Is a collateral vehicle title loan the same as a no credit loan?
A collateral auto title loan is a secured loan using a fully owned car and its car title as the collateral. The car must be fully paid for and the car title must be lien free. The car title must be so because it is left with the lender as collateral and the lender places a lien on it while the borrower is paying off the loan. The lien is removed and the car title is returned when the loan is fully repaid. Payment terms are usually from 1 year up to 5 years.
Is it hard to apply for a collateral vehicle title loan?
Collateral vehicle title loans are approved in one hour after the car is inspected and appraised for its true market value. This determines the loan amount that can be as little as $1,000 and as much as $25,000 based on this. All the borrower then needs to show is a valid driver’s license and any proof of permanent residence. The emergency cash is usually released on the same hour that the loan is approved.
Do collateral vehicle title loans really have low interest rates?
Since collateral car title loans are loans that require collateral, the interest rate is much lower than unsecured bank loans or short term loans. These loans have the lowest interest rates in the whole lending industry. Up to 70 percent lower interest rate can be offered versus any competitor out there.
Will the loan be approved even if I have bad credit?
Whether the borrower has bad credit or no credit, any credit rating has no bearing on the loan approval of no credit check title loans. Because of this lenders do not carry out any credit checks on borrowers. Employment checks aren’t even carried out because the loan is already secured.
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