There are times when the money that you have in your account is not enough to pay the expenses, but there are ways to deal with that. Resorting to a title loan for your car is a fast and easy way to get cash, and dealing with MVP is as simple as it can be.
DO YOU NEED FAST MONEY? Do you need a lot of cash to pay for an emergency? Discover a secure and reliable way to get cash with a car title loan. We can provide you with the money you need with a title loan anywhere in California, including Long Beach, Riverside, and Bakersfield. More about areas that we serve you can find here.
What is a title loan?
A title loan is a type of short-term loan where the borrower gets money and uses the title of his vehicle as collateral. The amount of the loan depends on several factors, such as the value of the vehicle, the borrower’s income, and the credit history. Obtaining a title loan means that you give the title of your vehicle to the lender, who in turn puts a lien on the title of the vehicle in exchange for the loan. Once the loan is paid in full, the lien is withdrawn, and the title is returned to the borrower.
The title loan is commonly used to pay:
- Unexpected remodelling of houses
- Medical expenses
Debt consolidation is a popular option for borrowers who need to keep up with multiple payments. A title loan with us could pay those creditors and leave you with a fixed monthly payment that can help you feel at ease. Often, Users ask for loans with their car as collateral, which in many cases is their only asset next to their house. People who resort to title loans are the ones who aren’t able to get loans directly through banking entities.
Can you lose your car if you can not pay your debt?
People with a low credit rating many times lose their assets due to their inability to pay debts, which is what usually happens in a financial crisis. This is troublesome for anyone who takes out a loan because while you are under financial stress, the money coming in doesn’t necessarily mean a good thing, especially in our country where fast online loans with very high-interest rates are available to the common masses.
Unlike the pawn system, once the car title loan contract is signed in California, the car is still used by the customer, and the vehicle simply ceases to be owned by the owner at least temporarily. If payments are strictly complied with, both the amount of the loan and the interest, the vehicle changes ownership again. However, if the client does not face his debt and the terms expire the lender can auction the car and keep the money from it.
If the auction gets more money than the one owed by the customer, then the surplus is delivered to the customer – therefore they can not get a higher value for the car than the amount owed by the customer. In California, the minimum amount for a loan of this type is $ 2,500.
Requirements for a title loan in California
Before giving the loan, it is verified that the person can face the payment, guaranteeing that he has a monthly income higher than the monthly payment that he should pay so that nothing is left to chance and a very clear deal is proposed between the private entity and the client.
If you want to get a good offer for your vehicle, it is beneficial to have the following requirements:
- A good credit score.
- A vehicle that has invested a large amount of capital in it is likely to have quick approval for a title loan.
- A clear title – without salvage.
- The lower the mileage in the car, the better.
- The newer the car, the better.
- The better the state of the car, the better.
- A monthly income of at least $ 1,200 per month is essential in the state of California: the more verifiable income you can show, the better it can be.
- Any other source of income can help you get a better deal.
- The total coverage insurance on your vehicle is essential.
- Professional references are important.
- A personal reference is important.
Having most of these requirements can make it easier for you when a lender shows financial interest in your car.
It is important to mention that if your vehicle is in an accident, the insurance money will be used to pay the loan and the additional money must go to you so you can buy a new vehicle.
All this information is vital for the lender.
Easy approval process!
The approval process at our car title loan company in California is as follows:
- A staff member will obtain the make, model, and mileage of your vehicle along with personal information and calculate how much monthly income you can verify.
- Then, the lender will propose a monthly payment plan and an amount that you can borrow for your vehicle.
- If approved, a lender will decide how much money you can borrow, what your monthly payment plan will be, and then you will be asked to deliver the requested documentation to the lender. Once you provide all the requirements, you can get your money.
How fast can you get car title loans from California?
Typically, you can get the money within 24 to 48 hours. It basically depends on you and how quickly the money reaches the lender so they can do the process.
If you need cash immediately and are interested in getting the best auto title loans in California, you just need to contact us.
Why choose MVP?
MVP has grown as a company to be able to offer benefits that others cannot: like the most competitive rates and access to an online account where you’re able to access easy information and superb customer support.
We will do everything we can to help you get the money you need in as little time as the next business day. You will be provided with the necessary funding within a short period of time, and we have implemented a generous and lenient repay policy that allows you to pay the borrowed amount according to your ease. You can apply for the loan as follow:
- Apply online
- Send the required documents
- Collect your funds
Contact us today to obtain a prequalification for a loan on the title of your car. You will find it easy to work with our staff.
You can also call MVP at 1-877-280-2206 and speak with a representative today.