Online title loans are quick and easy
Do you need extra cash? Are you wondering if you can take an online title loan? The answer is: of course it is! We at https://gadcapital.com/title-loan/ offer online title loans.
The loan is secured by your car, thanks to which you are able to obtain a much larger loan amount than in other loan companies. You can apply for up to $ 100,000! Most often, however, you get money as much as the car you own is worth it.
What does the process of applying for a car loan look like?
At the very beginning, you complete a loan application similar to any other online loan application. You provide your contact and personal data, i.e.
- first name and last name
- Phone number
- e-mail address
After sending the above data, a consultant will call you on the phone number provided to help you complete your loan application.
What documents do loan companies require?
If your application for a car loan is approved, you will need:
- ID card
- vehicle registration certificate along with a valid technical inspection
The loan company will also provide you with the following to sign:
- loan agreement
- documents on entering the lender as a co-owner of the car
What after signing the documents?
With them, you must go to the communications department. You will submit an application on the spot, thanks to which the loan company will become a co-owner of your car. In other words, the loan company will be added to your vehicle’s registration certificate as co-owner of the car.
Then you should confirm that you have done all of the above.
- Send a scan or copy of your vehicle’s new registration certificate to a loan company
- Include car photos – incl. VIN number on the engine
You usually have 7 business days to settle all matters at the office and send a confirmation . Set the exact date at the beginning with the company that gives you the loan.
Additional, important information about a car loan
Remember that by agreeing to such a loan, the company granting it becomes the owner of your car in 51%. However, the company undertakes to relinquish your property if you repay the loan on time.
The lender is primarily interested in the age of your car and whether you are its only owner. The car you return should not be older than 12 years.
The loan company usually does not require you to provide your income. Pawning a car that you own is enough.
It is worth emphasizing that if you do not pay back the loan, you can lose not only the car. If the lender does not recover the full amount of the debt after selling the car, he will contact you for paying off the rest.
Advantages and disadvantages of car loans
It is worth taking a car loan when we need a lot of cash. In other loan institutions, we cannot count on such large amounts. Companies that borrow money against a car usually do not need a salary certificate, so a loan can be obtained by virtually anyone who owns a car not older than 12 years.
The main disadvantage of such loans is their cost. Compared to installment loans offered by competing companies, a car loan is more expensive. In addition, you will need to prepare for some official matters, and this will take time. It is also worth considering whether we are able to repay such a loan. Otherwise, the loan company may sell our car and ask us to pay the rest of the debt.