Subprime Loans
A subprime loan is normally sought by individuals with relatively little credit history or persons with less than satisfactory credit.
One example of a subprime loan is a car title loan. This is sometimes referred to as a pink slip loan. In California, for example, the car title loan allows borrowers to use the equity in their car as collateral.
In order to apply for this loan, you need to demonstrate proof of ownership. The title to your car is the proof required. Some California lenders may require proof of income and may also require a credit check. Although a large number of loan companies will not need anything more than the proof of title of the car.
The amount that you can borrow will of course depend on the value of your vehicle. And that amount is usually calculated as a percentage of the wholesale price of the car. Usually, lenders will offer between 25% and 50%. The reason you are only offered a percentage is so that there is a cushion for the lender in the event the car had to be repossessed and sold.
Check The Value
So it would be a good idea for you to determine the wholesale value of your car before you approach car title loan company in California. In order to establish value, consult The Kelly Blue Book (KBB) value found online. The online tool will allow you to search according to your automobile’s particular make, model, and year and allow you to add other factors in order to arrive at the correct figure. In most cases, the lenders will also be using this same resource to set a value for the loan..
The amount you can receive from a car title loan in Los Angeles will be very similar, if not the same, as the amount you would receive in San Diego, San Francisco, or any other area in California. Additionally, many times the trade-in value of the car is equal to wholesale value. Once the wholesale or trade-in value is determined, then the tile loan company will decide how much of this value they will lend you..
The majority of lenders as previously stated will loan an amount that is twenty-five to fifty percent of the established cash value of the car. The terms of car title loans and the laws governing how they are applied vary from state to state. You should also be aware the interest rate charged on the loan will vary from lender to lender. Make certain in this regard to find a lender who offers flexible payment options and interest rates that are competitive. If you live in San Diego, it might pay to see what the car title lenders lenders are charging in places like Chula Vista or National City.
Conclusively, if your credit score is not great, a car title loan in California may be a nice option for you. It is a good short term solution in a cash crunch.
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