In these hard times, we all find ourselves in need of some cash once in a while. The problem is you can’t always visit your bank to borrow small amounts. Thus, when you think about taking smaller loans, it is sometimes a good idea to look for good offers on auto title loans. These loans offer you the cash you need with very little paperwork required to be done and little or no credit score. Of course, there are a few criteria that you must meet to be able to access this loan but these conditions are nothing like your big time loans from banks.
The major requirement here is for you to have a clear title on the vehicle in your name. Without this, the loan can be a problem. Still, having a clear title on your car is very common and anyone who owns a car has it in all likelihood. So having a clear title on your car will easily help you take out an auto title loan in your name. The process is quite fast and very easy and discounts are usually available for senior citizens and students, which makes it an even more attractive deal.
Another thing required is usually that the borrower has a constant source of income and thankfully, that isn’t too high either. Usually, you should have a monthly income of at least $1000 and as usual, the loan amount you get approved for will be dependent on your income. However, the good thing about these loans is the low interest rates. These lenders understand that you are not a tycoon and do not have pots of money stashed somewhere. So you get approved for a small loan and have a small interest to pay at the end of it all.
The title you own can actually be on anything. That means you can take out a loan on your bike, pick-up truck, your SUV or even your boat for that matter. You just have to make public the type of vehicle you own, the year you bought it, the make (which company made the vehicle), the style, the model and the year you are applying for the loan. Based on this information, the value of your auto title is determined and you are given the loan amount on this basis. So as you can deduce, it is a hassle free process.
And the greatest benefit of this is probably the omission of a credit check. Yes, having a clear title on your vehicle and fulfilling the income requirement helps you get your loan approved. There is no credit check required; a low credit doesn’t matter. These loans are for this reason a good idea when you need quick money to attend to emergencies, like a small hospital bill. Then you can take your time to offset the minor loan in parts like any regular loan. As with any other kind of loan, make sure to have a good financial plan that lets you pay off the loan and quickly too.