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Things to Know Before Opting for a Title Loan

A title loan is simply defined as money lent in return for temporary property holding. The borrower signs a temporary deal of giving the hard copy of the property to the lender in return for a percentage of money. The term period of the loan may not exceed more than that of thirty days.

The title loans are more commonly pledged on cars’ titles. The major difference between personal loans and title loans is that personal loans require your bank statement and title loan requires documents on your vehicle and the existence of the car’s title with the borrower.

Difference between auto loan and title loan

Auto and title loan both use the same entity – vehicle, but the approach of money lending is different. Let us look at the difference between these closely resembling loans.

An auto loan is used to purchase a vehicle. The amount is given based on the value of the car to be purchased. The vehicle to be purchased is taken as a pledge. A person opts for auto loans when they are short on cash or funds to purchase the car with it. They would have to visit banks or other financial institutions, where the bank would scrutinize their records before allowing for the loan.

A title loan is pledging the car to receive money for any purpose. The funds can be inspected for purchase by certain companies. In this type of loan, the user of the car pledges their title for the car. The term of the loan is for about thirty days or less, depending upon the company’s rules, the company may have other requirements. Furthermore, if the user fails to pay the amount, the car and its title will go to the lender.

Difference between installment loans and title loans

Installment loans provide a lesser amount of lending, and the amount is paid back in little parts on a monthly basis. Installment and title loans both have a higher rate of interest but offer quick cash. Plus, such kinds of loans are better for their short-term nature.

Title loan regulations

Car title loans are widely spoken and used across the world. We also have land title loans, which is otherwise called as ‘collateral loan,’ which appears to be similar to car title loans. India, being a country having agriculture as one of the major economic sectors, lands and buildings are pledged for collateral to be used various purposes such as education.

Recently, the legislature passed the order for banks to accept agricultural lands in return for financial assistance to students to pursue education.

The regulations for a car title loan are simple and fast. It doesn’t require the checking of credits. It only requires a vehicle free of liabilities, and the amount will be lent depending on the quality of the vehicle. The only drawback of this is the short-term feature of car title loans.

The feasibility of the process and responsiveness of the lenders drive many to opt for this, but there are certain things that the customer or borrower should be aware of.

The credit of the borrower isn’t a matter of consideration to be qualified for the loan, but the borrower must ensure they have a way to pay back in a short period.

The money is huge and quick, but the rate of interests is higher and keeps rising as the default period prolongs. In the case of default, the loan amount can be circulated towards filling the gap without leaving much of a risk by confiscating the car in case of delay.

Watch out for the most reliable title loan company.
Ensure their credibility and reputation. If it is your maiden attempt to go for a car title loan, then consult from your circles.
Inquire well about hidden fees, hidden costs and other costs which may show up later during the procedure.
Ask for quotation, and compare interest rates of different companies before choosing your lender.

The requirements for application of car title loans are as follows:

Proof of residence – Valid ID.
The existence of liability free vehicle
Income tax certificates and any other legal requirements.
A hard copy of car’s registration.

Make sure you know everything about title loans before looking for further options.

With the growing popularity of car loans, especially auto loans, people confuse the term with a title loan. Title loan comes with its advantages as well as its disadvantages. It must always be remembered that for a person to apply for a title loan, the person should have the title of the car before the person applies for the loan. No possession of the car title means no title loan for the borrower.

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