A Fast Auto Title Loan Means Quick Instant Cash

Immediate Cash Advance Auto Pawn Loans for Poor Credit

An auto title loan provides poor credit customers quick cash in 24 hours. Automobile pawn loans mean emergency money for any purpose with no credit checks.

Lenders report missed and late debt repayments to the three major credit reference agencies. A bad credit history makes it more difficult to borrow money from banks in the future, especially for tenants or homeowners with little or no home equity. The good news is that it may be possible to get a fast auto title loan from a specialist poor credit lender. Although they aren't cheap, lenders regularly provide adverse credit customers with an immediate cash advance that can be used for any purpose. Lenders don't ask what the the proceeds of an auto pawn loan are being used for either.

Lending Criteria for an Fast Auto Title Loans

• The applicant must be over the age of 18.
• Although it isn't necessary to be in full-time work, the applicant will be expected to provide some proof that they are in a position to clear the debt at the end of the term.
• At least 75% of any outstanding car finance must have been paid off.
• The lender will need proof of vehicle ownership so bring along any relevant paperwork.

Process for Auto Pawn Loan Approval

• An automobile title loan involves putting up a car as collateral on a loan for poor credit. The vehicle can continue to be used as normal.
• Whilst some lenders perform their own valuations, most use the Kelly blue book to determine a maximum cash loan for car title. Check with several lenders to ensure that the valuation and APR are fair and reasonable.
• Lenders will only allow the applicant to borrow 25-50% of the available equity. This is to ensure that there is sufficient money to cover any interest and charges that accrue. For example, if the vehicle is valued at $10,000, it may be possible to get an immediate cash advance for $2,500 to $5,000. Most lenders don't deal with smaller cash loans as these can be attained from a payday lender or pawnbroker.
• The customer signs the paperwork and provides the car title. About 75% of lenders currently ask for their own set of car keys in case of default.

Borrowing Terms of Cash Auto Title Loans

• Whilst it could be for longer, the normal term is between 30 and 45 days.
• Although some states, such as Iowa (35%) and New Hampshire (36%), have placed restrictions on the maximum APR, most providers charge 300% for an auto title cash loan.
• In the event of difficulty repaying an auto pawn loan, it is normally possible to renew the term. The auditor in Missouri found that they were renewed an average of 3.5 times more than new advances are granted, a clear indication of problems repaying debt.

Consequences of Defaulting on an Automobile Title Loan

Title loans on cars are a secured form of borrowing which means that failure to repay an immediate cash advance punctually will lead to the repossession and sale of the vehicle. The lender requests a duplicate set of car keys so they can repossess the vehicle in the event of default.

A number of fast auto title loan customers have woken up in the morning or left work to find that their car has been recovered without any prior warning. If the sale value exceeds the principal and any interest that has accrued, the lender will profit from this. The difference is not given to the customer.

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