When a financial emergency hits many times you’re in need of quick cash. Traditional financing methods like personal loans or going to credit unions or banks can be extremely challenging because of the time it takes to get the money you need. Additionally, these companies look at your credit score and history very closely and many times you have to have good credit to get money quickly. This is where car title loans can come into play.
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Often times people who need cash quickly don’t have a newer car, and title loan companies are not interested in taking a bad loan on. You see, how an auto title loan works is like this: A person pledges the equity in their car, pickup truck, or SUV to a lender and then the lender makes a loan based on a percentage of the equity in the car, truck, or SUV.
So, as an example if you have a car that has $7,000 of equity in it, you may be eligible to borrow anywhere from 60-90% of the vehicle’s value. Of course, this depends on many different factors–one of which is the lender. The lender will decide how much risk they want to take and then will take the time to calculate out how much money they want to loan you. The main factors that go into this are as follows:
All in all, whenever you are considering getting an auto title loan for a car older than 10 years, or any auto title loan at all. Contact The Net Lender today to get pre-qualified for an auto title loan. You’ll find our staff easy to work with. Just simply fill out the application form or call us at (213) 893-4237. You can also call The Net Lender at 888-663-7074 and speak to a representative today. The call is free and there is no cost or obligation.
I am the head of the household and I know that pressure one can get from bills and discrepancies in your credit. I used my car I bought before I got married and it turned out to be such a lifesaver for me. I took out about half of what I was offered and wasn’t pressured any further. Thank you and hopefully my car will be eligible again if need be.