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Car Title Loans – Way to Access Quick Finance
By Kevin Clark
Car title loans are one of many options for you to borrow money of your requirement. Taking a loan under car title loans is a very simple and quick process and therefore is attractive and useful for many borrowers.
Car title loans are offered for a very short period ranging anywhere from 14 days to a month after the loan is given to the borrower. It works like this. The lender takes in his possession the title of the car and another set of keys and allows you to drive the car. The title certificate is returned back to the owner of the car only when the loan is fully paid back. In the mean time the owner can use and enjoy the car. In case there is a payment default from the borrower's end, lender can sell the car to recover the loaned amount. So the borrower has to be punctual in paying off the loan in time to save you from repossession of the car.
Car title loans are very short term loans. Because the loan is offered for less than a month and in many cases for a few weeks, lenders charge a high interest rate on it. One can easily borrow up to a range of amount on the title of your car. The process of loan approval is kept easy and fast. It takes only 20 minutes to process the loan though the methods differ from company to company. So it would be more rewarding if you have searched extensively for the suitable lender on internet.
Lenders may put some conditions for offering the loan. Most of the title lenders will offer the loan only when there is nothing outstanding against you on the car. Another important condition laid down by the lenders is that the loan seeker must have clear title of the car.
Even if you can not pay off the loan in time, lenders give you the option of paying the minimum interest and you can extend the loan repayment period for another 30 days. This way you can extend the repayment period as many times as you like to do.
Car title loans should be availed after a careful study of the loan proposals and the loan should be taken only when there is no other alternative left for any loan. This is because high interest rate is involved and in case of payment default, you may loose your car to the lender.
About the Author
Kevin Clark is a financial analyst at Get Car Loans.To find Used car loan,Car title loans that best suits your need visit http://www.get-car-loans.net
Article Source: http://www.simplysearch4it.com/article/37584.html
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