Nothing is better than getting fast cash to clear pending financial expenses. However, a car title loan allows you to get secure funds within the same day of applying. People look for a loan when their financial budget gets disturbed because of financial expenses, leftover medical bills, or any other monthly expense.
What if you can get quick money by applying online? Yes, it has become possible to get the needed funds by choosing Title Loans San Diego. If you do not want to go through lengthy documentation, and want a free pre-approval title loan quote, considering title loans is the best option.
There are many reasons why you should choose title loans. Check out the point of interest mentioned below:
- Require instant cash for medical bills
- Urgent home repair
- Vehicle Broken Down
- Dental Surgery
The reasons are countless as every client has their financial background and different requirements. However, one thing that remains constant is that you won’t have to go through lengthy documentation, piles of paperwork, or hidden terms to get approval.
What is the working process of a car title loan?
Title Loans are secured loans requiring lien-free title that will work as collateral and few documents to approve. Besides, title loans also refer to:
- Instant Pink Slip Loans
- Auto Equity Loans
- Fast Cash Title Loan
- Same Day Title Loans
- Vehicle Equity Loans
The working nature of a title loan is flexible and free from rigid terms. Besides, the need is to own a vehicle with a clear title proving your ownership. You have to submit the title that will work as collateral. Also, you can get fast funds within the same day of applying. A temporary lien gets placed on the title for the loan duration. Besides, this makes the lender become the lien holder. Once you repay the taken loan according to the payment plans the lien is no longer active and you get the title back.
Furthermore, if you do not make regular payments and continue to delay them then it will result in vehicle repossession.
Is it possible to keep the car with a title loan?
As said, title loans require the lien-free title to work as collateral. This is enough for reputed lenders offering title loans. Moreover, you can keep the car and continue to drive to fulfil daily commuting requirements.
How many title loans can I have at once?
A person owning one vehicle can apply for a title loan once. However, if they have more than one vehicle, getting multiple title loans is possible. Once you repay the taken loan you can apply for a new one thereafter.
Are there rules for spending money with a title loan?
NO. You are free to use the money as per your financial requirements. Moreover, you can clear pending medical bills, down payment for a new house, home repairs, and get a vehicle fix done.
How to pay back a car title loan?
There are different ways to clear the amount taken. Either you can go for an automatic payment transfer from your bank account, drop mail check, or visit the store to pay manually
Will Title Loans San Diego need credit checks if applied online?
Applying for a traditional loan serviced by a financial institute will make you go through an in-depth credit check. Moreover, title loans follow two kinds of credit checks that are different from old-fashioned loans.
At the time of choosing a car title loan, you have to go through a soft credit check. This kind of credit does not affect the credit ratings and got nothing to do with a credit report. Soft credit checks are followed for knowing your payment details and present loans.
Once you have finished the title loan procedure, the lender will do a hard credit check. The hard credit check will affect the credit with a few points and appear on the credit analysis. You must know that credit ratings do not play a key role when applying for title loans. Moreover, if you are worried that you won’t get the approval because of your credit scores, stop stressing. People with bad credit can apply for car title loans and get the required funds.
What are the documents required to get approval?
If you are a reliable client to get title loans, our experienced loan agents will contact you to submit the requested documents.
To get approval on your title loan request, you should submit the documents mentioned below:
- Lien-Free Title
- Valid ID such as driver’s license, Passport
- Income proof such as bank statements, latest pay stubs
- Address proof, for instance, credit card receipts
- Latest Vehicle Images
- Personal References
How can I improve my credit scores?
There are a few easy ways you can follow to improve your credit scores. Facing financially tough times, and not being able to make payments, you may worry about your credit scores. Wherever you go for a bank loan, a thorough credit history check is followed. The credit scores are checked to know whether you are a reliable client or not. If you have no great financial record, you won’t get approval on your loan request. Check out the amazing tips you can follow to improve credit scores.
Get credit details
The suggestion is to have complete details on your credit score and have a copy of the report. Check if the transaction looks fraudulent and clear the outstanding debts at the earliest.
Stop taking unnecessary debt
Do not spend unnecessarily especially on grocery items if your credit card offers you a good limit. Title loans follow a basic credit check process, approval is given because the equity is used to decide the loan amount and title to work as collateral. Applying for title loans online will be the best option to improve credit scores.
Pay consistently: If you have outstanding debt on credit cards, do not wait to clear the complete amount. Try to make small payments for lowering the debt burden constantly.
Paying timely: If you pay timely, you are working ahead to enhance your credit ratings.