Can I Get A Car Title Loan With No Credit Check?

 For those borrowers that have been turned down for traditional financing options, car title loans can be an option. It allows you to borrow against the value of your car, so there is no need to worry about a credit check. Here’s what we do know car title loans are fast and convenient. They are also relatively inexpensive when compared to other lending options. If you already have a car, it can be easy to get approved for such loans as long as your vehicle is worth more than $2,500 or less than $10,000. Before you decide to take out a car title loan, it is important that you know what to expect. When you borrow money for a title loan, you don’t need to worry about collateral as much as other types of loans. Still, it can take up to 40 or even 90 days before you are able to pay the loan off.

You will have 10 consecutive days after your loan term has ended during which you can pay off the balance in full without incurring any additional fees. You can also choose between a 12-month or 24-month repayment term, with an annual interest rate that is at least 9%. Your interest rate will be dependent on the state that you live in, and some states do not allow lenders to charge more than 18% interest. 

It is worth noting that you will be responsible for paying off the loan’s interest at a regular interval. If you are unable to pay off your loan in full, there will be a finance charge that is added to your principal amount. The longer your repayment term, the more expensive your finance charges will be.

If there is one thing that car title loans are known for, it is their quick application process. You can get approved quickly, with most lenders able to make a decision within 15 minutes of receiving all of the paperwork from you. Some lenders may ask you to provide additional information, such as an updated pay-stub, bank account statements, or proof that you are able to make loan payments.

The most common type of title loan is the secured title loan. The lender needs to ask you for proof of ownership of your vehicle in order to approve your loan request. Some lenders also require payment from a cosigner, who will have his or her liability on the car’s title transferred to him or her in like manner as if he or she had purchased the vehicle. This can help protect the lender in case something happens with your credit score as well as result in a lower interest rate overall when compared to other methods of securing a car title loan.

Conclusion- 

It is a loan and you have to pay it off. We just hope that you read the fine print of your contract. For example, if your interest rate is higher than 9% (which is what most states allow for), you might be better off buying a car with cash and a cash-out refinance on it, because any car loan will beat an auto loan rate. Learn about the other fees that can be added to your car title loans before taking out one with less than stellar terms. For help with the same, get in touch with Get Loans Approved. For more information, call us toll-free at 1-855-653-5448 and get the best help.