Posted on Wednesday, 6th July 2011 by Admin
So, you must be thinking, “Do I have an advantage when it comes to a Georgia title loan, if I have a good credit score”? The answer is No.
Georgia title loan has been designed in such a manner that you are not identified in terms of your credit score. You are identified on two grounds:
- Condition of Your Car
- Current Monthly Income
- Condition of Your Car
When it comes to the car, the lender does not want it to be brand new. However, there are timeframe limits set up by them, which do not allow some cars to be eligible for a Georgia title loan. The loan amount is dependent upon the current condition of your car and on the time of its manufacturing. Again, your car title needs to be free for a loan application to be made.
Current Monthly Income
Monthly income plays an important role on deciding on your loan amount as well. Yes, the lender does have the security in the form of the title of your car. However, he does not expect you to not repay the borrowed amount. So, while making a calculation, they do make sure that the borrowed amount is in your range as well. For a person, doing a job, to be eligible, he needs to have a monthly income of USD 1,000.
Once you apply for the Georgia title loan and you are eligible on both these counts, expect an amount of at least USD 1,500 to hit your checking account within a short period of time.
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