If you are new to title loans/ auto title loans/ car title loans then you’ll find this article useful. Title loans are loans acquired by letting your vehicle to be placed on a lien. Actually, it’s the title of the vehicle that you give up for the period you’ll owe the lending company. It is a convenient way of getting instant and substantial money for patching things up financially. Most people are eligible for this kind of loan, even those with bad credit. If you have questions about title loans, I hope you’ll find your answer below.
The legal age for title loans is 18years and above.
Your credit score or credit history is irrelevant. For you to get a title loan, you essentially need a vehicle to offer as collateral, have some documentation that shows that you actually exist and are who you claim to be and that is it. Your credit score is not important.
In the foregoing section, I already hinted that you need some kind of proof to show that you actually exist. A driving license or address will suffice in this instance. Some title loan companies will demand that the vehicle you are offering be insured. You may want to check for that.
How much do I get?
The amount of the loan you get will be determined by the value of the vehicle you will be offering as collateral. Title loan companies will appraise your vehicle and determine the amount you are eligible for.
Are title loans legal?
This depends on where you live. You can go online and search, “title loans near me” to determine where the state you live in stands as far as title loans are concerned. At the time of the writing of this article, only 27 states in the US allow the establishment of title loan companies. They are:
- New Hampshire
- New Mexico
- Rhode Island
- South Carolina
- South Dakota
The thing is that the thing with title loans is an on and off thing. Some states legalize them today but change their minds tomorrow. This list contains 27 states but the number may increase or decrease as the years go by. Don’t be surprised when it does.
Where do I apply?
Thanks to this age of the internet, you can apply from anywhere with an internet connection. Most title loan companies have an online presence and you can fill out their forms online and get your loan in no time. You can also visit the physical premises of the company you want to borrow from to apply for your title loan. Often, provided you know what you want, the process should take less than 20 minutes. I bet you’ll go with the online option because it is convenient for most people.
Anything I should be concerned about?
Well, it is a loan, so before applying for it, you should have a solid plan for how you are going to pay for it. Remember, you are placing your precious car at risk here and you may lose it if you are not careful. Honestly, the application process is simple and straightforward. It is not demanding at all. As long as you have documentation and the title of the vehicle you want to offer, you should have no problem. And the beautiful thing is that even after you’ve gotten the loan, you will be free to drive the car as usual. Provided you pay per the agreements and terms of acquiring the loan, it should be a smooth process.