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Everything You Need To Know About Title Loans

By Jenny Williee | April 17 2019
Categories: Blog

Everything You Need To Know About Title Loans: Car title loans are getting popular these days because of how quickly and easily you can get it the money that you need. But many people still don’t know much about them, so, there needs to be some more education on the subject. A car title loan can be a lifesaver for many people who want or need quick cash so they can solve their emergency money needs. Here are some of the most important questions people are asking about car title loans. So, here is Everything You Need To Know About Title Loans:

Everything You Need To Know About Title Loans

  • What Is Car Title Loan?

Everything You Need To Know About Title Loans begins with a definition: A car title loan is a loan that makes use of your car as the collateral. The company issuing the auto title loan collects the car owners title in exchange for the cash. Car title loans are getting more popular these days because of how easy it is to get them. Once the money has been given, the borrower is assigned a particular repayment period, including the interest rate. Car title loans offer great deals and are much more  flexible and get you thousands of dollars

  • How Do I Apply for an Auto Title Loan?

Applying for auto title loans is very easy. There are many companies out there offering the service. There are two ways to apply, however, including online or offline. The online application is the fastest and easiest as you can just fill the form and you’re ready to go. Some people who like to do things in physical can also apply in person, in the office of their service provider. Customers are provided with forms which they will fill and return to the loan officers for processing.

  • How Do Title Loans Work?

Car title loans are not complicated at all, which is why many people are now using them more frequently. The lender gives the borrower money to be utilized for a period, while borrower tenders the title of their car, truck, and motorcycle as collateral. The lender expects the borrower to pay back the money within the period stipulated in the agreement. Once you understand how the loan works, it is easy to approach lender companies to get your loan as quickly as possible. However, lenders have to make sure they are paid back their loan within the period to avoid complications. 

  • Why Should I Consider Getting a Car Title Loan?

Car title loans are a fast way to get money when you need it quick. You can get car title loans very quickly and have access to the cash you can use immediately for your troubles. When applying for car title loans your credits score are not considered at all. What is needed is the title of your car, and you’re ready to go. Unlike most other loans that may require you to supply lots of paperwork and great credit, car title loans help make things easy for you. They also cost less than a cash advance since the lender is using your car as collateral and it gives some form of protection. Let’s continue on with Everything You Need To Know About Title Loans …

While it is called car title loan, you can actually make use of other vehicles including trucks, motorcycle, and RVs. If you have an emergency like medical issues or rent payment or so, you can be sure that you will get the money before it’s too late. Car title loans are very convenient for many people who prefer it to other forms of quick loans. You should also consider title loans if you need a loan option that gives you simple repayment options that won’t put so much stress on you.

  • What Are the Requirements for a Pink Slip Title Loan?
    Car title loans requirements

To qualify for a pink slip title loan, you must have a car which is outrightly owned by you or that you have enough equity in the car that is being financed. You also need to have certain documents ready before you can be allowed to access the pink slip title loan. The documents you need include:

  • Original vehicle title with you as sole owner
  • Identification issued by government matching the name on the title
  • Everything You Need To Know About Title Loans
  • Current vehicle registration
  • Proof of residence like a utility bill
  • Evidence of vehicle insurance
  • Proof of your ability to repay the loan
  • Contact details of at least 5 valid references
  • Photos of the vehicle
  • How Long Does It Take To Get The Money?

Getting a car title loan doesn’t take time at all. What determines the speed with which you collect the loan is how quickly you submitted all documents and required needed for complete verification. People who are fast about it, like those who fill and submit their forms early in the day can get it within 30 minutes or the same day. Most lenders will issue your loan within 24 hours. This is one of the most important things when learning Everything You Need To Know About Title Loans.

  • How Much Can I Borrow?

The amount of money you can ask for depends on the value of your car. After providing information about your application and vehicle, the title loan operator will then assign an expert who will appraise your vehicle and determine the value. The result of the appraisal will determine the maximum amount of money you can borrow from the lender. On the average, you can get between $2,500 to $50,000 depending on the state you reside and of course the value of your vehicle. Whatever the kind of car you’re using, as long as you’re the owner of the vehicle, you are assured that you can get a loan for yourself.

  • Can I Get Loan for A Car Titled in A Different State?

