What You Need to Know About Car Title Loans in Maryland
The popularity of car title loans in Maryland has risen over the past few years. This is because they are easy and convenient. It does not matter where you are as long as you have a car and access to a phone. The benefits of taking out a car title loan is that it is hassle-free and convenient. You do not even have to leave your home or office to take advantage of this opportunity.
To apply, just pick up the phone and call to directly contact lenders for information on the title loans in Maryland. You can also apply by using the online information request form. Most clients in Maryland can apply for these loans online and are not required to take the terms from among car title loan lenders to avail the loan amount. These lenders usually request certain information including the address, social security number, and driver’s license number of the borrower. Aside from these, you will also be asked to furnish your employment history if it is public record.
Car title loans in Maryland can be of different types such as installment, closed, or another type. For the convenience of the lenders, they can give you the option to use an automatic teller machine or the Internet to submit all the required information. Online lenders only require minimal credit checks. However, be aware that these lenders are highly recommended for people with bad credit histories as their rates are a bit higher than the other lenders.
There is one disadvantage when you apply for car title loans in Maryland. The fees that you will pay to the lender will be added to your current loan balance. Usually, the fee is up to three percent of the total loan amount. Although it may seem like an extra cost, remember that the lender will be lending you money and hence must have their profit included in the equation.
When you add the annual percentage rate (APR) of the interest rate of a car title loan in Maryland to the amount that you would have paid to your current lender, you will end up having a negative credit payment. Since a borrower will be charged for any additional amount above what he borrowed from the lender, a negative credit payment on your loan will not really do you any harm. If you plan on repaying the full amount, then simply add the annual percentage rate of your current loan to the total amount that you would have paid to your lender, including the interest rate. If you still owe money from your previous loan and just want the cash now, you can pay off your car title loans in Maryland immediately.
Applying for car title loans in Maryland does require you to make some basic decisions. The first decision to make is whether or not you wish to borrow money to repay a previous loan. In order to make this decision, you should determine if the amount you would borrow meets the guidelines set forth by the lender. Most borrowers who apply for these loans follow the practice of borrowing against their current automobile equity and the amount they owe on their current vehicle that they drive. However, it is important to note that interest rates and payments will probably differ depending on how much of the equity you currently own in your car and on how long you intend to keep it on the road.
Once you are ready to begin the application process for car title loans in Maryland, you will need to visit the lender and sign an application. You will also be required to fax or mail in your proof of identification, your most recent pay stubs, your social security card or driver’s license, and a copy of your most recent bank statement. Many lenders in Maryland also require you to submit a copy of your car insurance policy as well as a recent credit report that shows your steady payment history with other financial institutions. It is important to remember that all of these documents are for your protection and are used as reference information when lenders review your application. If you fail to provide the lender with the required information on time, your application could be delayed or even cancelled altogether.
After your application has been accepted, you will be able to access the title loans in Maryland through the internet. When you visit the lender’s website, you can access the title loans by clicking on the “loan” link. This will take you to a secure website where you will complete your application, answer a few questions, and have your loan applied for and processed. You should expect to receive a response to your application within one to two business days. Lenders may also provide you with a copy of your monthly car insurance premium payments or the invoice from your auto insurance company once your loan has been approved and funds have been transferred to your checking account.