Collateral car loans are secured loans that pledge a fully owned car and car title as collateral for the loan. The debt is thus secured against the collateral.
Unsecured bank loans and short term loans can never be compared against secured loans
Secured collateral car title loans attract lower interest rates than unsecured bank loans or short term loans. Borrower’s credit rating is a factor that affects unsecured bank loans and short term loans but has no bearing on collateral auto title loans since the loan is already secured by the collateral.
Main benefits of secured vehicle title loans
No credit check title loans have the lowest interest rates in the lending industry. Much lower interest rate can be offered against anything the closest competitor can offer as well. Payments can be as low as $99 per month. Loan repayment terms are the longest up to 4 years. The borrower can continue using the car while repaying the loan because the lender temporarily holds on to the car title and places a lien on it until the loan is repaid.
All that is needed to apply:
- The loan only needs a fully owned car and car title as collateral. The car title needs to be lien free.
- A valid driver’s license.
- Proof of permanent residence.
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