There are many reasons you might need a car title loan when you’re in a different state. You might be in another state, and you need a loan, or you just relocated to the state, and you’ve not re-titled your car loan. Most car title companies will still issue the loan once conditions have been met. First, you need to prove that you lived or you’re living in the state, in order word you need to submit a proof of residency. However, some car title borrowers may require that you re-title your car to the new state before you can be issued the loan. This is a pretty simple thing you can do by visiting your local department of motor vehicles.

  • Do I Need to Be Employed to Be Eligible?

You don’t need to be employed to be eligible for a car title loan. All you need is a car that you own out rightly and proof that you’ll be able to repay the loan. This is one of the most interesting aspects of using a car title loan provider over other loans that may require so much.

  • What If There Are Two Names on The Title, Can I Still Apply?

When there are two names on the car title the way the names appear will determine how the loan will be made available to the borrower, or whether they will even qualify for it. This is due to state regulations to ensure a proper due process is followed. If the individual names of the title are written with “or” then any of the party can request a car loan even when the other party is not aware. However, if the name in the title has “and” or “and/or,” then the loan can only be issued with the signature of both parties.

  • What Happens If I Can’t Pay Back My Car Title Loan on Due Date?

The usual repay time for most car title loans is about 36 months long. If you can’t repay your car title loan, your borrower might decide to offer a “roll over” period. While this will provide you with the opportunity to repay your loan at a later time, it usually attracts additional fees which can be very hard to deal with. If you can’t repay your loan, the lender might decide to take control of the possession of your car, sell it, and repay the loan. It is vital to ensure that you borrow a limited amount of money; the kind of cash you know you would be able to pay back on time to avoid losing your car. Usually, the lender will work with you.

  • Do I Have Full Use of Car During the Term of The Auto Title  Loan?

During the term of the loan, the borrower has full access to the car even when a lien has been placed on the vehicle. However, you should continue to maintain communication with your lender to ensure that you fulfill all the requirements of the auto title loan. You should also be careful with the car to ensure you don’t get involved in an accident or cause other damage that might cause the vehicle to lose its value. Let’s learn more about Everything You Need To Know About Title Loans!

  • Does My Car Need to Be Paid Off Before I Can Apply for Car Title Loan?

The entire idea of the car title loan is using the car you outrightly own as collateral, to help protect the lender from any risks. If your vehicle is not paid off, it means you’re not the complete legal owner of the car, but you have equity in your car or you have a small balance, Then you can apply for an auto title loan. Everything You Need To Know About Title Loans is not so difficult after all!

  • Do I Need to Have A Bank Account to Get a Car Title Loan?

You don’t need to have a bank account to get a car title loan. Car title loan providers offer their service independent of any financial institutions. What matters most is getting your collateral ready and providing all the information needed for the approval. Sometimes, borrowers don’t just want to share their personal information with lenders. In this situation, you can make payment and receive your car title loan through other means.

  • What If the Car Title Is In Someone Else’s Name, Can I Still Apply?

If the car title is in somebody’s name and the person is aware of you trying to borrow money with it, yes you can apply and get your loan. However, the loan will be issued in the person’s name, and they must be present to sign the documents. Or both names can be added to the title and both names can be on the car title loan agreement.

  • When Do I Get My Title Back?

Once you paid back your loan back in full before the due date, your title will be handed back to you. Once you paid back, you can still use the same car to borrow money, sooner or later. If you are paying off with certified funds we can release the title. If you are paying off with a personal check, we will wait until the check has cleared before we release the title.

  • How Do I Pay Back My Title Loan?

There are several ways you can pay back your loan. You can mail in your payment with a check or pay online via the lender’s online payment platform. You can also pay by phone or go to the service provider’s physical store and pay in person. Some providers also accept MoneyGram and Western Union payment.

Car title loans are essential for most people who find it hard to get fast loans through other means. The payment process is easy, fast, and you can get the loan as quickly as possible. Before you sign the agreement, make sure you will be able to repay the loan as at when due. Losing your car might be devastating, so give it a deep thought before you make that decision. Car title loans do require checking your credit score, and you don’t need to have a bank account. That just about does it for Everything You Need To Know About Title Loans …

  • Do I Need Good Credit For a Car Title Loan?

No, you do not.

Even though your credit will be run, it is not an approval factor. If you have any questions be sure to visit our FAQ page to clear out your questions. 

Applying for a car title loan with us, you will get the most money for your car, the best interest rate and we will offer you no prepayment penalties.

Car Title Loans California has been helping people for over 20 years and we are here to help you get the fast emergency money that you need. Now you know Everything You Need To Know About Title Loans!