How a classic car title loan works
If you’re looking to get a classic car title loan in Los Angeles you’ve arrived at the right place. The Net Lender is one of the best solutions for car title loans, and you will learn about how a classic car title loans in this article.
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First, let’s review how an auto title loan works. A car title loan, goes by several names. These include pink slip loans, vehicle collateral loans, or auto title loans. A lender will loan you money based on the equity in your car, pickup truck, crossover, or SUV. The lender will also take other things into account such as your credit score, your income, and most importantly the type of vehicle you own. Then, the lender will loan you money based off the equity in your car, pickup truck, or SUV. The equity in your vehicle is what you are borrowing against to get an auto title loan.
How Classic Car Title Loans Work
Generally speaking, lenders only will loan money against a vehicle that is newer and has a free and clear title. After all, the equity in your vehicle is what the lender is using as collateral–in other words–their security interest. Let’s use a basic example so you can understand. Let’s say you have a Chevy Silverado that is a 2014 and is completely paid off. The lender will decide what the fair market value of the vehicle is, and then will loan you a percentage of that amount. So, just as an example: if the fair market resale value is 22,000 (remember, this is just an example) the lender may loan you anywhere from around $16,000 to $18,000. Why won’t the lender loan the full amount? It comes down to risk. If you default and quit paying the lender, the lender will repossess your car–just like any traditional finance company, bank, or credit union. Then, the lender will auction off the car. Since they will generally only loan 60-80% of the vehicle’s value, the lender is giving itself room in case you default to not lose money on the deal. The Net Lender can help you get a classic car title loan whether you live in San Diego, Sacramento, or Los Angeles.
Steps To Getting A Classic Pink Slip Loan
So, a classic car title loan is very similar except in some cases the lender will utilize a car pawn instead of a car title loan. A car pawn is different versus a car title loan in the fact that the lender will actually hold your car in a storage facility. Car title loans allow you to keep driving the car, whereas a car pawn will keep your vehicle in storage.
Whatever the case feel free to call The Net Lender today. There is no risk, no hassle, and no pressure to call. Our staff is polite and will take the time to answer your questions. Simply call us at TOLL FREE at 888-539-2065 or fill out the application form on the website.