For immediate release : April 19, 2012, â€” Sometimes referred to as a car title loan (or auto equity loan) using the equity in your car to get a loanÂ can be very helpful in case of a financial crisis for you or your family. For example, some people have Â medical emergencies, and needÂ short term loan. A car title loan is a collateral loan in which the borrower uses the value of his/her car to borrow against. Therefore the applicant must have clear title to their car.Â Stated simply, they must own their car outright without any liens or encumbrances.
The auto title loan application process is simple and you can usually secure a Â loan within a few hours. The quick and easy process requires the prospective borrower to show proof of identity, and residency. Applicants without a positive credit history, can still secure a loan. Loans are usually 7 â€“ 14 months in duration.Â If the borrower is unable to make the monthly loan payments on time orÂ repay the loan the car could Â be repossessed.
The borrower can use the car during the time of the loan. Occasionally, there may be a Â repayment issue.Â InÂ that case, the loan may possibly be refinanced. When all Â the payments are made, the car title is returned.
This is a quick and effective way of arranging money in case of emergency. In Florida , there are a few reliable companies offering these loans. You can visit www.AutoTitleLoansFlorida.comÂ for more information.