Wednesday, February 13, 2013

Requirements and State Laws that Pertain to Car Title Loan California



A California car title loan is a non-traditional loan option that can give you easy access to extra funds.  You can use the cash you can get from this loan for a business expense, a medical expense, a basic living expense, a long overdue house or car repair or even a gift for a loved one or for yourself.  There are no restrictions on how you can use the proceeds of a car title loan; you can use it for whatever purpose you wish.  These loans are not difficult to obtain.  The requirements are minimal and approval rates high.

The Basic Requirements

Available to all interested California residents who are at least 18 years old, a car title loan California can be availed of only by those who are owners of cars of value with clean titles and with adequate income to pay back the loan.  

Bad credit, no credit or even bankruptcy, will not hinder you from getting a car title loan. What is important to the lenders is that they are holding on to the clean title of vehicle in good running condition.  

Car Specs and Requirements

Even if the loan is called a car title or auto title loan, lenders also accept other vehicle types like vans, pick-ups, trucks, motorcycles, SUVs and even RVs.  Although most lenders are not too particular about a vehicle’s type and make, most lenders only accept cars that are not older than 10 years old. Vintage or classic cars however are accepted by some lender as long as they are in running condition.

California Laws on car title loans

The minimum amount that a borrower can get from a cartitle loan in California is $ 2500.  If you need a smaller amount then you have to look for other loan options like a payday loan perhaps.  There are imposed interest caps on loans in the amount of $ 2500 while bigger loans have uncapped interests.  

The processing fees that lenders can collect are also regulated by state laws.  For loans that are $5000 or less the allowable fee is $ 75. The fees for loans above $ 5000 are however not regulated.

To prevent ballooning which is often the cause of repossession, California laws require that California car title loans be fully amortized.  This means that with every payment you make you are paying for the interest and a portion of the principal.

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