Surely you have often thought about how you could get financing, either with a credit, a card … etc but you may have never considered getting liquidity through the endorsement of your car. In this post, we tell you what it is, how to do it and what advantages you will get.
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Car title loans completely online is a financial service with which you can get money, you should use your car registration and proof of ownership. So the financial institution will keep the ownership of the vehicle and you must return the money borrowed plus interest in the established fees.
How does it work?
When you put your car as collateral, it becomes the property of the entity that has granted you the financing. The amount they will grant you will depend on the appraisal of the car that the same entity will make.
To return the money borrowed plus interest, you must pay a monthly fee, as if it were a rental of the vehicle since you can continue using it even if you are no longer the owner.
Once the debt is paid, the car becomes your property again.
In order to apply for a loan with the endorsement of the car, a series of fairly simple conditions must be met:
You must own the car you put as a guarantee
The vehicle must be less than 10 years old
Have a driving license
The ITV and the traffic permit must be in force
One of the biggest advantages is that it can be requested even if you are on delinquent lists.
In addition, it is a very simple and fast way to obtain liquidity, usually up to a maximum of 80% of the value of the vehicle.
It is more flexible and faster than other types of loans
However, even if you have these advantages, do not forget that when you request it you run the risk that, in case of default, we may lose our vehicle.
With whom to apply for a loan with the guarantee of your car
We show you the two main entities with which you can request this service, quickly and easily, through a couple of clicks:
Lite lender: Through its service, you can obtain liquidity with the guarantee of your vehicle in approximately 24 hours.