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Car Title Loans

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Payday Loans

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Title Loans

Use your car as collateral to repay a 100% secure title loan over time

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Life can be unpredictable at times; even if you have your finances in order, there comes a time when an unexpected expense pops up, and you are short for cash. Borrowing should be your next option.

But what if you have a poor credit score or your family cannot lend you? Well, no need to go on full panic mode. Here is the good news, you can now get money using your car title as security for your loan.

Car title loans are secured loans, which means that when you are unable to repay your credit, you’ll use your car to the lender. I know this might sound a bit intimidating, but it is a reasonable solution for short term fix.

Here is the great part; car title loans are not limited to just cars only. It covers other types of automotive Sport Utility Vehicles (SUVs), trucks, vans, motorbikes, and boats. Yes, boats, you heard me right.

In this post, we are going to have a detailed and in-depth discussion about everything you need to know about title loans. So, let’s get to it.

How do car title loans work?

Well, it’s quite simple actually and not complicated at all. To secure the loan, you must own the car outright or have equity in the vehicle.

The first thing that you need to do is to reach out to the loan company, engage with the leading agency with your pink slip or the title loan, and apply for your loan. The representatives will begin with the verification of the vehicle details such as model type, manufacturing year, and the general condition of your car.

Alternatively, there is an option of car title loans online. The information provided on the form will help the loan company determine the amount they shall offer you or the resale value of your vehicle.

With auto title loans you don’t require a good credit score

Typically, car loan companies evaluate your vehicle and loan you a certain percentage of its value. Nowadays, some companies will provide you with title loans without background employment or credit checks.

Others will carry out credit checks to determine if you have a steady income that will enable you to finance your loan without problems.

On most occasions, you don’t require an excellent credit score to get car title loans. Additionally, you don’t need to be employed to get the loan. However, there should be evidence of income to meet your scheduled payments.

You can qualify to up to 50 0r 60% of the vehicle’s total resale value. Normally, the agency will ask you to hold on to the title till you repay your loan in full.

After documenting the title of your car, the auto loan agency will approve your loan request, but after a lien is placed on your vehicle. Depending on your principal loan amount, loan duration, and the interest rate, the loan calculator will determine your repayment schedule.

The processing time for car loans is much quicker compared to traditional forms of loan as additional paperwork, and credit checks are eliminated. The loan application can take as little as one hour to be approved.

Loan limit of secured loans

For those considering whether to go for car loans, another critical factor to consider is how much you can borrow. The minimum amount offered by most agencies is $2,500 while the maximum can go as high as $50,000

So, the first thing that you should ask yourself is whether your car is worth over $2,500. These are the crucial factors that will determine your loan limit.

  • The maker of the car
  • The model
  • Odometer and mileage reading of the vehicle
  • The title of the car (salvaged or clean)
  • Existing lien on the car
  • The competition amongst lending companies

Nowadays, a lot of people are familiar with title loans. What most people don't know is, you can also get a cash advance against the title of your motorcycle, van, or even truck. This process just as car title loan is quick and fast compared to traditional loans.

Interest rates

Title loans can be quite expensive as lenders charge at least 25% every month to finance the loan. However, this should not discourage you from applying for the loan because of the convenience that comes with it.

The Department of Business Oversight supervises and regulates the interest rates of title loans. Though, the interest rates vary between interest rates. On most occasions, give monthly interest rates from a 30 to 60 days duration.

You can also opt to negotiate with your lender. You'll be surprised to know that other lenders offer competitive and fair interest that is below the set-out standards

It's highly recommended to settle on the best lending company that will provide you with a piece of sound financial advice and also offer you low-interest rates with no hidden charges

Payment Schedule

Title car loans are usually regarded as short-term loans. Regardless of the title loan calculator, you can negotiate with your lender the duration of the repayment plan. Other lenders may offer an extended payment plan, while others won't.

For most lenders, they offer substantial payments for every month so that you can complete payment earlier.

