Title loans are extremely helpful financial products that many consumers take advantage of to get extra funds they need for any type of expense that can come up. However, it's important for consumers to realize that they will need to meet some basic requirements in order to apply and to be approved for a loan. One great thing to know is that it's typically much easier to be approved for this type of alternative loan product than it is to be approved for a traditional type of loan.
Before you decide on whether a title loan is right for you, you should learn as much as you can about what car title loan requirements are for title loans in and near Rock Hill, SC. The following are some of the main requirements to be aware of and to evaluate when you're deciding if you want to apply:
A form of identification is necessary in order to apply for these loans, and generally that of identification should be a driver's license. One of the most basic and important requirements for title loans is that the applicant and borrower must be at least 18 years old. Even applicants that meet all of the other requirements cannot be approved if they are not 18 years old yet. Your driver's license will show your birth date, and from that your age is known. Those who are under 18 can apply once they reach their 18 birthday.
The vehicle title itself will need to be given to the lender in order forth loan to go through. One important requirement to remember regarding the title is that it must be made out in the borrower's name. Another important requirement is that the title shouldn't have any liens on it. Liens indicate that another lender has partial ownership over the vehicle. In some cases, a loan might still be available despite a title lien if the borrower has enough equity in the vehicle.
Any applicant needs to have some income coming in to be considered for and offered a loan. Income indicates that the borrower will be able to keep up with his or her payments on the loan. There are many different types of income that can be accepted to qualify the applicant for the loan. Income does not have to be from employment wages or from business earnings. It can also come in the form of pension payments, social security payments, or other forms of income like child support or alimony payments.
Once you've applied, you're going to be considered for a loan and potentially offered a loan that features certain terms. Terms that will be described in any loan offer you receive include how much you can borrow, how much interest you will pay on the loan, and how quickly you will be expected to pay the loan back. You're are going to have to sign a loan agreement indicating that these terms are ok with you in order to be approved for a loan. You may have some options regarding your repayment schedule and the loan amount you choose to borrow. However, you will have to sign an agreement clearing laying out all these terms before the loan funds will be sent to you.
After you borrow the money, you're going to have a temporary lien on your title that shows that the lender has an interest in the vehicle and some equity. However, this lien will come off the title as soon as you have paid back all of the loan funds. Then, you will have full ownership of the vehicle as you did before you took out the loan and borrowed the money.
The first step in getting the ball rolling for you to take out a loan is to apply online. Fortunately, you can enjoy a very convenient and fast application with this type of loan. The application is going to ask you some very basic and simple details regarding your identity, your income, and your vehicle.
When it comes to your application, you're going to need to provide details that the lender will use to determine the value of your vehicle. These details will include what year the vehicle was made in and how many miles are on the vehicle's odometer. Also, the lender is going to ask what the make and model of the vehicle are in the application.
Car title loans in Rock Hill, offered by Woodgate Title Loans, provide a number of great benefits if you are in the market for a short-term loan. Applying is fast, and qualifying is easy with no credit checks. If you need quick cash now to pay off bills, make repairs or cover the rent, we’re here to help.APPLY NOW