as possible and of course within the duration of repayment unless which the lender will sell the car and realize the money. This is rally a tragic state as the borrower has taken the money to own a car and may not own it if he/she fails to pay the money in time.
3) There is no scarcity of lenders or lending agencies in the finance market. The borrower may know what they want to say regarding car title loans. In various web sites of the internet the lenders have provided information on the terms and conditions of the car title loans. The borrowers should read them between the lines and should apply for the best matching options online. Once the application is approved the money will be sent immediately to the bank account of the borrower.
4) The borrower must have to purchase a car insurance policy immediate after the purchase of the car.
The following conditions are to be fulfilled to be eligible for car title loans:
a) The borrower must be 21 years old to the minimum.
b) S/He must submit documents to support her/his address proof. Submission of electricity bill or telephone bill in his/her name will do.
c) S/He must have an active and valid bank account of at least six months old.
d) S/He must produce document to support that her/his monthly income is more than or equal to $1000.
The rate of interest in car title loans is very high and the repayment period is within only 15 to 30 days.