Michael owned a small room above his garage, which he had converted into a gym and ran as a side business. One day, the gym floor gave way. Fortunately, no one was hurt but Michael had to get the floor fixed soon or he would lose the income his gym brought in. The problem was that he didn't have the cash for the repairs and his paycheck was still two weeks away. That's when his friend Rick told him about auto title loans. Thanks to auto title loans, Michael was able to get the gym repaired soon and continue his business.
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What are auto title loans?
Auto title loans are simply loans you can avail of using your vehicle as collateral. It provides an easy option for those people who need cash urgently. Auto title loans help you get quick cash without having to go through the complicated process of applying for the bank loan. Also, since you get a loan based solely on the value of your vehicle, other factors like your credit history do not affect your ability to secure a loan.
Where can you get the loan?
Auto title loans are freely available from registered loan agents or offices in your resident state. To get a loan, you can either visit the loan office personally or complete the preliminary documentation online, by visiting the lender's website.
What documents do you need to submit?
Auto title loans may not require as much documentation as a conventional bank loan but there are certain papers you still need to submit to the lender. These include:
o Vehicle Title: This is a document issued by the state, which declares that you are the legal owner of the vehicle.
o Driver's license: A driver's license serves the purpose of being a proof of identification.
o Proof of income: This is usually a copy of your last paycheck. This document lets a lender know if you can pay back your loan within the stipulated period.
o Proof of residence: It serves as a security measure for the lender.
o Vehicle insurance papers: Some lenders may ask for a copy of a vehicle's insurance papers.
In addition, when you receive your auto title loan, you are also required to deposit an extra set of car keys with the lender. After you receive your loan, you can continue to use your vehicle during the loan period. At the end of it, simply pay back your loan amount and accumulated interest and you are home free.
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