When the average person thinks about an auto title loan, a car, truck, or SUV often comes to mind. Title loans are also an option when you own a motorcycle and hold the title. If you need extra cash and have a motorcycle title, you're already on your way.
Lien-Free Title
Having the title for your motorcycle can mean that you can obtain a title loan. However, the title must be lien-free. A lien-free title is one in which there is no outstanding debt attached to it. In the event you paid off the original lender for the motorcycle loan but took out another loan and used the title as collateral, the title would not be lien-free, as there is another party who can claim ownership of the motorcycle. Your full legal name must also be on the document.
Varied Payment Options
Just like traditional auto title loans, motorcycle applicants are awarded the same payment flexibility options. Unlike standard bank loans, payments are not necessarily set by the bank and structured in a monthly schedule. Auto title lenders often put more control in the hands of the borrower and provide them with several payments options to choose from, so that they can choose a payment schedule that best suits their financial abilities.
Value vs. Credit Score
Many title loan lenders have a set maximum that they award for their loans. Some companies only award loans based on the value of the motorcycle up to this maximum, and, as a result, a credit check is generally not involved. Some companies, however, run credit checks and allow the applicant to borrow more than the value of the motorcycle provided they have a satisfactory credit history. Generally, with this option, the value of the motorcycle still needs to make up a considerable amount of the total loan value.
Ownership Changes
With a title loan for your motorcycle, you have the opportunity to continue to drive your motorcycle. This factor is one reason that makes title loans more convenient than something like a pawn loan, where you generally have to give up the motorcycle until the loan balance is paid in full. Whether you are in between jobs and need a little financial help or you want to pay off some debts, you can get a loan without giving up your motorcycle.
All title loan companies have different requirements. Consequently, it's especially important you speak directly with a representative from the company you plan to partner with. For more information, contact local auto title loans services.
Hello, my name is Sigmond Jenner. Welcome. I am here to talk to you all about acquiring personal loans for emergency expenses. Although everyone should have an emergency fund in a savings account, there are many barriers to achieving that goal. In the meantime, you can look into acquiring a loan to cover emergency expenses that may come up. You should be prepared ahead of time, so you can act fast when unexpected financial expenses arise. I will provide information you can use to prepare yourself for this process. Please come back again anytime to learn more about acquiring loans as needed.