Car title loans are good example of a secured loan that allows you use the clear title of your vehicle as a collateral to secure a loan. Car title loan industry is rapidly growing and the process that works between the lender and borrower is fairly simple and fast. It is a short-term loan which has a higher interest rates compared to long term loan, although title loan approval is quick and easy.

All you need to do get to nearest car title loan office with the title papers and a proof of residence to get your loan processed. You can furthermore send the required documents by the use of fax machine to get the loan processed and within few hours you would get 50% of the retail value of your vehicle.

The borrower gets to keep driving the car despite pledging the car as a security for the loan. As long as the borrower does not default on their payment, he will have his car back.

These types of loans are gotten with your car as collateral, swift and not complicated. It is a convenient option for an individual in the need of quick cash. It is a hassle-free process and you will not have to experience picky and complicated procedures that happens with a ban loan.

Furthermore, your credit history will not affect your application for the loan. It can be applied in places like lending firm or loan office that is very close to your residence. Contact them through phone or via email or just stop by their office.

These loans do not count on plenty documents like the standard bank loan. Although, you are still going to distribute some important documents to the loan agent or lending firm to get the loan. The following are the documents you need to get access to a car title loan.

  1. Your car’s insurance documents: There are specific lending companies or agents who ask for your car insurance document to get your loan processed.
  2. Driver’s license: There are specific agents or lending firms who request for your driver’s license as a proof of identification.
  3. Proof of income: You need to present a proof of income so that the loan agent or lending company would be able to know if you can pay back the loan within the schedule date.
  4. Proof of residence: This document performs a safety warranty for the lending company or agent.
  5. Your car title: The car title is a document that shows that you are the legal owner of the car, it is always given by the state. After submitting your car title, you are expected to leave your cars with the agent or lending company. After the loan approval, you will be able to drive your car while you pay up the loan.

Not having the capacity to pay your debt makes you stand a risk of losing your car to the lender as he would sell your car to get his money back.