How to Get Car Title Loans Marietta Online
There are many different online providers of car title loans. Their applications differ but the application process and information asked for is more or less the same. Some of the information required by Atlanta title loans lenders include your personal information and information regarding your vehicle. With regards to your vehicle, the make and model, mileage, VIN and insurance information among others will be required. Insurance is especially important since a cash title loans lender might want to purchase extra insurance for the car. The reason is that the lender will possess the car title while you are yet to clear your loan.
Once you submit the application form for title loans online, you must also submit the car title. Some of the things that the lenders demand of the title include the following. First, the title must be a clear Georgia title and not salvage. Second, there must not be any liens on your car. That is, it must be fully paid off. Once these are submitted, you have to wait for contact from the lenders representative. All transactions can be completed online or you might be required to visit the physical premises of the lender.
The application and approval process can take less than one hour especially when applying for title loans online. The main reason for this is that they car is used as collateral and hence lenders don’t need to do some credit checks. You can get anywhere from $100 to $50000 in a matter of minutes depending on the lender. There are high approval rates for loans applied for online.
On your part, you stand a high risk of losing your car incase of default. Many lenders actually count on this by providing terms which ensure that you default. The reason for this is that lenders usually give loans of amounts less than half the value of the car. If they sell the car, they are likely to make a profit which they keep. It is therefore important to weight the risks involved against you need for money before applying for cash title loans online.
Pitfalls to avoid applying for a title loan from Marietta online companies
Getting title loans online can be challenging for the borrower. The reason for this is that many of them render themselves as vague. The borrower usually finds many of the quotes given inconclusive of all information he or she needs to make sound judgment concerning the loan. Here are some of the problems you can expect to encounter and ways to avoid them.
- Personal data harvesters. Giving away too much of your personal data to unscrupulous title loan lenders. Although any industry operating online is susceptible, some consumer advocates argue that the online title pawn marietta industry sees more of such cases. Many of the businesses involved in such practices have unclear or non existent quotes. What they are after is your information which they use for marketing purposes or for sale to third parties. To avoid such businesses, ensure that you do some prior research on the company before providing your personal information.
- Vague valuation of automobile. Since your car title is used as collateral for the car title loan, the lender has to provide information with regards to what percentage of the vehicles value you can get for the loan. If you are dealing with an online Marietta title pawn company, contact them directly if there isn’t information concerning the valuation of the vehicle provided on their site. If they cannot provide such information after calling them, it’s best to move along to another lender.
- Lack of specific details. In a bid to confuse the borrower, some title loans Marietta lenders use promises of fast cash and high approval rates to lure unsuspecting consumers. The specific details concerning what would happen incase of default or extensions are rarely mentioned. As a result many borrowers find themselves in a rollover situation. This is where in the event of extension of the payment period, the debt balance is treated as a new debt and higher interest rates are applied. These rates are compounded monthly on the balance often leaving the borrower unable to pay off the debt. Therefore instead of relying on the fact that you can get fast cash in order to apply, look for specifics concerning the loan before applying for it.
- No customer service. Someone in need of fast cash is usually vulnerable to predatory car title loan lenders. Many of these companies don’t invest in customer care staff or even provide contact information. Most borrowers fall prey to these firms and end up in deep debt and lose their cars. To avoid such a situation, it is important to do some research on these companies to ensure that they aren’t simply after your money and assets.
Can Marietta title loans lien be settled?
In some cases, borrowers find themselves unable to clear off their Atlanta title pawn debt. Are there other ways to pay off the debt?
Lien refers to the right to possess a creditor’s property as a way of repaying a debt in the event of breach of contract. A lien lender therefore refers to a lender who has the right to possess property belonging to a borrower who took a car title loan but is unable to pay in cash. Lien lenders indicate that they are such in the loan contract and you can therefore offer them property as a way of paying of cash title loans you cannot clear with cash.
When can you settle a car title loan Marietta Lien?
In general, unless you have entered into a lien lender agreement with the lender, they are likely to reject lien lender settlements. Therefore, if you would like to have the option of settling a car title loan in Atlanta lien, it is best to check the terms in the contract to ensure such a provision is given before signing it. However, if you already have entered into a contract which doesn’t have such a provision, you will have to pay off the loan in cash terms.
If the agreement has a lien lender settlement provision, you need to value the property you intend to give ad payment for the debt. If you don’t have enough property to clear off the debt, it is best to try and work out a deal with the lender. However, in many cases, trying to settle Marietta title loans lien with property might require that you give property of higher value than the loans value.