Car title loans are basically loans that are given to car owners. The primary qualification for this loan is a car title in your name as per your ID. It is a loan that takes short time to be processed and the repayment is done on a monthly basis over a period of thirty-six months for most lenders in Orlando.
- Once you express our interest for the loan facility and the lender gives you a nod, you’ll be presented with a loan application for which entails personal and business information. The form is like a questionnaire where you respond to preset questions about your business, your address, both physical and postal address. The purpose of the loan is part of the details that you fill out. After you sign against your name on the form as proof that you’ve read and understood the terms and conditions of the loan facility and that what you filled is true to the best of your knowledge.
- The next step, you hand over the filled and signed application form to the Title Loans Orlando company who will go through and ask for clarifications on specific issues. After they are satisfied, you present the car title, your ID card and any other relevant documents. The loans officer will then appraise you and may demand to see the condition of your car. Then within a few hours, you’ll get your money in the account.
- Immediately the money is deposited in the account, you need to get the repayment schedule, which outlays the much you’ll be paying on a monthly basis. Read carefully the terms and conditions of the loan facility/. Where you don’t understand, get clarification from the lender- it is important to always ask for written responses, which will serve as evidence in case there is a problem.
- The other stage is the repayment stage. Here, you are expected to submit the loan repayments in time and avoid late payments, which will lead to penalties. The best way to ensure you are paying on time is to ensure you use the most convenient way for you. Sign up for online/ mobile transactions where you don’t have to physically go to the lenders office. Occasionally, request for a loan statement from the lending institution to ensure that you have records on your repayment and take the necessary measures in case there is a challenge. You could also choose to overpay your loan like for instance; after every two weeks or lump sum, this will reduce the loan significantly and you’ll be surprised the much you’d save.
What to avoid
Keep off from misappropriation of the loan proceeds. Whenever you approach the lender for some amount of money, you’re doing so for a purpose that is putting pressure on you. Bear in mind that it is a loan and if you don’t use for the intended purpose, it may not help you out of your situation and thus there is a likelihood that you’ll not be able to pay. Stick to your purpose and shun any temptations to divert the proceeds.
Before you think about taking a car title loan, ensure you have a spending plan (a budget) and be clear on how you will repay the facility. Shop around for the most competitive rates and terms; choose the repayment period you’re comfortable with.