If you need money quickly and can’t get traditional financing and friends and family don’t have money to lend you a car title loan is one option that people use. One question that people often as is this:
First, let’s explain how a car title loan works. A car title loan is a loan that a lender will loan you based on the equity in your vehicle. Here is a list of frequently asked questions you can read. A lender will want to know about your vehicle including the make, mileage, condition, and the status of the title. The lender will then loan you a percentage of the vehicle’s value. Make sure you understand the following: The lender is not a charity. The lender is in business to make money and they do this by charging interest on the amount of money you borrow.
Why won’t an auto title lender loan you the full blue book value of the car? The lender wants to protect their investment. So, when you borrow money they will not loan the full amount because your vehicle will depreciate over time. Cars depreciate pretty quickly and this article explains why.
Now, let’s answer the big question:
It is very unlikely you will get a vehicle title loan without having full insurance. Why? Because if you are involved in an accident and the vehicle is damaged, the lender wants to get their money. When you get a pink slip loan (also called a car title loan) the vehicle lender will be on your vehicles title. If you wreck your car they will be entitled to collect insurance money. Of course each situation is different, but the chances of getting an auto title loan without car insurance is very slim. The lender is going to want to see full coverage.
If this doesn’t make sense think of it like a home mortgage. A bank or lender will not want to loan you money on your house unless you have full coverage on your house. They have a financial interest in your home.
If you have any other questions please fell free to call TNL Car Title loans today. You can call us at 888-539-6466 or fill out the application form on the website. There is no risk or pressure or hassle to call. Our staff is trained to answer your questions and help you get the information you need. If you live close to Los Angeles and need a Los Angeles vehicle title loan call 213-893-4237.
They have an outstanding lineup of professional associates. I received my money within 24 hours. Thanks Steve!