If you are looking for funds to handle bills, manage a debt, or deal with an emergency situation, a car tittle loan is right for you. It is a type of loan that is easily accessible to people that own a car outright or those that owe little debt in it. Despite the fact that it is fast and easy to access, a car tittle loan is far from the financial solution you are looking for. Apart from the high fees you are required to pay on such a loan, you also face the risk of losing your car. It is therefore important that you get as much information as possible about car title loans and how to access one. This website provides you with all the key information you need to know about car tittle loans at https://georgiatitleloans.com/locations/atlanta-title-loans/ as well as the other is and cons of such a loan.
The first condition of getting a car title loan is owning a car outright or having equity in it. Your car is used as collateral when applying for a tittle loan. Most lenders allow you to borrow up to twenty five percent of your car’s value. The duration of the loan term ranged between half a month and a full month. It is also applicable to other types of vehicles such as trucks and motorcycles although it is generally referred to as a car tittle loan. You need to have total ownership of the car or some equity in it to get qualified for a car tittle loan. Most lenders ask to see your car, an identification document, and proof of insurance to qualify you for a car tittle loan. You surrender the tittle of the car in exchange of the loan. Know more about Car Tittle Loans today!
Car tittles also come with extremely high fees and interest rates as compared to the other types of loans. Most lenders charger up to twenty five percent of the total loan amount on a monthly basis to service the loan. You need to get the lender to clearly explain the annual percentage rates and the total coast of your loan. To find a more affordable option, you can run a comparison among different lenders.
Failing to service a car tittle loan means that you potentially face the risk of losing your car. It is possible to roll over your loan into a new one if you cannot afford to pay the loan and all the fees. Failing to pay the loan in full means that the lender has to repossess your car. Look for more information about loans, go to http://money.cnn.com/2017/02/13/investing/bank-business-lending-dodd-frank-trump/.