How Do Car Title Loans Work in California
The Way California Title Loans Work
If you want to know how car title loans work in California, we are here to help you, answer all of your questions, and guide you do the right path for successful title loans in California.
The way that California car title loans work is that you must have a car that has enough wholesale value, with that value the lender will advance anywhere from 50% to 80% of the wholesale value.
In California, title loans do have a minimum amount of $2500, so the wholesale value needs to be about $4,000 and up. There are limits on how much title loans in California can go to.
As long as you have the equity value in your vehicle, you will get pre-qualified, but you will also need to show that you will be able to make the monthly payments, and this is done with your proof of income.
You will also need to have the vehicle title in your name, as the title will be the collateral for the loan, and the lender will need to add their name to the title.
How Do California Title Loans Work
Your proof of residence is also required, you can do this by providing a utility bill in your name and going to your home address, you can use any current utility bill as proof.
You will also be required to send in photos of your vehicle, and they will need to be detailed, they will need to show the overall condition of the vehicle and will need to photograph the mileage on your car.
It is important that you have insurance on your car, the lender will require that they are added to the policy as the loss payee, so if your car is in an accident or stolen, the lender will be covered, and you do not have to worry about how to pay off your title loan as the insurance will do it.
Personal references will be needed, most lenders will require up to 5 personal references, you will need to give the full name, address, and phone numbers of all references.
Car title loans in California are legal, but all lenders need to have the correct state licenses, and the license needs to be with the Department Of Business Oversight.
Auto title loans in California are highly regulated, and the are minimums as to how much you can borrow, and that is that all loans start at $2,500.
So the wholesale value of your car will need to be close to $5,000 for you to qualify. In many other states, there are no minimum amounts. Also, the interest rates are restricted too.
Getting Your Auto Title Loan in California
When we help you to get your auto title loan in California, we will get you one with amortized monthly payments, so your principal balance will be lowered each month when you make your payments.
There will be no balloon payments, and no short-term title loans, the terms will be from 24 months to 48 months long, and this help to keep the monthly payments affordable. They will also have no prepayment penalties.
With all of these requirements met you will be able to get the California title loan that you need. You will need to make your monthly payments, and they will reduce your interest and your principal balance.
We can also help you to get California motorcycle title loans, we will use the equity in your motorcycle, the same way as we will use your car equity.
The process for motorcycle title loans in California is the same as a car, we will use the same application, and we will require you to submit the same documentation.
You will be able to pay off the auto title loan in California at any time, with no penalties, so contact us today, and let us help you to get into the right online vehicle title loan in California today.