How many times have we not been forced to sell or pawn our possessions because we are in a financial crisis that seems to have no way out. There are no friends left to support us and it seems that all banks lend money only to those who do not need it and can afford what they want for themselves, but never to those who really need it because they have lost their jobs and debts and bills are falling. accumulating. This frustration is classic and can lead to despair and hopelessness. For this reason, the financial market has found in this need an opportunity to support its users and give them a hand when they need it most.
One of the major modalities that has become popular in recent years is the credit that is made with the guarantee of the ownership of a car. This means that it does not matter if you have been or are currently reported to credit risk centers such as ASNEF, since in this case it is not your history that guarantees your credit, but the ownership of your vehicle.
Things to note before requesting for a title loan. To make the loan it is necessary that you take into account that the amount of it will be made for approximately 80% of the value of the vehicle at most. This means that first you have to have an objective reference of the value of it to later be able to make the loan calculations. This objective assessment of the price can be carried out by the same agency that provides the service for free, through which you will obtain an official appraisal immediately and with all the documents required to carry out the rest of the process. With regard to the vehicle ownership documents it is imperative that they are in order and in your name, because otherwise it will not be possible to make any loan.
Similarly, it must be borne in mind that the age of the car is also an important factor when it comes to appraising the vehicle, since a too high loan cannot be requested for a car that has been on the market for 10 years. In case of non-compliance with the payment rules, the agreed deadlines and dates and definitively desisting from honoring the agreement in the terms and conditions, the ownership of the car will change and it will be in the hands of the credit agency. For this reason, it is more than advisable to have absolute knowledge about the ability to pay and personal finances when making one of these loans. It is key not to venture without having any support or hope of assuming the responsibilities contracted.
This is why it is important to be very well informed of the payment dates, which vary depending on each agency, but can usually be between 1 and 5 years. In case you need more time, you can negotiate it with the agent of the agency that contacts you to verify your data. Usually vehicles with more than 15 years old are not accepted as a credit guarantee, but if this is not your case, you can count on the fact that at any time you will have a capital in your name and you can use it as you wish. If you want to know more about the policies and terms and conditions of this class of secured loans, you can find several lists of all the vehicles and brands that are currently being accepted as collateral for the loan, on different specialized websites.