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Auto Loans: Get Cash For a Car Title Loan Car loan or auto loan is a type of loan that accepts vehicles as collateral. Auto title loans allow lenders to place a lien on a car title, and the borrower temporarily surrenders the hard copy of his car title in exchange of a specific amount of cash. The lien is removed once the car title loan has been repaired, and the car title is returned to the owner. The lender is liable to repossess the car and sell it to repay the outstanding debt of the borrower if payments are put in default. Car title loan is generally a short-term loan and lenders don’t actually check the credit history of borrowers for this type of loan, but rather consider the condition and value of the collateral vehicle. Majority of car title loans with a minimum amount of $100, it can be processed in fifteen minutes or less. Others may verify a borrower’s steady source of income or the employment status but not really the credit score. The online world is the common source of car title loan lenders, though an actual store location is also available. For a borrower to secure a loan, he must present a valid government-issued ID like driver’s license, proof of income, proof of residency, a lien-free car title in their name, car registration, references and car insurance. Your loan’s maximum amount is determined by the value and condition of your vehicle. Generally lenders may offer up to half of the vehicle’s resale value and some lenders can even go higher. The borrower must have a clear, auto title, without current financing or liens, and that the amount of car title loan must be paid in full. Schedule of payments may vary but at the very least the borrower must pay the due interest at each due date. A single payment for a full outstanding amount must be collected at the end of the term of loan. There is an increasing demand of short-term loans such as auto title loans that led various lending companies to offer a software or mobile device application for their prospective clients to be able to view the amount of loan they can get and the monthly payments for availing an auto title loan. Indeed, internet has heavily influenced how lending companies promote their services and reach their clientele through car title and other short-term loans offer loan applications, pre-approval and approval online. At the moment there are twenty states allowing title loans that include Wisconsin, Virginia, Utah, Texas, Tennessee, South Dakota, South Carolina, Ohio, New Mexico, Nevada, Missouri, Mississippi, Louisiana, Kansas, Illinois, Idaho, Georgia, Delaware, California, Arizona and Alabama.The Beginner’s Guide to Funds

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