A car title loan can be extremely helpful in case of financial crisis. Especially in case of medical emergencies, we look for short term loans. A car title loan is a kind of collateral loan in which the borrower uses his/her car as guarantee to get the loan amount sanctioned. On the internet, there are several banks and financial institutions offering online car title loans to consumers. The loan amount has to be repaid within the stipulated time.
The car title loan application process is simple and you can get loan with a few hours. A car title loan requires the client to present his identity proof, residency proof, income proof and references. Even if you do not have sound credit history, you can apply for this loan. However, if you are unable to repay the loan amount within the given time, the car will be taken away by the financial institute and resold to cover the loan amount.
The borrower has to provide the title of the car and duplicate keys after applying for loan. Even after applying for loan against the car, the client can use the car as long as he pays the amount to the financial institution on a regular basis for the mentioned time. Generally, the repayment period ranges between 2 weeks to 1 month. If there is any repayment issue, the stipulated time can be extended further. However, the interest rate goes up if the time period is extended. Once the payments are done, the title of the car is returned.
This is a quick and effective way of arranging money in case of emergency. On the web, there are reliable financial institutions offering car title loan. You can visit the site for better understanding of this loan process. CTL is a reliable financial institution through which you apply for auto title loan. The loan amount will be sanctioned within an hour. The financial institution has no pre-pay penalties and the repayment time is around 36 months.
On the web, look out for reliable institutions such as CTL to get money instantly. So, visit blog to get further details about the terms and conditions of the car title loan.
