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Car title loans Douglass have become an extremely popular way to borrow cash quickly among those who own their car and are looking for extra funds to cover emergencies, past due bills and a variety of other reasons.
Douglass title loan is a loan that is secured or guaranteed by the car, truck or motorcycle’s title. So long as the vehicle is owned in the name of the borrower, the title is free and clear with no liens then approval for car title loans Wichita KS is virtually guaranteed.
Car title loans Douglass are much more convenient and user friendly than the more conventional loans that banks, credit unions and other financial institutions offer. To make the most of car title loans it’s important that borrowers know the facts so can use a car title loan responsibly.
Car title loans Douglass are designed to get borrowers the cash they need as quickly as possible, often in a matter of hours. To make the process run smoothly it’s important to know how the process works before you even get started.
To get a car title loan, a borrower must own a car. They must have the car’s title, also known as a pink slip, in their name and available to leave as insurance with the company offering car title loans Douglass.
The car’s title must be free of any liens. Known as “free and clear” title, the car or truck must be completely paid off or very close to paid off. There should not be any person or company listed on the title as lien holder. If the borrower’s title is free and clear, then the borrower has a high probability that the a car title loan will be approved.
If this is the case, the borrower must fill out an application to begin the process. The application is simple and divided into two parts. The first part asks contact and personal information about the borrower, including current job or monthly income. The lender uses the first section to decide if the person is able to repay the loan.
The second part of the application asks questions about the vehicle. A borrower will need to enter the car, truck or motorcycle’s make, model, year and mileage.
Car title loans Douglass use the car information to decide on what the value of the car is and how much they are willing to lend a borrower. The higher the car’s value, the more money a borrower can get.
Car title loans Wichita lenders do not run credit checks or check financial history. All they need to know is who the borrower is and what the value of their car is to approve car title loans. This means that a loan approval happens in minutes.
Once approval happens and the lender verifies all the documents, the borrower signs the loan agreement, leaves the car’s title with the lender until the loan is paid back and receives the funds. In just an hour or two, the cash crunch the borrower faced is solved!