What questions are usually asked by borrowers when applying for a collateral vehicle title loan?
How do you qualify for a collateral vehicle title loan?
You can qualify for collateral vehicle title loans if you are at least 18 years old, fully own a fully paid off car with its own and lien free car title, and carry a valid driver’s license.
What documents do you need to prepare for and submit?
Basically, you need to provide three types of documents:
- Proof of identity – A valid driver’s license to prove that you really own the car and that you are personally driving it and not being chauffeured.
- Proof of a lien free car title because this is the collateral that is left with the lender as a lien will be placed on it until the loan is fully repaid.
- Proof of permanent residence.
How much can you loan?
The loan amount will depend on the true market value of the vehicle after it is inspected and appraised by the lender. Between $1,000 and $25,000 can be borrowed based on this.
Will a bad credit history and score affect the loan approval?
No, not at all. Even if the borrower has bad credit or even no credit this has no bearing on the loan approval because collateral car title loans are secured by the collateral.
What about the interest and loan terms?
No credit check title loans can offer up to 70 percent lower interest rate versus any competitor. Loan payment terms are the most adjustable starting at 1 year and is flexible up to 5 years.
Can you settle the loan earlier?
Yes, lenders of collateral auto title loans allow this so if the loan is paid off early no early payment penalties will be charged on the borrower. Once the loan is fully paid, then that ends the loan, and the lien is removed from the car title and said title is returned to the borrower.
At Snap Car Cash, we loan you money based on the value of your vehicle, not your credit score. That means that you have fast access to cash whether you have bad credit or no credit at all. Call Snap Car Cash free at 1-888-886-SNAP (7627) and apply now or apply online. You’ll speak with a member of our dedicated team and see how Snap Car Cash can help.