In most cases, auto title loans are termed as the safest credit
option available in market. These are short term loans i.e. they cannot
be taken for more than 30 days. This is a secured credit option, which
is secured by the title of your car. This means, you need to collateral
your vehicle for getting credit. The car title is kept by the lender to
ensure that in case, you are not repaying the amount, your vehicle will
be taken by the company to cover the debt. They would sell it to recover
the credit provided to you. The condition is that the vehicle should be
in the name of applicant and should be free from any sort of previous
debts. Here are some of the questions that one should ask while opting
for this credit option.
How these loans work?
These loans focus especially upon individuals who belong to low-income slabs or are unemployed for the moment and those who have bad credit history in their name. With no requirement for minimum credit score, this particular credit option lets you avail money by rate of interest over the principal. Possessing the vehicle is a way of recovering the cash, in case the borrower fails to repay the same.
What is the eligibility for the loan?
There are no hardcore rules that you need to abide for getting credit through this option. The applicant needs to be minimum 18 years of age and should be citizen of the country they are residing in. As discussed above, the vehicle should be in the name of applicant and should be free from any previous dues or credit.
What is the maximum amount that could be drawn from the lending company?
This is a short term credit option that provides limited cash. The amount that you are liable to get depends upon the vehicle whose title you are keeping as collateral. The lending company analyses the market price for the vehicle. The applicant is liable to get something about 50% of the market value of the vehicle.
Can the loan be rolled over?
Yes, it can be rolled over up to six times. This means that in case, the applicant has limited resources with him, he can always ask to carry forward the loan beyond the specified period. It is rolled over based upon the condition that the interest rate would keep in on increasing depending upon the increase in tenure.
To know about Auto Title Loans Battle Creek just click here.
How these loans work?
These loans focus especially upon individuals who belong to low-income slabs or are unemployed for the moment and those who have bad credit history in their name. With no requirement for minimum credit score, this particular credit option lets you avail money by rate of interest over the principal. Possessing the vehicle is a way of recovering the cash, in case the borrower fails to repay the same.
What is the eligibility for the loan?
There are no hardcore rules that you need to abide for getting credit through this option. The applicant needs to be minimum 18 years of age and should be citizen of the country they are residing in. As discussed above, the vehicle should be in the name of applicant and should be free from any previous dues or credit.
What is the maximum amount that could be drawn from the lending company?
This is a short term credit option that provides limited cash. The amount that you are liable to get depends upon the vehicle whose title you are keeping as collateral. The lending company analyses the market price for the vehicle. The applicant is liable to get something about 50% of the market value of the vehicle.
Can the loan be rolled over?
Yes, it can be rolled over up to six times. This means that in case, the applicant has limited resources with him, he can always ask to carry forward the loan beyond the specified period. It is rolled over based upon the condition that the interest rate would keep in on increasing depending upon the increase in tenure.
To know about Auto Title Loans Battle Creek just click here.
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