Vehicle Title Loan Terminology And Definitions To Learn
Before you join the thousands of people who have benefited from NV title loans, you’ll need to know the vehicle title loan terminology that comes along with it. By knowing the definition of vehicle title loan along with its most used terms, you’ll be able to:
- Understand the ins and outs of title loans in NV
- Learn how to apply for title loans
- Decide if a title loan is right for you
- And more…
From money-related terms to getting your lien-free pink slip in hand, this glossary guide will give you the layman’s terms definitions so you are well-prepared and knowledgeable about the loan options in your area.
The Top Title Loan Terms And Definitions
Here is the vehicle title loan terminology you should know before deciding if title loans are right for you.
These loans are scheduled to be paid back regularly in installments, with payments including the principal and interest. Payments are usually the same each month according to the amortization schedule.
Auto Equity Loan
This is another term for a car title loan or vehicle title loan.
Bad Credit/Good Credit
Credit scores give lenders an indication of your ability to repay a loan. Nevada Title and Payday Loans, Inc. is unique because we do not require good (670+) credit to apply for and accept loan requests from credit holders.
Your FICO score measures your credit risk to create your credit score.
The Black Book is a guide for pricing new or used cars. It is similar to the Kelley Blue Book.
Your title loan amount will be determined by the condition of your vehicle. The condition includes the mileage, year, make and model, and exterior/interior state of the car.
Certificate Of Title
Your title is generally given by your state’s DMV and proves ownership of your vehicle. It’s also called a car title or vehicle title.
A clean or clear title means the title is lien-free, or that you own it outright.
Creditworthiness is often interchanged with your credit score, as it indicates your ability to repay a debt or loan.
Disclosures give information about a transaction with a customer. Loan disclosures will include the details, fees, and the fine print of your loan terms.
DMV stands for the Department of Motor Vehicles.
Equity In A Car
Equity is how much of your car’s value you have paid off.
This is the duration of time when your payment is due but no late penalty is added on. Interest still accrues during this time.
Title loans are a type of installment loan, as you pay them back with regular payments over time.
Interest is what the lender charges the borrower for the loan. It’s usually listed as monthly or annual.
Kelley Blue Book
This is a book that lists the current retail and wholesale value of vehicles. It’s updated once a week.
In vehicle title loan terminology, liens are holds on your property. A lien-holder has the legal right to a vehicle because you still owe payments to them for the car.
If you own your car lien-free, you have paid it off and it is legally yours.
The LVR is the percentage difference between your car and your loan amount.
Market value is how much your car could be sold for considering its history, mileage, age, etc.
Your car’s odometer measures the distance/mileage traveled. This affects the market value and, in turn, your title loan amount.
Online Title Loans
Online title loans are just like regular title loans, except you can complete the request from your home.
This is an electronic title.
This is another word for car title.
Short for repossessing, this is when your asset is claimed as collateral by a lender if you fail to pay back a secured loan.
This is the length of your loan.
Most importantly, the definition of a title loan is a loan that uses your vehicle as collateral so you can borrow cash over the short term. At Nevada Title and Payday Loans, Inc., you get to keep and use your car as usual with our vehicle title loans.
Getting Your NV Title Loan
Now that you’ve got your vehicle title loan terminology down, let’s learn how to apply for one today.
First, be sure your I.D. is up to date, your lien-free title is accessible, and your car is present for a quick inspection.
Next, fill out the online form on our website to get started. A representative will call you immediately after to go over your documents.
Then, decide where you’d like to meet the rep. This could be at your home, our office, or anywhere you prefer. There, we’ll look over your documents, inspect your vehicle, determine your loan amount, and give you your loan approval decision.
If everything is approved, you’ll get your cash that same night or the next day.
Get Up To $15,000 By Tomorrow
Are you behind on bills or worried about an urgent cost? Nevada Title and Payday Loans, Inc. provides title loans for up to $15,000 to individuals facing financial emergencies.
If you need cash fast and own your car outright, get your title loan request started on our homepage. Knowing the vehicle title loan terminology and definition of vehicle title loan is half of the work, so you’re only a couple of steps away from claiming your cash loan. Complete the short form today to learn more and start the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.