If you need quick cash, have nobody to lend it to you, one amazing way is to use a car title loan. The rules and regulations for auto title loans will vary from state to state, so you’ll have to look for what opportunities you have in your area. These loans have many names; some call them car title loans or title loans, and others name them auto pawn loans. If you are thinking about how to pawn your car and still drive it, this blog will answer your queries related to car title loans.
Process of Title Pawn
The best thing about auto title loans is the fast and convenient application process. There are high chances that your loan will be approved, and your credit history doesn’t impact the approval process. Most of the time, you can get the cash in about 45-60 minutes after you enter the title loan office.
When you visit Advantage Finance LLC, your title loan provider in Houston, our friendly staff will assist you throughout the process so you can get your money with utmost comfort and ease.
The most basic requirement you should meet to get a title is to have a lien-free car title in your name and social security number. The loan lender will inspect your car and look up for vehicle value guide. This way, the current market value of your vehicle is determined that tells how much money you will get.
Title Pawn Terms
The state set the terms for a title pawn, and mostly the minimum or maximum days for a title loan equal to 30. A month or 30 days is a set standard used by most lenders. Only a few states need longer terms that extend to 60 days.
In case you’re short on money to pay back the loan on the stated date, some states give the convenience of rolling over the loan (you can extend the loan by only paying your interest charges.)
However, this has proved to be bad for many borrowers as they get locked in the debt cycle. They only pay their interest every month and acquire new interest charges without paying off even a small amount of the loan principal.
If you fail to pay back the loan to the lender on the due date, the title loan company can repossess your car. The laws for repossession vary from state to state. Some allow you a grace period to arrange for payment, while others can immediately possess your car.
Title loans come with pros and cons. They are very easy to get and provide borrowers with quick cash. The downside is that the interest rates can be high, which is the reason you should know about the terms and conditions of car loans before getting one.
It’s no secret that title loans come with risks. However, if you still want to learn how to pawn car title and still drive your vehicle, go for a title loan with us. To get in touch, call at (281) 410-5337.