Often we are stuck in a situation that calls for quick arrangement of cash. The need could be related to health, property, education or any other requirement that cannot be ignored for long. If you have a car, OTL will give you a reason to smile. A car can be used as collateral to arrange quick cash and is usually approved within a day or in a couple of hours. A car title loan is the most preferred type of loan in case of emergency.
Some people are apprehensive about this approach because the interest rate is very high and repayment period is short. However, such is the nature of the loan that the benefits are far more as compared to the high interest. This loan proves to be an attractive way to arrange funds. To avail a car title loan, one needs to qualify for the same. The first criterion would be the full payment of the car. The car can be used as collateral if and only if, there is no pending payments on it. The loan amount that the bank or the financial institution approves is totally on the basis of the resale value of the vehicle. One can expect a good amount for a new car. Moreover, you should have purchased the car by your name that is, your name should be there in the car title to get the loan approved by the bank. Generally the loan is offered for a period of 30 days. OCTL offers auto loan for 36 months and does not even charge for pre-payment. Even if you have bad credit history, the loan amount will be sanctioned in a hassle free way as long as the above mentioned criteria are met.
The borrower also needs to submit the basic documents that are the age proof, the identity proof and other relevant documents while applying for the loan. However, the loan amount should be repaid within the stipulated time to avoid penalty of high interest rate in the roll over period.
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