Car Title Loan – Mortgage Your Vehicle!!
Car title loan is also referred to as an auto title loan or more simply called a title loan which is basically a type of security loan. In this case the borrower of the loan uses his personal vehicles as a secure repayment to his loan. In exchange of loan, the borrower must deliver a hard copy of the vehicle title to his lender and also allow him to put a lender to the car title. Once the loan has been repaid, lien is taken away and the car is now entitled to return to his owner. However if the borrower is unable to repay the loan, the lender is free to take over the car permanently and sell it or use it personally.
Is car title loan a right choice?
These types of loan are generally short-term and they have high rates of interest than most other sources available for credit. One major benefit of these loans is that the lender does not look back at the credit history of the borrower. No matter how bad is the credit history, the lender is only interested in the value of car and its present condition. But considering the high rates of interest of loan, it may pose financial difficulties to the lender. Almost all these loans can easily be taken in a few minutes, minimum value being as low as $100. Most of the lenders will hesitate to provide a loan of more than $500 to the borrower who is without any credit history because this can be too risky.
For those groups of borrower that have a regular source of income or has a better financial condition, he or she is more prone to get a loan from the lender. The credit score does not come into play in this process. Car title loan Cincinnati OH provides loans to a number of people in America without considering the credit history of the borrower.
States that offer Title Loans:
The amount of loan that can be acquired depends more or less on the value of the vehicle that is put as security. However not every state offers title loans to individuals. In some states this process has been made illegal. But states like Cleveland can help you get money in short duration of time. Cleveland car title loan allows one to get loan at minimum interest rates and give ample time to recover the loan.