HOW TO GET A TITLE LOAN?

One of the fastest ways to borrow instant cash is to apply for a title loan.

A title loan is a short-term loan that allows you to borrow money by putting up your asset title as collateral. So if you need cash immediately for an emergency or some significant financial commitment, a car title loan may come in handy.

How a Title Loan Works

The most common type of a title loan is a car title loan. You need to own a car and sign the title over to a title loan company for this loan. The loan company will generally lend around 25% of your car’s total value and keep your car’s title as collateral in case of default. Learn more about “What happens if you don’t pay a title loan back?”

The typical car title loan amount is $1,000, but it can be higher. Usually, the length of the loan is 15 to 30 days. You can repay the car title loan with a single payment or on a multi-year installment plan. However, suppose you cannot repay the title loan according to the repayment agreement. In that case, your car can be repossessed immediately by the title loan company. Nonetheless, every company has its own policy, so make sure you ask them about the details before signing the agreement.

The documents you need to get a title loan

When applying for a title loan, your car title loan provider will ask about the following documents:

· Your vehicle title

· A valid state-issued ID

· Documents required by your state, such as proof of income, a valid vehicle registration, or proof of residency

The Process

The entire process is much like going to a pawn shop. This is also why car title loans are sometimes referred to as title pawns. To take out a loan, you will:

1. Give your car title

2. Show your ID

3. Get approved; the process takes as little as 30 minutes

4. Continue driving your vehicle during repayment, unlike a traditional loan arrangement

Title Loan Requirements

Following are the requirements to get a title loan:

• Be 18 year old or more
• Own a vehicle
• Hold a lien-free car title
• Start the application online or at our physical office
• Go to our store for a visual inspection of your car. (Find out “How to get a car title loan without a car?”)
• Have a reliable source of income.

 However, if you don’t have a job, unemployment, retirement, or disability benefits will work fine too. You may be interested to know “How to get a title loan without a job?”

Final Words

Once you understand how to get a title loan, you may apply for it online. If your title loan application is accepted, the lender may contact you via email. However, it is crucial to get familiar with the terms before signing the agreement for a handy short-term loan option.

Article Source

Related Topics:

How to get a title loan without the car?