Turn Your Car into Quick Cash with No Inspection | Pitri Loans Guide
The offer of loan companies is insufficient for you due to the low value of the services? You can take advantage of a car title loan, which guarantees conditions similar to those offered in banks when you decide to take out a loan. A high maximum amount of debt, as well as an attractive repayment period, up to several years. This type of loan is becoming an increasingly common service which allows to turn your car into quick cash with no inspection. However, before you decide to take advantage of a loan against movable property, find out more about this offer. We encourage you to read the entire article and gather information that may prove useful if you are interested in a car title loan.
Car title loan – basic information
What distinguishes a non-bank car title loan? First of all, it is an offer available to people who are the only owners of passenger cars included in the vehicle registration document. The car as collateral for the loan must meet several conditions. The currently paid liability insurance is important as well as the year of the car is also important. Lenders grant loans against collateral for vehicles that have not exceeded a maximum of 12 years from the date of production. These conditions are similar to those required of bank customers applying for a car loan.
When deciding on a title loan, you must bear in mind that the loan company will become a co-owner of the car, up to 51%. After paying off the loan, the lender, in accordance with the contract, ceases to be a co-owner of your vehicle. During the term of the contract, the borrower can use the car without any problems. However, until the loan is repaid, it is impossible to sell the car or appoint another person as a co-owner of the vehicle.
How is the process of turning your car into quick cash with no inspection?
After selecting the company whose services you want to use, it is necessary to fill out the application, and after receiving the loan approval, the lender, together with the contract ready to sign, will send the vehicle transfer agreement and the form that allows you to enter the lender as a co-owner of the car in the communication department. The borrower has seven days to settle the formalities related to the registration document and send a copy of the document to the lender.
When applying for a secured loan, you are not required to provide a certificate of permanent employment or earnings and can get the help you need without the hassle on pitriloans.com. Collateral for the loan allows you to provide an attractive offer, thanks to the minimized financial risk.
What documents will you need to obtain loan approval? All you need is your ID card and the car registration document that will be pledged. This is a huge facilitation, especially if you have in mind the procedures related to granting a loan.
Advantages of secured loans
The biggest advantage of this type of loan is the greater flexibility of the offer. The service recipient can easily secure access to high debts as well as monthly installments that will be spread over a period of even several years from the date of signing the contract.
The amount of the loan granted will depend largely on the value of the vehicle that will secure the liability. However, loan companies are ready to grant debts, even for $50,000.
The big advantage of loans is the simplified amount of formalities and quick access to money. Lenders are trying to ensure that the customer can withdraw the money he needs as soon as possible, which, of course, is influenced by, among others, lack of certificates from the employer, or resignation from credit check. One more advantage is the fact that no inspection of the vehicle is required when you apply online on pitriloans.com.
Disadvantages of a car title loan
Like any service, especially a financial one, a secured loan is associated with disadvantages that you should know about before deciding to sign a loan agreement.
One of the biggest disadvantages of a car loan is the need to re-register the car, which can take time at the communications department. The downside is also the fact that if the debt is not repaid, the borrower loses his car, so the decision to sign the contract should be related to the certainty of repayment. You also need to remember about the cost of the loan, which, despite the security, is not as low as you might expect. The inability to sell the car and the transfer of 51% of car rights to the loan company may also be a disadvantage.