Car title loans let you borrow money against a car that you already own. While banks often make you jump through a variety of hoops to prove that you deserve a loan, title loan lenders require less information from you. Most lenders will never even ask why you need that money. As a new borrower, you usually need just a few things to get one of these loans.
Paid Off Vehicle
These lenders require that you have a vehicle that you already paid off. If you default on your loan, the lender can legally take ownership of your vehicle to pay off your loan. You cannot take out a loan on a car that you still owe money on because the original lender has first rights to that vehicle. With a title loan, you can borrow money against any type of vehicle, including your primary car or a motorcycle that you only ride on the weekends. Some lenders ask that you bring in your vehicle for an inspection before you can get your loan.
Source of Income
Any lender will require that you have some source of income before giving you any money. That lender wants to make sure that you will pay off your loan in full. You may find lenders willing to work with you if you do not have a full-time job. Those lenders need to make sure that you have some source of income though such as government payments that you get each month. Lenders can work with those who are self-employed too.
You must have a bank account before getting a title loan too. Some lenders can actually deposit the loan directly into your bank account and withdraw any payments that you make in the future from that same account. Other lenders allow you to come in and make payments via cash or with a check. Lenders will check that your account is valid before giving you a loan. With auto loans in Jacksonville, FL, you can easily borrow the money that you need and pay it off over time.