Title Loans in Erie, Pennsylvania from Loan CheetahThe Most Affordable Vehicle Title Loans Erie Pennsylvania Customers Can Take Advantage Of
Do you own a vehicle free and clear of any car loans? If you own a car that is fully paid off, and your car is free of any type of legal encumbrances, such as any liens or judgments, then we here at Loan Cheetah have some very good news for you! Today is your lucky day, because we have a very special offer for anyone looking for title loans in Pennsylvania, particularly in the vicinity of Erie. We can get you the money you need quickly and efficiently.
The Best Automotive Title Loans Erie Customers Are Looking For
Auto equity loans can prove to be a viable, and yet at the same time, affordable, alternative means of borrowing money quickly, as opposed to some of the more "conventional" methods of taking out a loan. It is quick, hassle-free, and a fairly straightforward process to obtain one. Using the equity in your vehicle as your secured line of credit, you can borrow as much money as needed, up to the retail value of your car, based on its current condition, mileage, features, and other such similar factors. And there are numerous advantages to borrowing money in this fashion, as opposed to taking out money via a conventional loan as well.
How Do Title Loans Differ From Conventional Loans?
Whenever the bank lends you money, they are taking a risk that you may or may not be able to repay the money on time, at the terms that you had agreed upon. What makes a vehicle title loan different from any other type of conventional loan is that this type of loan is secured. In other words, there is something tangible for the bank to take ownership of and repossess, in the event that the borrower fails to meet their debt obligation, and ends up defaulting upon the loan altogether.
Am I Giving Up Ownership Of My Car As Part Of The Deal?
The answer is no. When you take out a car equity loan, the car still belongs to you. You still retain full ownership rights over the vehicle. You can continue to drive it as you normally do. The only difference is that, as part of the terms and conditions of the loan, if in the hopefully unlikely event that you were to default on the loan, then the bank would have the right to take the car from you and resell it, in order to get its money back. This is how the loan is guaranteed and secured.
Car Equity - How Much Can I Borrow?
A car equity loan is somewhat analogous to a home equity mortgage loan. If your home is worth $200,000 and your mortgage balance is $150,000, then that means that (under typical circumstances) you can borrow up to $50,000 in the form of a second mortgage on your home. Furthermore, since the mortgage company lends you money against a tangible entity (the physical structure of your house), they can file suit to repossess and take back ownership of it, in the even that you fail to make all of your payments on time, as agreed.
Requirements For Obtaining a Car Equity Loan
To obtain a loan against the equity in your car is basically the same concept as that of getting a home equity loan or line of credit. There are a few notable differences, however:
When it comes to a home, you can borrow money against your home equity, even if you haven't paid off your primary mortgage loan. You would continue to owe money on your primary mortgage while making additional payments against your new home equity loan or line of credit.
When it comes to a vehicle, however, you cannot take out a "second loan" against the value of your car, if you still have an existing car loan against it. For example, if your car is worth $10,000 but you only owe $4,000 on it, you cannot take out a car title equity loan for $6,000.
Rather, your previously existing car loan must be completely paid off. There should be no money still owed on the car. And there should not be any other liens or judgments against the car either, as this might complicate an auto equity lender's ability to secure the loan against the collateral of the vehicle.
Why is this? This is typically because unlike a house which typically appreciates in value over time, a car's value typically depreciates over time. Typically, a car's value goes down every year that you own the car, and as you put mileage on it. Such is not the case with a house. A home's property value does not decrease over time.
How much is my car worth?
So the total amount you can borrow depends on how much your car is worth. By "worth" of your car, is meant its retail value. So how is it determined?
There are a number of factors at play, such as the overall condition of the car. Has it been in any accidents? Is the body intact or does it have dents or is it rusting? Does the car have any security features such as anti-theft features such as a car alarm or a steering wheel lock, or tire locks?
Does it have any safety features, such as anti-lock brakes, lane-change warning systems, a rear or side facing camera?
Does it have any luxury features, such as leather seating, heating seating, and Bluetooth audio?
How old is the car? What year make and model is it? And how many miles does it have on it?
Where is the car located?
Each of these factors will play a role in the valuation of your vehicle. While Loan Cheetah will make its own independent appraisal of your vehicle, you can take advantage of public resources to get a rough idea of how much you may be able to borrow against your car.
Just go to the Kelly Blue Book website at http://www.kbb.com
You can also go to the Edmund's website at http://www.edmunds.com
What kind of interest rates can I expect to get on my car title loan?
The good news is that car title loan interest rates are competitive. Unlike a conventional loan where the interest rate you receive is tied to your FICO score, such is not the case when it comes to a loan secured based on your vehicle.
From that standpoint, it does not matter whether you have good credit or bad credit. It does not matter whether you have filed for bankruptcy or you have a foreclosure on your credit report. If you have a fully paid off car, and you own the title to the vehicle free and clear, then you can qualify to get a loan, provided that you can demonstrate that you have the ability to make the monthly payments to repay it.
What is the process of getting a loan through Loan Cheetah?
Getting title loans online is a fairly straightforward process. The first step is to find the city nearest your place of residence. In this particular case, you are looking for title loans in Erie, Pennsylvania.
And then you click on the application form from that landing page. To complete the application, you will need to provide a few piece of information about yourself (you must be listed as one of the owners of the vehicle) and about your vehicle, such as the year, make model, and the Vehicle Identification Number (VIN).
Applying for the loan does not affect your credit. No inquiry will show up on your credit report in the process. The ability to get a loan is based on your car's condition, not on your own financial condition!
Once you have submitted the requested information, you will soon be contacted by a loan representative from our company. They will walk you through the rest of the process. It is not unheard of to get approved for a loan within as quick as 24 hours.
Providing Strong Customer Service To Our Community
At Loan Cheetah, we pride ourselves on our ability to provide title loans to Erie residents. Our exemplary customer service track record is a testament to our commitment to helping people who are in financial need, but who otherwise are unable to obtain credit or loans elsewhere.
We believe in helping people who are in financial need, and giving them a jumpstart to get back on track. Whether you have lost your job, incurred unexpected medical bills, have costly home repairs, or life has dealt you an unwelcome curve ball, we are here to help. When other lenders may turn you away, just know that we are the premier provider of title loans to Erie, Pennsylvania residents.