Car title loans help people get money fast to sort out an emergency, manage debt, or pay bills. Vehicle owners can apply for a car title loan from an online lender? According to this video, car title loans are ideal for people without optimal credit.
Often, these loans begin from $100 to $5,500, generally equaling 25% to 50% of the vehicle’s value. Usually, the car loan term is only 15 or 30 days.
Car title loans apply to various vehicles such as motorcycles and trucks.
To qualify for a car title loan, an individual should have 100% clear vehicle ownership without liens or some equity in the car. Car title loans are also known as title pledges, pink-slip loans, or title pawns.
Apart from the car title, a lender must inspect the car and get proof of insurance and a photo ID. Once applicants are accepted for the car loan, they surrender their car title to the lender. The lender hands the title back once the loan has been paid off.