Auto Title Loans
How an Auto Title Loan Works
An auto title loan or car title loan involves the use of one’s car title as collateral to secure a loan. One major benefit of this loan is that you do not have to give up your car once the loan is approved. You get to keep and use the car even while the loan is still active. Car title loans are growing in popularity as it is an easy way to generate fast cash and they do have some great benefits to them.
What We Need for a Title Loan
Like any other loan, there are certain requirements you will need to meet if you are to qualify for this loan. This may differ a bit from agency to agency, but the requirements are really basic. The main requirements are:
1. A title that is free and clear.
2. Proof of income which should be a verified income of $1000.
3. Spare keys.
4. An appraisal of the vehicle. The loan agency will more than likely just check your vehicle, and do an evaluation to determine if it can be used to secure the loan. Some agencies will allow you to even apply for the loan without taking in the vehicle for an inspection.