Car title loans are effective tools for some people that need extra money, and happen to have a car to put up against the amount of the loan. Car title loans are good for doing some important holiday shopping, taking your family on a much-needed vacation, consolidating other debts, or doing some home renovations.
This type of loan works by using your car as collateral, the same way someone would use their house in a home equity loan. Basically, anything you need extra money for can be achieved with car title loans, as long as you and your vehicle qualify.
Is It Paid Off?
The first thing that your car must be in order to be eligible for car title loans is completely paid off. There can’t be any banks or other lenders that still own a piece of your vehicle for you to qualify for the loan. There can’t be any liens against the car, and no lease on the car. Whether you bought it outright from the start or made payments to get to the “paid off’ status is irrelevant, as long as it is paid off and you no longer owe anything.
Are You the Owner?
Trying to arrange for car title loans on a vehicle that has someone other than you listed as the legal owner is a good way to have the loan denied. For car title loans through Fast Access Finance, you must own the car, you must have a valid checking account and you must be at least 21 years old. The vehicle must also be fully insured, and the insurance must be current and up to date.
What’s the Distance Travelled?
So far, it seems like a 30-year old clunker with a half million kilometers on it would qualify, but there is also a mileage requirement. For your vehicle to qualify for a Fast Access car title loan, the distance travelled must be less than 200,000 kilometers.
How Old Is the Vehicle?
Also, the vehicle must be no more than 8 years old. These requirements help ensure that only quality cars and trucks are considered for the loan. The make and model aren’t particularly important, as long as all of the other requirements are met.
If all goes well, you can borrow as much as half of the equity available in your vehicle, and have it direct deposited within a day of being approved. Find out today if you are eligible for a car title loan by completing our online car title loan application.