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Auto Title Loan: Get a personal loan if you own a car.
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By Joe Giunta http://www.about-online-loans.com
August 12, 2004

Auto Title Loan: Get a personal loan if you own a car.

An auto title loan is a loan that is secured by an automobile. If your loan is “secured” by an automobile it means that in the event you default or are unable to pay off the loan, the lender now owns your vehicle.

What are the requirements for an auto title loan?

While the requirements may vary from lender to lender, an auto title loan generally requires applicants to:

  • Be at least 18 years of age.
  • Own a vehicle that is completely paid off.
  • Currently have no liens against the title. (A Clean title)
  • Live in a permanent residence.
  • Earn at least $1000 Gross monthly income.
  • Have a checking account. (Some lenders do not require this but it is recommended)

All of the above information will most likely need to be verified in order to qualify for your auto title loan. Be prepared to show your lender proof.

What are the benefits of applying for an auto title loan?

The benefits of applying for an auto title loan are:

  • The lender does not have to perform a credit check
  • You can apply even if you have bad credit or credit problems
  • Your auto title loan may be approved the same day
  • The money can be deposited directly into your bank account.

How much money can I borrow with an auto title loan?

The amount of money you can borrow with an auto title loan will vary depending on your monthly income and the value of your car. High income plus high auto value equals a higher loan allowance.

What else should you know about an auto title loan?

The money borrowed with an auto title loan is typically due in 30 days but there are usually other options. One option is to roll over the payment each month and pay the necessary accrued interest. You can roll over the loan while paying interest until you have enough money to pay the loan in full.

It is VERY important that you keep in mind how much interest you are actually paying. Most auto title loan programs require up to 300% annual interest. That money will definitely add up over time so think carefully before you apply for your next auto title loan. Visit one of our loan providers located on the left to apply for an auto title loan

 

 

 

 

 

 

 

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