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More FAQs - Auto Title Loans

June 15, 2012 | Comments: 0 | Views: 180

If you are planning to apply for an auto title loan in your city, there must be several questions that you have in mind. Assuming that you would want to know more even after reading our list of basic FAQs about title loans, we compiled a list of advanced FAQs.

How much money can I get from a title loan?

The money that a loan applicant is granted by a lender depends on the value of the collateral that is used to secure. The general rule is that the value of the loan granted is half of that of the collateral. However, other factors negatively or positively impact on it. To find out a close estimate of the value of loan that a lender of auto title loans is likely to grant you, enter the details of your vehicle at the Kelly Blue Book website.

Does my credit score affect the amount of the loan I am granted and the interest rate at which I borrow?

Perhaps the most unique feature of an auto title loan is that its lenders don't use the credit scores of borrowers to make decisions. Although, lenders do run credit checks for internal documentation, they don't use it to make calculations. The three most important factors that do impact lenders' decisions are:

i. Income of the borrower ii. Equity of the vehicle being used as collateral iii. Cleanliness of the title

Other factors are used by lenders depending on their policies. To find out about them, contact the lender you are planning to borrow from.

What is the minimum and maximum time lenders take to process and reject/accept applications?

Given the brief list of factors that lenders use to judge applications, the time it takes to process them is very short. The minimum time a lender will take to process and accept your application is an hour while the maximum duration is no more than two days.

Where does my vehicle go after it is used as collateral for an auto loan?

To use vehicle as collateral, borrowers have to submit their vehicles' pink slips to the lenders. The transfer of the pink slip to them means that the lenders have the legal ownership of the vehicle as long as the loans have not been paid back. However, in spite of legally owning borrowers' vehicles, lenders allow them to use their vehicles. Once the loan is paid back, borrowers are returned their vehicles' pink slips.

Is there a penalty for paying back the title loan before the date that was mutually decided earlier by me and the lender?

No, there is no such penalty to be paid. Is there a way I can get to know more about title loans in a customized way? If you still have questions that haven't been answered, you can call up the auto title loan officer in your area and find out all that you need to know about.

The number you need to call at is 1.800.737.0900.

A Car Title Loan.Com provides great rates on car title loans and Auto Title Loans, collateral loans, and pink slip loans. Get cash in 1 Hour. Bad credit is not a problem. Keep and drive your car while you pay back the loan. You keep the cash and the car; we keep the title; it's that simple. Serving CA, AZ, and NM since 1994. Apply online or call 1-888-744-8953. or visit us at

Source: EzineArticles
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