Sometimes, life is not at your side, and you have to encounter a medical emergency. You can’t handle it with medical insurance because you didn’t pay its premium on time. So, the fastest way to arrange funds for a medical emergency is to apply for California car title loans. Now, if you are wondering what you need to get this loan, then it’s time to find out details of its requirements.
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Applying for a Car Title Loan in California
You have two options to choose from when it comes to sending an application for a car title loan. The first one is a digital application, and the second one is going to a traditional financial institution such as a community bank or credit union. Even when you complete your online form, you physically go to an auto store where an expert will examine the condition of the car and provide details of your car’s market value. You can get a loan against your old and new car, though some factors govern the value of an old car.
Main Requirements of Loan
What you like the most about California car title loans is that you don’t have to fulfill a lot of requirements. Some main things should be to get instant approval. You don’t have to worry about your credit score when it comes to sending a loan application because a lender doesn’t care about your credit score. He is ready to grant a bad credit car title loan, as long as you own a car and have a lien-free car title in your hand.
Here are some documents you need to get a car title loan in California.
- Original and Lien-free Car Title, which depicts that you are the sole owner of this vehicle
- Income proof.
- Two valid references, you will share the phone number, name, and address of your referral.
- Your vehicle registration proof
- Proof that you have vehicle insurance.
- You also need to provide the lender two working copy of your vehicle’ key
- Name on your car title document should match with your Government-issued Identification card
How much Your credit History matter?
Although most lenders of California car title loans don’t care about your credit score and history, it doesn’t mean that they don’t consider it. A person with a good credit score can expect a better interest rate and APR percentage than a person with poor credit. When you don’t have a good credit history, then default risk for a lender increases. He increases the interest rate to handle this risk, so he doesn’t end up with a bad debt situation.
Wrap up
California car title loan is undoubtedly the best financial decision a person can take to meet his emergency cash needs. If you are facing a bad credit situation, then the bank doesn’t grant you a loan, and you can seek help from the online loan provider. They might offer you an expensive loan deal, but it’s worth it because your chances of obtaining a loan from a traditional loan provider are. You can check the cost of your loan through an auto title loan calculator that you can access online on multiple websites.
