Article provided by: TFC Title Loans
TFC car title loans in Riverside has been in the business of offering short term title loans for over twenty years. Their easy application and quick approval process can be beneficial when emergency financial needs arise. While loan amounts are based on the resale value of your vehicle, which is also the collateral used to guaranty the loan, you’re able to continue to drive your car, as the lender only keeps the vehicle’s title until the loan is repaid.
Are car title loans only for cars, or do other vehicles like motorcycles also qualify for title loans?
Most title loan companies will accept titles for motorcycles and RV’s using a similar application process, providing the resale value, or equity, meets the qualifications needed. TFC car title loans in Riverside not only accepts motorcycle and RV titles, but commercial trucks and big rig’s as well.
What documentation is required for a car title loan?
Most car title lenders require at least the following documents for loan approval:
Registration and insurance
Proof of income
Your income doesn’t necessarily have to come from employment, but you do need to show proof that you’re able to repay the loan. TFC car
title loans in Riverside accepts proof of income from pensions, alimony, and disability benefits, and the minimum income qualification is usually $1200 a month.
Are you able to get a car title loan with bad credit
Car title loans are one of the few loans available where a low credit score won’t affect your ability to qualify for a loan. Your credit score will still be obtained but, provided you’re able to meet other requirements, you can still be approved for a car title loan with a poor credit history
At TLC car title loans in Riverside those with bad credit can be approved for a car title loan as long as you can meet the other qualifying requirements. Meeting the other requirements depends on the resale value of your vehicle, of which lenders can usually loan up to 60 to 80% of, your ability to repay the loan, and whether you’re able to provide the required documentation.
What happens to my car if I don’t repay the loan as agreed?
Once a monthly payment has been agreed upon between yourself and the lender, the expectation is that all payments will be made in a timely manner, just like any other loan. If the loan is not repaid as agreed, you’re considered to be in default and the lender can retain the title and either add additional charges and penalties to what you already owe, or sell the car, as they are the title holder as long as the loan remains unpaid.
Some lenders such as TLC car title loans in Riverside will attempt to work with you to make other payment arrangements that would help ensure repayment of the loan, lessening the chances of completely losing your car. They have also added the convenience of automatic ACH withdrawals for monthly payments, making the repayment process as easy as possible.
A title loan from TFC car title loan in Riverside is a good short term solution for an emergency financial need, as you can often receive the money either the same day or within 24 hours.
Be cautious, however, and ensure you have the ability to repay the loan and avoid default, as your car can be repossessed and sold if that’s the only alternative the lender has to recoup the money loaned to you.Car Title Loans Riverside
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