Looking For Fast Cash Through Car Title Loans? Here Are Some Basic Requirements!Fast Action Finance
If you are looking for a quick and secure way to get the much needed cash, then a car title loan would be your best bet. What happens is that your car’s title is used as the collateral or the security against the borrowed amount. And there is more to this; you continue enjoying the use of your car even when the title is held by the lender. It is a fast way to getting cash especially if you are in an emergency situation. Today, more and more people are seeing the importance of taking out the car title loan due to the many advantages that come with it. If it is your first time and are wondering where to start, then this article has something for you. The following are the minimum requirements for taking out the car title loan:
You are required to provide the car title loan company with your social security number and driver’s license. These are very important because the company has to verify your identity. And you could be the rightful owner of the vehicle but are not licensed to drive. In such a case, the company will accept a valid state issued card, passport or military identification for the process to begin. You may be asked for a Social Security card just for some additional identification. The state issued card provided should have your picture and should be current.
As said earlier, you must prove that you are the rightful owner of your vehicle. You also have to prove that there are no current liens, so furnishing the car’s title and registration is just a must. Your company may also require the proof of insurance so that they are protected against damages if the vehicle is stolen or damaged. Also, you will be required to provide a lien release paperwork if your car was under a previous lien. You should note that all these documents are required in your name and should be provided to your title agent when applying for the loan.
Although auto title loans are increasingly gaining popularity among states, they could not be available in all states. So, you have to prove that you live in a state or locality that allows them. The car title loan company will need to see the recent phone bill or utility bill, along with the house lease, deed or a statement from your landlord. Usually, you will be required to provide the current utility bill; from the past thirty days because it will serve as a proof that this is where your car is kept. And the document should also be in your name. Residency documents are very important because the title agents will need to know where to find your car if you default on the loan or when the company has to confiscate the vehicle.
Today, title companies will require two or more references in order for you to obtain the loan. Some will even call for three to five references. As usual, any lender will want to determine your character or ability to repay the loan, so reference information is a must. On the other hand, the title loan companies may not contact your references; they do it only when you default or are unable to contact you. You will be required to provide at least one professional and at least one personal reference in order for the process to run smoothly.
Although you are providing the title as the collateral for the loan, you may still be required to prove that you can afford to settle the monthly payments. Usually, the auto title loan companies will require 1-4 weeks of pay stubs from the wage earners. And if you are self employed, then the company will require tax records of the last three years, bank statements and other financial documents. Those who rely on Social Security or public assistance are considered as unemployed borrowers and must provide statements as provided by the department of social services or even the Social Security Administration. Retired people can also go for the car title loan too; they are required to provide SSA, pension or retirement account statements.
Extra ignition key and the car
When you go to apply for the car title loan, you must have your car with you. There is a good reason for this; the title agent must inspect the vehicle for condition, mileage and body damage, as well as to make sure that the car’s identification number matches that of the title. The extra ignition key is a copy that will be required by the title agent.
At Fast Action Finance, we make sure that you get the much needed money within the hour. Don’t hesitate to contact us if you are in need of fast cash. Our friendly team of experts will be more than willing to guide you through the car title loan application process.