Is Having the Title in your Possession Required to Get an Auto Title Loan?
Many times people have financial emergencies–nobody likes them–but it is a part of life. No matter how hard you work, plan, and save there are sometimes emergencies that nobody can predict–medical bills, home repair bills, car repairs–the list goes on and on. Short term loans can be a way to bridge the gap and get you the cash you need quickly, and one way to do that is by using a car title loan. The benefits of a car title loan are that they generally don’t require good credit to borrow the money. There also is not a complicated application process. Many times, as long as you get the information to the lender, you can get the funds the same day…sometimes in as quickly as a few hours. One thing to keep in mind, however, is that there are some requirements to qualify for a car title loan, and we can help you with what is required in San Diego and the the rest of California.
Financial emergencies come up more often than anyone appreciates, and at times, there simply isn’t
Title Loan Requirements for San Diego
First, you need a vehicle that qualifies. In California, the minimum loan amount for an auto title loan is generally $2,500. So, your car, truck, boat, RV, SUV, motorcycle–or whatever vehicle you decide to get the vehicle collateral loan in must have that much equity in it. The lender will use your vehicle as collateral so you have to pay back the loan. The lender will also place a lien on your vehicle, so it is important that you understand what a lien is.
When your car or truck or motorcycle has a lien on it, that means that the bank or financial institution that is loaning you money owns part or all of the vehicle. This gives them permission to repossess your vehicle if you do not make on-time payments to the auto-title loan company. Some pink slip loan lenders may offer you a loan that pays off your vehicle if it has an outstanding loan balance on it, but keep in mind that you generally will be going from a lower interest rate to a higher interest rate.
The other necessities that are required in getting an auto title loan include having full-coverage insurance on your vehicle, providing identification, proof of income, and also some professional and personal references. The lender wants to make sure you are able to pay back your car title loan in San Diego because that is when they make the money. Generally, you need to have an income of at least $1,200 to be able to qualify for a car title loan in California. Why does the lender require that you have full-coverage insurance in place? It’s quite simple: They have a stake of “ownership” in your car and they are using your car as collateral, so if you were to get in an automobile wreck, the lender will want to get paid since they are on the title.
If you need quick cash give Big Car Title Loans a call today! They will take the time to answer your questions. Or, just click on the apply form and enter in your information so that you can be sure to get the money you need as quick as possible.