There are various moments in life in which we do need some extra cash to deal with some of the problems that appeared. The payday cash loans industry is huge at the moment and there are various options that are available. However, one is normally dismissed or not considered. We are talking about auto title loans Chicago. Such an opportunity can bring in really fast cash and all that you really need is to be the owner of a vehicle.
What many do not know is that even the families that are stable from a financial point of view currently take advantage of auto title loans. Situations that normally warrant such a loan include job loss, a prolonged illness and unforeseen bills.
We now have access to various different loans and the auto title loan stands out as a very interesting short term loan that uses the car title as collateral. You basically have a lien that is put on the car title. You then receive money straight to your bank account.
Auto Pawn Loans?
There is a misconception that the auto title loan is exactly the same as the pawn loan. This is not the case. Lenders do use the title of the car and they do have access to it. However, as opposed to the auto pawn loan, with the auto title loan the possession of the car remains yours. Surrendering the car is not something that is required.
Auto Title Loan Requirements
One of the main reasons why people should seriously consider using the auto title loans is the fact that requirements are not at all strict. In most cases the lenders will require the following:
- A minimum age of 18.
- The person that borrows has to be the original car title holder.
- Vehicle should not be older than a number of years (usually 15).
- The car should not have a lien.
In order to get the auto tile loan, you normally only need age proof, identification proof, a utility bill, the vehicle registration and insurance documentation and a proof of income.
You will surely want to consider auto title loans since they are going to bring in fast money. That is done through the process that appears. Just as with all the other loan programs, you will have to submit a specific application. Lenders will consider financial situations and analyze car worth. Based on that, the lender will decide how much money can be given for you. There is absolutely no analysis of the credit history since that is irrelevant.
As you can so easily notice, it is really easy to get an auto title loan. This is definitely something that has to be considered. The loans are very fast and they will be finalized in under 24 hours in most situations. However, this does not mean that you should blindly consider the opportunity. You want to be sure that this is exactly what you would want to take advantage of. Make sure that you consider the different lenders so that you can choose the best opportunity.