If you hammered out the phrase “are there any car title loans near me? “in Google lately, then you have finally found the right place. TFC Securities Loan is a website that informs and facilitates all types of securities lending. They offer you an instant solution when looking for finance financing. emergency in your area and guide you to the best place to get the loan But first, what exactly is an auto title loan? Check out here at PaydayNow
An auto title loan is a loan for a small amount of money for a short period of time: To get a title loan, you give the lender title to your vehicle; your car, truck or motorcycle. You also pay a fee to the lender to borrow the money. The loan repayment term is generally 30 days. The only catch here is that auto loans are expensive and if you are not able to pay the money you owe the lender he or she can take your vehicle.
How to get the car title loan: The process varies from lender to lender, the basis being the same. The usual procedure requires someone to contact a securities lending center near their area or to visit the location themselves. After that if you are sure to take the loan, you need to present some important documents, for example your ID card, your application, your car title, proof of income, residence, insurance, etc. And of course, your vehicle too.
Some lenders also require their clients to hand over an extra set of keys just for their own protection. You may need to purchase a roadside service plan, and asked to give photos of your vehicle to the lender. Most of the time, the lenders check the vehicle in person to verify the good condition of the car. It is advisable to visit the lender in person so that the lender can verify the validity and authenticity of the documents. For security reasons, some lenders may insist on installing devices that track your location. They do not keep a secret check, but rather inform the customer of the installation.
It should be noted that after submitting a car title loan application, you have to wait for it to be approved by the lender. If your application is rejected, you must rework it and resubmit it. If the lender accepts your request, you will be asked to provide title to your vehicle. Then the lender will place a lien on your vehicle. After that, you accept and sign the agreement guaranteeing that you will repay the loan within the allotted time following the relevant guidelines. Once you receive the agreed amount, you get the money. Simple.
How Much Does an Auto Title Loan Cost? Usually, lenders charge a monthly fee. This can be a lot, sometimes 25% of the amount you plan to borrow.
How to compare the costs: Most loans have an annual percentage rate. This is called the APR. APR tells you how much it will cost you to pay money for a year. The APR on car title loans can be quite high. Make sure that when you get a car title loan, the lender gives you a detailed account of the APR and the cost of the loan in dollars. The APR includes a number of factors such as the amount of money you borrow, monthly finance charges or interest rate, how much you pay in fees, and for how long you will be borrowing the money.
What happens when you are unable to pay the money you owe the lender? You may find yourself in a situation where you cannot pay the lender and the money is owed. In this case, the lender may allow you to borrow the money for an additional 30 days, which incurs an additional monthly fee on you. This approach is called renewal or renewal of the loan.
If you keep delaying your loan repayment and keep renewing your loan, you could be paying a lot to borrow money. In this case, it will become more stressful for you to repay the loan.