What is a title loan?
A car title loan is a short-term cash advance for a small sum of money backed by your vehicle’s title as collateral. You can get up to $10,000 against your cat fast for any emergency. The equity of your vehicle is used by the lender to determine your creditworthiness and decide what amount you can count on.
Though called Car Title Loans, they actually use any type of vehicle you own - motorcycles, boats and even recreational vehicles.
How do title loans work?
Car title loans come in various forms so that you could chose the most convenient option to get the necessary financing.
- Short-term Title Loans repaid in a lump sum within a month or so.
- Installment loans paid back over 3 - 6 months in equal monthly repayments.
Besides, you can apply for Car Title Loans completely online with no car inspection or go to the nearest location to get the money there.
Anyway, the process of getting a Title Loan is equally simple and fast:
- Prepare a clear title, proof of insurance and a photo ID and fill out an application form.
- Get your vehicle inspected online with the help of photos, or in a store.
- Once approved, receive the funds same day.
How Title Loans work FAQs
Where can I get a Title loan?
At first decide how much money and how fast you need. Then choose to apply completely online or find a convenient store location nearby.
What are Title Loan interest rates?
The cost of a Title Loan may vary by a lender. And usually it depends on the loan amount, the value of your vehicle, your credit score, income, etc. We strongly recommend to shop around to find the lowest rates possible.
How to get a loan with a car title?
Just use your vehicle title as collateral to secure a Title Loan. Bad credit and no credit don’t make any difference for the lender in case you provide a car title as proof of your creditworthiness. You apply online, give a lender your car title and get cash – easy as ABC!
What is a lien-free car title?
A lien-free car title means that you own your car outright, with no outstanding loans or judgments against it.
How much cash can I get with a Car Title Loan?
On average, Title Loans are provided in the amount of $100 - $10,000!* It depends on your state and the value of your vehicle appraisal.
Why chose Car Title Loans?
- First of all, getting a title loan is easier and fatser than financing from a bank.
- You keep driving your car while repaying the loan.
- Bad credit is not a problem.
- No credit check is needed.
How long does it take to get approved for a title loan?
With Online Title Loans, you can get the cash you need in as little as 30 minutes. Provided you have all the necessary documents ready, same day funding is guaranteed.
What's required to be approved for a Title Loan?
To be approved for a Car title loan, you must be at least 18 years old (19 years in Alabama) and prepare the following documents:
- Car or motorcycle that’s paid off
- Lien-free car or motorcycle title
- A government-issued ID
- A paystub from work or some other proof of income
- Proof of US residency
- An active bank checking account statement
What to watch out for applying for a Car Title Loan?
The biggest downsides to title loans are:
- A short repayment period
- Rather high interest rates
- The risk of having your car repossessed
What are the best alternatives to title loans?
In case Title loans are not so tempting to you, or you don’t want to risk or don’t have a vehicle, consider other options to get urgent cash:
- Loan extension from creditors.
- Repayment plan.
- Credit card.
- Unsecured personal loan.
- Tax refund.
- Help from family and friends.
Car Title loans are a good source of fast cash, but you need to be careful and responsible to borrow safe with no debts in the future.