Financial emergency never comes with an alarming bell. It comes without any alarm or signal and catches you unarmed. You have the problem without any solution on the horizon. Your credit rating is not good enough to get you emergency funding from any bank or financial institutions. You can go for the car title loans to get the loan against the ownership of the car which you possess.
How to get the loan against the car?
You can get the loan for your emergency funding against the title or the ownership of the car which you have. Although you have the ownership of the car and the car is registered in your name, but the name of the lending company will also be added as the co-owner of the vehicle. Your loan amount will depend upon the valuation of the car or the vehicle which you own. The title of the car will be used as the collateral for your loan. Since your loan is secured hence the rate of interest will be less than the unsecured loans. You can pay the loan amount in equal monthly installment from 24 to 36 months.
What are the pre-loan conditions?
- You should be a citizen of UK and be behaving the age of more than 18 years.
- You should possess a secured monthly income and have the capacity to pay the loan taken against the owner of your car.
- The loan amount will be decided on two main factors; one how much is your monthly income and what is the present valuation of the car which you own.
- Any person who is not serving can also apply if he or she has the pension or any other source of monthly income.
- Your employer must issue a certificate that you earn the amount on a monthly basis which you claimed as your monthly salary.