There are a number of reasons why people generally go and apply for car title loan compared to other loans. In order to qualify, you just have to have a clean vehicle title, some government-issued IDs, proof of residency and proof of income. It doesn’t matter whether or not you have bad credit, lenders will focus on the mentioned requirements, sure there might be a few additional documents by typically nothing concerning a potential borrower’s credit. The maximum loan amount depends on the collateral, but to give you an idea it can be up to half the resale value of the vehicle.
TMG Loan Processing
TMG Loan Processing has partnered alongside ConsumerAffairs; basically, ConsumerAffairs has become their official car title processor. ConsumerAffairs is widely trusted by borrowers from all walks of life, they are bonded, licensed and well sought out. Once you’re set on applying for the car title loan, you can apply online, through phone and even live chat. The information you stated needs to be qualified then you will sign certain documents under your cash loan before you receive your funds.Regarding the amount you can loan, it is determined by a number of factors which include the equity value and the borrower’s ability to pay on time but the maximum amount could be $50,000. It is highly possible to get same day funding for certain cases. But the lender needs to take into account certain things like how early in the day they applied for the loan and how quickly the documents were qualified by their agents.
Once the loan is verified and funding is receive, the physical title of the vehicle will be held as collateral. The vehicle itself will remain with the borrower and they have full access to the vehicle as they complete the loan payment schedule.