Any type of financial crisis could be difficult to deal with especially when one doesn’t have enough savings. In today’s world, to maintain an expensive and easy going life one spend huge amount from their paychecks and therefore cannot manage to have enough savings which can be used during emergency situations. Hence, under such circumstances when an individual gets hit by medical bills or surprise expenses they are left with no other option other than borrowing.
Most of the lending company determines credit score of individual as eligibility criteria to qualify for loan. The credit score sums up complete credit history while representing creditworthiness of the individual. A good credit score increases the chances of approval with an affordable interest rate whereas a bad credit score increases the risk for lender hence can be an obstacle in getting loan approval.
Even with bad credit score, one can get instant access to cash with car title loans Fresno. Car title loan is a secured loan with the simplest process. It has a straight-forward loan process with minimum of requirement. Unlike traditional loan, one doesn’t have to be financially sound to qualify for the loan process. Any individual could easily qualify for title loan if he or she possesses a vehicle with clear and lien free vehicle title. Car title of borrower is used as collateral to secure the amount of loan reducing the risk rate and ensuring the lender about the repayment. Equity of the vehicle covers lender in case of loan default and hence allowing borrower to get access to some affordable repayment structure.
The complete loan process from start to end can be completed within few minutes as it doesn’t verify financial background of borrower nor does it require tons of documents. The lender usually requests borrower to provide with clear vehicle title, car insurance paper, a copy of photo identity proof and a regular income proof to complete the documentation process.
The amount of loan is determined by representative of lending company after he thoroughly analyze the condition of vehicle and evaluate its market value. Lender provides around 50% of vehicle’s worth as amount of loan and one can get a maximum of $50,000 if the vehicle is in excellent condition. Condition of the vehicle, its make and model are some of the basic factors which completely enhance the market value of vehicle. Hence, it is being said better the condition of vehicle, higher is the chances of getting a good loan amount.
In case of car title loan, lender uses vehicle title of borrower as collateral and therefore they cannot physically possess vehicle during the loan duration. Borrower can easily use vehicle while making monthly payments. However, in case of loan default lending company might repossess the vehicle and auction it to settle the remaining amount of loan. Getting a car title loan is really easy but getting through it can be difficult if one doesn’t plan on repayment during the early stage of loan process. Look for the most reputed and licensed car title loan company in your area to smoothly get through financial crisis.
Published by Joe Pirest