Most borrowers prefer taking out cash advances the split the payment over long periods. However, there is a catch. The borrower must provide evidence of paying the loan promptly and on time.

There are three payment options: Through an automated payment system, in-person or through car title loans online system.

An automatic repayment system is when you agree with your loan agency to deduct regular payments from your bank account. You must agree to these deductions before they can be made.

The title loans industry is somehow considered a risky investment as you’ll be charging more every time you extend your repayment period.

Loan application

The lending agencies operate either online or in offices/shop fronts. Regardless of whether you are applying online or in-person, you must complete a loan application form.

For online applications, you’ll be provided with a list of title loan offices near you. During applications, you’ll be required to present these items.

  • Personal details- You'll be required to give out your basic information such as phone number, e-mail, and your official names
  • Car details- You’ll be asked to give the make, model, the mileage to appraise the total title loan value.
  • Car title-The title of the car must be completely lien-free with your name to get the title loan. Your name must be listed as the registered owner of the title. For the car title to be used as collateral, the title needs to be under your official names.
  • Identification- The lender will require you to present a state ID, driver's license, or an international passport. The documents will assist the lending agency in the verification of your identity.
  • Regular income- Some lenders may require proof of income to ascertain the ability to repay the loan. You can present your social security payments, bank statement or job pay stub
  • Reference- The lender can also expect you to present three personal references that will show their names, phone numbers as well as a permanent address.

Crucial factors that you should consider during car title loan application

Reviewing of the loan terms and conditions

Before signing the loan, the lender provides you with the full terms of the loan in writing. The Lending Act considers car title loans the same as other forms of credit, and the lender is required by the law to disclose the total cost of the loan amount.

The lending agency must provide the APR (the cost of credit yearly) and finance charge

Enquire about additional ‘add ons’ that will inflate your loan

The automobile title loans come with the add-ons such as vehicle roadside service plan. These costs will depend on the total value of your loan.

If the additional add-ons are a requirement, they are combined with APR and finance charge, raising your credit limit. These add-ons are costly, which will cost you more money.

After the application is approved, the lender takes your title, and you get the money. You hand over your title till you can finally pay-off your loan.

Consequences of Car Title loans

The greatest conflict is whether easy title loans are good or cause for concern. For others, it's a source of convenience, while others consider it as a source of extortion.

There are pros and cons when it comes to better title loans; it allows those with a low credit score, and those who don't have access to conventional loan system secure fast and easy access to loans.

We must also consider the fact that title loans are filled with uncertainties if you want to enjoy the full benefits of titles loans you need to have a proper understanding of how they work and know what to expect in case you default on the repayment plan.

Defaulting

Well, in case you default on the loan, the lending agency would directly contact the borrower or impound the vehicle.

On most occasions, defaulting leads to repossession. Repossession means that the lending agency would take full control of your car. The lender will reclaim the vehicle from the borrower and auction it to recoup the loan amount.

In such a case, the borrower will not be left to dry; after the checks and balances have been completed, the left-overs from the auction will be given to the consumer/client.

Its recommended avoiding the loss of your vehicle. I always recommend looking for a title lender with the expertise and knowledge who will provide the best loan service so as not to lose your car.

Lenders have different policies, but they are all responsible for the related expenses associated with repossession. For some, they will impound your car the minute you default, while others will help you till you pay off your loan.

Alternative tocar motorcycle title loan

If you are not a fan of pawning of your car, other better alternatives may work for you. They include

  • Payment extensions
  • Credit cards from other financial institutions and banks
  • Payday loans
  • Personal loans with collateral

Final verdict

Whether car title loans are good or bad for you, they can be a solution for your short-term fix. Depending on your financial position, whether you can finance it, it's prudent always to do extensive research so as not to dig yourself into a deeper financial hole.

We have provided a comprehensive guide on all the things about the best title loans enabling you to make a wise and informed decision. Cheers!