People opt for loan on their home or vehicle to fulfill their unexpected requirements. There are many companies who are providing title loans for the people who are in bad credits or unstable financial conditions at low interest rates. The companies are increasing their sales to a large extent by providing and approving loans on their property such as homes or cars. Customers can apply for loans in online instead of visiting banks for the loan process. After successful submission of details, the loan agent itself contact the customer and explain the terms of the title loan from the repayment periods to the interest rates clearly. So, customers have to clarify each and every doubt of them clearly without getting overexcited. They understand your financial situation and approve the loan at a faster pace.
The Title Loan Company calculates and offers the loan package to the customer based on the value of their vehicle rather than the income of the person. They give the title for the vehicle as collateral and take possession of the property belonging to the customer until they clear the loan. After successful repayment of the loan, the loan offering companies lifts the property. The same process applies for the home equity line of credit. The only difference is in a car title loan, car is kept as a guarantee whereas in home loans, home is kept as collateral. The value of the home is the basis for approving the loan package.
Borrower who has taken the vehicle for lease from a renowned manufacturer: The persons who took the car for lease from the major manufacturers are not eligible to take this loan. Since, there is no proper title involved in this leasing process. Moreover, the lease will be held with the name of manufacturer rather than the applicant so, it is not possible to use the value of the vehicle as basis for loan package.
Borrowers who took a bank loan to purchase the vehicle: The key factor in title loan is that, loan offering companies use the vehicle as collateral in case the payment is not made by the customer. There is no proper title involved in this process, since; the bank has provided the finance for the customer to purchase the vehicle. The vehicle will be in the name of the bank until he pays off the debts for it.
Features offered by Loan Company
The features offered by this title loan company include:
• Excellent repayment facilities
• Low interest rates
• Good loan package
• Impeccable customer services
• Ability to apply for loan in online
• Professional and expertise agents