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Fast Car Title Loan
********There are several US states that lets you get fast car title loans. Fast car title loans are loans where car buyers like you are charged higher-than-normal interest rates. Because fast car title loans have generally short loan terms, usually around 6 to 12 months, they are offered at high rates.
Fast car title loans are so called because they provide you with a fast means of getting finance for emergency costs, such as hospital bills (excluding doctor's fees), medical bills, car repairs, house repairs, and more. In fast car title loans, you use the title of your vehicle as collateral in exchange for a certain amount of money. The largest amount you can get for a fast car title loan is $2,500 with a range of $500-$2,500.
How much fast car title loan you can get depends on several factors but there are five basic requirements. Scroll down below for information on these fast car title loan requirements.
Car Title
A car title is a legal document that identifies you as the owner of a vehicle or a car. It pretty much acts like the title that you have for a property. A car title is very important to have when you apply for fast car title loan since it is one of the basic requirements that your lender is going to look for. In fast car title loans, you use your car title as collateral or guaranty.
If for some reason you are unable to pay off your loan or you default on your monthly repayments, the lender will repossess your car and either put it up for auction or for sale.
However, in most cases, repossession can be avoided if you take on another fast car title loan to pay off your current loan. By doing this, you allow yourself additional time to find enough funds to pay all your debts.
Minimum Annual Income
All loans require a borrower to be earning money. Otherwise, how would they be able to prove to the lender that they are capable of paying off their debt? In fast car title loans, the same thing applies. However, as opposed to regular loans, fast car title loans only require a minimum annual income. Even if you're earning around $1,500 every year, you can still qualify for a car title loan.
Your rates are usually affected by how much yearly income you have. If your yearly income is above $1,000, then you can qualify for a $2,500 fast car title loan and get rates based on the Kelly Blue Book of car value.
Employment Record
In order to qualify for any loan, you need a substantial employment record. You also need to be currently employed at the time of your application. Self-employment, no matter how lucrative your venture might be, could very well mean problems in getting approval for a fast car title loan, or any loan for that matter. So improve your chances of getting approved, you must be employed at the same place for a period of six months or longer.
Residence
Lenders also require proof of residence when you apply for fast car title loans. And not only that, they need proof that you've been living in the same place of residence for at least six months. If you've stayed there for far longer than that, then your chances of getting approved would certainly experience a boost.
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