Title loans or car title loans as they are also called due to the fact that compared to usual personal loans, where you don’t need any collateral here your auto or any other vehicle plays the role of the collateral. The car is the most popular vehicle among others, though you can use your motorcycle, etc.
Depending on your current financial situation you will be offered to choose among the options of title loans offered. Solve your problems quickly and effectively with the help of your car.
Some facts about a car title loan
- You may choose this kind of a loan if you have a poor rating. Bad credit is not a problem for getting a car loan in case you have some vehicle that can be used as the collateral.
- You have the right to use your vehicle during the loan term. If you repay the loan on time and meet all financial liabilities, then you won’t lose your ownership.
- You may be proposed from 30% to 50% of the car value.
- You will be offered the mildest conditions compared to other collateral loans.
- You should use car title loans only for the temporary financial problems as they are not considered to be the cheapest among other collateral loans, though, they are easy to get.
Applying for a title loan you will be guaranteed to get:
- About 30%-50% of your car (or other vehicle’s cost),
- The installment ( or balloon) schedule of payment,
- The right to keep and use your vehicle while you repay the loan,
- The minimum of verifications,
- Fast processing and getting a loan decision.
Why to use an auto title loan?
There are many reasons to give preference to this fast assistance for urgent emergency situations. Among the benefits you will be able to enjoy there are such as:
- No paperwork,
- no credit check,
- no bank account check,
- no employment verification.
The absence of all mentioned checks and verifications helps to save time and benefit from a simple loan application.
Top-3 characteristics of title loans that make them different from others:
There are a lot of different short-term and long-term loans offered nowadays. However, all of them have significant differences, which concern both requirements for being eligible as well as rules to follow when you repay the borrowed money back.
Feature number 1: Use your loan and keep driving your car at the same moment.
Title loans give the chance to exploit your collateral during the period of using money. You take no risks at all if you are able to meet all necessary requirements. Moreover, you can choose among several repayment options: balloon payment, equal installments. In any case you can count on getting flexible repayment terms, which makes this type of a loan more popular compared to usual payday loan, sure if a borrower has a car.
Feature number 2: No need to reveal the banking account information.
One more difference is in the absence of necessity to share your banking account details. In comparison with online short-term loans, where you are required to provide the lender with the information about your account to both get and then repay the borrowed money, here the situation is not like this. Title loans give you a possibility to keep your banking information as you can receive money without the bank transfer. The same rule refers to the repayment procedure.
Feature number 3: No verifications to qualify for a title loan.
It has already been mentioned that title loans require only some kind of a vehicle as the repayment guarantee. This means that you won’t need to have any income checks as well as employment verification. Absence of these procedures makes it even easier to get money using your auto as the collateral than to apply for a payday loan with a bad credit. Title loans are a great opportunity for bad credit borrowers to get the necessary amount of money without giving any details through the Internet.
How to get an auto title loan?
If you have decided to get fast financial assistance with the help of your car, you should have all necessary information about your vehicle at hand. You will need to fill in the form providing such information as the year of production, the model and series and the name of the country that made the car.
As for your personal information it is just basic data like First and Last Name, your valid mobile number, zip and e-mail address. If you don’t know how much you can get using your car as the collateral, you are offered to find out this directly at the website of the lender after you have filled in the required information, which will influence the amount of money you have the right to get. The loan amount depends on the sum your car is worth. Estimate the car worth at the website online to be aware of how much money you can get with the help of your car.
Besides, the car’s cost, there are some other factors, which may influence the amount of your loan. They are the following: the state you live in, the amount you need at the moment to solve your financial problems. One more factor that matters is your repayment ability. The combination of all the mentioned factors will be crucial for the decision concerning the title loan amount that you will be offered. The title loan lenders may offer up to $25,000. The collateral will be given back when you pay money back. This means that you should realize how it is important to meet all financial liabilities and repay money on the due date, which you are going to agree with the lender.
To start the loan process you need to provide the lender with 3 proves: photo ID, income proof and residence proof.
Solve your financial problems as quickly as possible being approved within minutes
Fast title loan approval is one more thing to benefit from. You can fill in a special form at the site and then come to the store with your vehicle. Be ready to have all necessary documents with you (government-issued photo ID, proof of income and residence) and sure don’t forget the title of your car. After the fast approval you will be able to enjoy the necessary amount of money. An amount from $1000 to $25000 will be yours depending on how much is your car worth.
Getting money via title loans is easy and fast as you will have to pass through three simple stages:
- Complete an online application and get an immediate answer of your lender via e-mail after filling in all required fields.
