Car loans are a convenient option for people whose creditworthiness is not the best or they simply do not have time for long formalities in banks. When borrowing against collateral, we are also sure that we will get the amount we expect. If the borrower would like to take a loan over $ 10,000 in an ordinary company such as Provident or Monedo it can be difficult because non-bank companies are reluctant to borrow such sums without collateral. The potential client will also be checked in BIK and probably asked for a certificate from the employer or bank account statements. If you do not want to go through this process, a secured loan will be a good choice. See web8341.info of critique.
Car loans – offers:
A novelty and an advantage over pawnshops in companies in this industry is that we can still drive the covered car. Depending on the lender, we can receive from 60% to even 85% of the car’s value. All without checking BIK, BIG and KRD, and you can get cash even if you have a bailiff. A car loan is a much safer option than a flat or house loan, which is why we suggest choosing this option. Thanks to this, even in the event of unexpected problems, this will not end in major difficulties.
Only a few years ago it was not possible to receive cash against the car and use it at the same time. Today, this option is standard in professional companies that deal with car loans. If we gave the car against the pawnshop, the car would usually stay there until the loan was repaid. This is an extremely convenient option for people who have the profession of a taxi driver or supplier, for example. In this case, you can pledge the car and receive cash while using the car.
Online car loan – how to apply?
Applying for a car loan looks very similar to the usual payday loan. At the beginning we provide contact details such as email address, name and surname as well as data from proof. The next step is to provide details of the vehicle you want to pawn. You will need to provide your model year, make, model number, VIN number and license plate. After providing all the data, the application will be sent. The adviser contacts you within a maximum of 24 hours.
What does a car loan agreement with the option of using look like?
When it comes to contract and car loan formalities, they look less complicated than you might think. After submitting the application and the positive decision of the online loan, the loan company provides three sets of documents. The first of these is the loan agreement, similar to the one that is included with loans without pledge. Second document about the car transfer agreement. It states that at the time of signing the company becomes 51% owner of the car, and undertakes to transfer all ownership in the vehicle subject to repayment of the loan. The last document is the power of attorney authorizing the lender to enter himself as a co-owner of the vehicle.
A car loan is a chance to get money for customers who cannot take advantage of the traditional bank offer. Even in the absence of an ideal credit history or the possibility of presenting a certificate from the workplace, thanks to this option you can get a loan with a longer repayment term and a higher amount than in the case of payday pay. Car loans do not require complicated formalities, which is their undoubted advantage.
You can get more cash thanks to car loans
Companies offering payday loans can offer the borrower only a few hundred to several thousand dollars, without any collateral, at a high percentage. In turn, the bank requires a certificate of solvency in the form of an account statement, certificate of earnings from work, mortgage or good credit history. It is completely different in the case of a company that grants a car loan. The car is the collateral here. You can get up to 60% or 85% of its value with a repayment period of up to 10 years. It all depends on the specific company whose services you use. Such cash received on the account can be used for any purpose: renovation, purchase of home appliances or a trip.
Also check: Car Purchase and Sale Agreement – what should it include?
A loan against a vehicle card
What is the vehicle card loan loan? Well, some loan companies provide financial assistance against this document. It looks like we first call a loan company, provide information about our vehicle and make an appointment with a representative. At the meeting, a company representative gives us cash in exchange for a vehicle card. In this case, as a document necessary to register the car, the vehicle card is a guarantee of repayment of the loan. We receive it back after paying the obligations.
Advantages of a car loan
First of all, it is much safer than other forms of credit. A mortgage loan, in the event of payment failures and any financial problems, exposes you to the loss of an apartment. Payday loans, in turn, require a quick refund. In addition, money over the car can be received in the amount of over $ 100,000. This amount cannot even be compared with the value of cash that the customer is able to receive on the parabank.
Companies operating on our market offer loans against cars that you can drive. This means that despite receiving the requested amount, the car is still in use for the borrower. There is no need to pledge the car, thanks to which it does not stand useless until the repayment period is over. This is a great comfort for the borrower and a nod to him from companies providing car loans.
Where to apply for a car loan?
There is a form on the website of the companies that will give it to you. Provide, among others, your personal data, but also the car model, year, mileage and date of first registration. This allows advisers to pre-assess whether it will be possible to borrow the amounts requested. Within 24 hours you can expect contact with the company, after which the loan agreement is signed. It is followed by a transfer to your account and in principle you can enjoy money for any planned expenditure in a few hours.
In addition to the loan agreement against the car you can drive, you need to sign two more documents. The first of these is the ownership of 51% of the car value by the loan company together with the commitment to renounce it after the repayment period. The second necessary document is a power of attorney to enter the lender as a co-owner of the car.
Car loans – summary
Getting a car loan is much easier than getting a regular unsecured loan. The advantage of this type of arrangement is also that we have a chance to receive a much larger amount, as well as the fact that BIK, BIG and other debtors’ databases are not checked. As with any other loan, however, you should think carefully about whether we will be able to pay the debt back on time.