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What is a Title Loan?
By Title Loans Expert | April 3, 2012
While 1-800LoanMart helps people every day get the cash they need with our title loans, it’s easier to forget that many people are not aware of a great type of loan that any person can get. In today’s economy, banks only lend to people with pristine credit, and even then they’re overly cautious, but anyone who owns an automobile can get a title loan. Title loans allow individuals to use their vehicle’s equity to borrow money just like a home equity loan.
As collateral for the loan, 1-800LoanMart becomes the temporary lien holder listed on the vehicle’s title. A person with a title loan can still drive the car during the loan and the title is released to them when the loan has been paid off. The process is just the same as when the vehicle was initially purchased and the bank was listed as the lien holder. The minimums and maximums of the loan are determined by state, but all loans are otherwise determined by the year, make, model and mileage of the vehicle.
The title loans from 1-800LoanMart are a vast improvement over payday loans because they are fully amortized. Payments go towards both the interest and principle, which means there are no balloon payments. There are also no prepayment penalties, so the loan can be paid off at any time. An individual can have a loan out for a few years if need be, but a person can pay off the loan in just a few weeks and avoid most of the interest.
1-800LoanMart’s title loans process is much faster than a bank loan; people generally receive funding in one to two days. The first step is to fill out an online application. It takes only a few moments to complete. A title loans underwriter will contact you shortly thereafter with our offer and then walk you through the rest of 1-800LoanMart’s process.
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