- Provide the lender with all necessary documents downloading them or sending them via e-mail or fax. Choose any suitable way of submitting the documentation.
- After you sign the contract you will be funded the same day.
How much does the title loan cost?
Title loans usually have not very high interest rates. In most cases Annual Percentage Rate or APR is 18%-35.99%. Taking into account that the repayment period is very flexible, the rates are rather affordable. Depending on the state of residence, you may be offered to choose from 12 months or even 48 months repayment term.
In case you understand that you aren’t able to pay the loan off, you should inform the title loan lender and ask to arrange a new repayment plan.
In any case it is recommended to calculate the cost of your car title loan beforehand for you to be ready for the amount of loan to repay on the agreed date not to lose your car ownership. Apply for an auto loan only if you are sure that you need money badly.
How to qualify for the title loan secured by your car?
There are not many requirements to the loan applicants but still there are some options to keep in mind when you are going to apply for the title loan. First of all, you are able to qualify for the car loan if the wholesale price of your car is not less than $2500 usually. The other requirement is to use a car as the collateral in case it is not older than 15 years old. And remember that the main requirement for all borrowers is the eligible age of 18.
The main document that you need is your car title, which must be clear of liens. You also should have a driver’s license. In case you provide all necessary documentation, there is nothing to worry about as you are 100% guaranteed to get your title loan without any problems, which may arise only if you have difficulties meeting one of the obligatory requirements. That’s why check if you are able to provide the title loan lender with all necessary things to make sure you are eligible for the loan. The decision concerning your approval will be taken on the basis of the information you have submitted.
Title loan for bad credit borrowers
Bad credit borrowers have a great chance to get fast financial assistance without any credit checks and teletracks, which are required for getting traditional bank credits. In case your credit history is not perfect and you have a car or a motorcycle, feel no doubts and apply for a title loan, which will give you an opportunity to be easily approved in spite of your poor credit rating. Moreover, bad credit borrowers have equal rights with the good credit borrowers. As for the requirements to meet, they are also the same for any kind of a borrower.
What to do if you have any doubts concerning getting a car title loan?
In case you still hesitate if a title loan is for you, you are offered to get a professional consultation turning to the customer support service, which is available round the clock. Loan specialists will help you to find out more about the whole process of getting and repaying the loan for you to be able to take a well-informed decision. If you haven’t understood something about the necessary documentation, questions won’t be left after using the customer support service.
How safe is your title loan?
Nowadays a lot of companies offer loan services as the demand for the short-term loans as well as for the long-term loans is increasing day by day. It is completely safe procedure if you have chosen a trustworthy title loan lender.
If you have any doubts concerning the lender and his/her requirements, it is better to use the mediator services. Such companies play the role of the middleman looking for the best deal for you saving your time at a reasonable price for these services. It is better to entrust the search of the loan lender to the professionals if you are not experienced borrower who has never applied for a title loan or any other type of a credit online. To be trapped by scammers you should pay attention to certain options, the first of which is the presence of contact information of the lender, Privacy Policy and absence of any prepayment for the chance to apply for a loan. The trustworthy lenders never ask to pay for any kind of services beforehand. Reading reviews is also helpful before you make a decision to use the lending services. The more positive reviews, the safer your lender is. Share any kind of personal information only if you are sure that the lender works in the correspondence with all state’s regulations.
Quiz: Check if you know everything about title loans
- Title loans require any vehicle as collateral.
- Yes
- No
- You don’t have good chances to get a title loan if your credit score is poor.
- Yes
- No
- The amount of money you will be approved depends on how much your car is worth.
- Yes
- No
- The worth of your car is the only factor able to influence the amount of a title loan.
- Yes
- No
- You have the right to obtain up to $25,000 if you meet certain requirements.
- Yes
- No
- Title loans are not easy to get compared to other loans.
- Yes
- No
- You have the flexible repayment period, which may vary from 12 months to 48 months.
- Yes
- No
- Even if you are not 18 you can apply for a title loan.
- Yes
- No
- Employment verification is absent but you need to provide your income proof.
- Yes
- No
- In case you can’t repay the loan, the best way out is to arrange a new repayment plan.
- Yes
- No
The correct answers: 1. a, 2. b, 3.a, 4.b, 5.a, 6.b, 7.a, 8.b, 9.a, 10.a
Summary
Get a title loan by exchanging your vehicle title in order to get the necessary amount of money. This secured type of a loan is popular among borrowers with all credit scores, including bad credit borrowers, who can easily meet all necessary requirements. One of the benefits is that nobody will take your vehicle away as you can keep driving and enjoying money simultaneously. Minimum of requirements and ability to be approved fast is what makes title loans so popular today.