What is a car title loan?

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What is a car title loan?

Many people do not know that you can actually get a loan using your vehicle as collateral. This type of loan is referred to as a car title loan and is offered to borrowers that are in need of extra cash fast. The cash from these loans can help you catch up on medical bills, needed home repairs, car repairs, mortgage bill, etc. But it is important to understand that the lender is required by law to provide a loan amount that is  less than the true value of your vehicle. This loan is generally best for emergencies and has to be repaid in a short amount of time.

To get approved for this loan, Ideal Lending, LLC only require that the borrower provides proof of income and a clear title to the car being used as collateral. If the borrower passes all needed requirements the lender will then approve the car title loan and the borrower will then sign the contract explaining all terms and conditions that will apply to this transaction.

By | 2017-04-18T17:25:55+00:00 July 29th, 2013|FAQ|0 Comments