How Title Loans Work
Your vehicle is the key component of a title loan. For that reason, the condition and value of your car determine your loan offer.
With vehicle title loans at Greenwood Title Solutions LLC, your car will be the loan's collateral. If you default on your loan for any reason, your car can be sold to pay the balance of the loan.
This is one way your lender minimizes the risks associated with providing customers with car title loans. Another way lenders reduce title loan risks is by placing a lien on your vehicle for the duration of the loan.
Prior to your approval, you must qualify for a title loan based on the following factors. You must meet the minimum age requirements - 18 years old. You must be the sole owner of a lien-free car. If you are a co-owner of a vehicle, the other owners must sign the loan agreement.
Your loan must be paid on time. That's the reason you are required to have a source of income that allows you to afford the loan. Borrowing too much money can increase your chances of missing your installment payments.
Deciding to sign an agreement for a title loan can be a tough decision. If you have questions or concerns about loans at Greenwood Title Solutions LLC, give us a call. We are available to help you.