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Auto Title Loan - Should You Go To A Bank Or A Private Lending Company?

Author : alona Rudnitsky

Submitted : 2010-09-30 10:46:54    Word Count : 525    Popularity:   8

Tags:   : Phoenix Title Loans Phoenix Auto Loans Phoenix Auto Title Loans

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Auto title loan is a very fast source of cash - so that as long as you have a car in your name, the title is clear and without lien, then you can raise funds in a matter of hours. The choice of lenders is on you. But before we check on which lender to go to, you have to know first the requirements.

The basic ones are - the unencumbered title of your car, proof of income, and driver's license. Some may ask for a proof of billing such as utilities bill. More strict lenders may ask for the spare key of the car. This will enable them to readily take possession of the car should you default in payment.

Some lenders also have a policy on car models. Unless your auto is a classic one which appreciates in value over time, then earlier car models may not qualify. This is the basis of the amount of loan that one can borrow. And let it be known that you cannot borrow an amount representing the market value of your vehicle - it is just a percentage of the prevailing value of the pawned vehicle. Many lenders grant up to 50% of the market price, some may even go lower.

Your lending institution can either be a bank or a private lending company. Today, the latter has become very prevalent. This is the reason why auto title loan becomes an easy process - they are in competition. This is also the reason why you, as borrower, can usually haggle for better deals in terms of amount of loan, interest rate and repayment scheme.

This is the big difference when you go to a bank for your car loan. The loan value, loan interest and amortization payment cannot be negotiated. Banks have definite policies on loans and to deviate from this policy will entail a long process. Besides, one request may not merit any deliberation for a change of deal.

And the biggest difference between these two lenders lies on the amount of time you have to wait to get hold of the proceeds of the loan. Private lenders can release the money faster. These lenders do not do credit checking anymore. Even if you have a previous bad credit payment record, you can still be granted a loan. Banks will always include in their requirement a good credit standing; thus background check on borrowers is done prior to approval. And this may take some time. This accounts for the expediency of the release of the proceeds from private lenders. Many private lending institutions can release the loan in a matter of an hour.

If you are in need of emergency funds and you have a car, securing a loan is now very easy. Aside from the banks, you can go to private lenders. But the bottom line is - scout and inquire for better deals. With the competition around, private lenders are more than willing to accommodate you.

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