Andreea Lucia Mihalache

How Can Car Title Loans Get Approved Faster? Car title loans are loans approved after a short period of time, usually 30 days, and have the car as collateral. This means that if you have not paid your debt, the lender can take your car and sell it in order to get their money back. Some lenders offer you the possibility to extend the loan, but this only translates into paying more money. Lenders limit the number of times a loan can be extended, taking into consideration the fact that if you haven’t been able to pay your debt when it involved less money, you will most certainly not be able to pay back when there is more money. How do I qualify for a car title loan? First of all, you must own a car and by that I do not mean one that you’re still paying for. The car and the paperwork that comes along with it must be completely done with. Second of all, you must be over 18, but in some states the age limit is 19. If you do not meet this imperative requirement, you are not eligible for this loan. Third of all, you must be able to make proof of your income, have a bank account where the money could be transferred to and from which they can withdraw the money you own. How do car title loans work? You have two options: apply online for car title loans or find a company that offers this type of services. Applying online will only take you a few minutes, while driving to the company might take you longer. On both situations you fill out the forms they give to you, while presenting a valid ID, a proof of income and a valid account where they will transfer the money if you get selected. The lending institution will ask you to bring your car to check it, the clear title and maybe a spare set of keys. While you are applying online, they will look over the information you have provided to them and will send you a loan offer. Whether you accept it or not, is totally up to you and your expectations. What type of car title loan will be approved faster? Let’s do the math to clear things out for you. In the first case – online application – you will quickly fill out a form, provide them the information they need and then wait for the offer. Once you accept the offer, they will transfer the money into your bank account. Plus, you get to keep your car and drive it throughout the entire loan period. Some lending institutions might send a person to take a few pictures of your car, but some won’t. It depends from lender to lender and it is up to you to find the one that fits your needs and expectations. If you choose to find an institution that offers this kind of services, you will drive to their office, fill a form, wait in line, get your car checked and then wait for an answer. This will definitely take more time and the approval process might take longer. Does this mean online applications get approved faster? As a result of the previously-presented information and benefits, going for an online application is a must if you aim for a faster approval. No more searching for an office near you, driving down there, filling forms and waiting in line. Online forms are easily filled, time savers and the biggest win is the fact that you get to keep your car. Car title loans have never been safer and faster than now.