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Financial emergencies can pop up out of the blue, and when they do, having a reliable way to get cash fast can be a lifesaver. One viable option are car title loans, such as those offered by Auto Title Loans. These are short-term secured loans that use your vehicle as collateral. That means that you have a higher chance of being approved quickly for a loan even if you have a troubled credit history! Here’s how Auto Title Loans work and how they can help you get the fast cash you need.
What is an Auto Title Loan?
An auto title loan is a short-term secured loan where you use your vehicle title as collateral. The fact that it’s secured makes it less risky for lenders. This means you can still qualify even if you have a low credit score. Keep in mind, that if you default on the loan, the lender has the right to repossess your vehicle and sell it to cover the outstanding debt.
How do you apply for an Auto Title Loan?
The application process for a title loan via Auto Title Loans is easy. You simply fill out an online form with a few details about your vehicle and yourself. The online loan request process only takes a few minutes.
Auto Title Loans will then connect you with a lender from their network of reliable lending partners. The lender will ask for some simple paperwork and may require you to get your car inspected to determine its value. The amount you can borrow will be based on the value of your vehicle. At this time, the lender will put a lien on your car title, meaning that the lender receives the right to own your vehicle. You can still drive your car, but until you pay back the loan, the lender technically owns it. Once all this is done, you’ll receive the loan. Everything can happen in just one day.
Why Choose Auto Title Loans?
- Quick and Easy: Unlike traditional loans which might take days or even weeks, title loans often provide same-day cash.
- Trusted Professionals: Auto Title Loans only works with reliable and reputable lending partners. They want you to feel safe and secure throughout the loan process so ensure that you will work with loan experts every step of the way.
- No Obligations: It doesn’t cost anything to request a loan. You are under no obligation to sign with a lender if you’re connected to one.
- All Credit Types Welcome: It is possible to find fast funding even with bad credit. The fact that you use your vehicle as collateral makes it less risky for the lender and increases the likelihood of being approved for the loan.
- Keep Driving your Vehicle: While the lender will technically own your vehicle, you can still drive your car while repaying the loan.
- Safe and Secure: Auto Title Loans protects your personal information through 256-bit encryption technology.
Who’s Eligible?
You do have to pass a few criteria to be eligible for a loan through Auto Title Loans:
- Be over 18 years old
- Have a regular source of income. This can include government benefits, Social Security, or anything to show that you can afford the loan.
- The minimum income required varies by state and lender.
- Have a valid government-issued identification.
- You must own your vehicle – car, truck, or motorcycle. Some lenders will work with you if you have not fully paid off the vehicle.
The lender you’re paired with may have additional requirements. One very common one is to have your vehicle inspected to determine its value and condition. Some lenders do run a credit check just to make sure you’re not currently in bankruptcy or credit consolidation. Overall, auto title loan eligibility requirements are low and make them one of the easiest short-term loans to get.
How Much Can You Borrow?
The loan amount is primarily based on the value of your vehicle. Auto Title Loans works with lenders who offer loans of $500 up to $10,000. Factors that influence the loan amount include the make, model, year, and condition of the vehicle. Typically, the lender will offer you a loan that is 50% of your car’s current value.
Top Benefits of Auto Title Loans?
- Fast and Convenient: As stated earlier, the primary benefit is the speed at which you can obtain a loan. It’s possible to apply online and receive your money the same day!
- No credit check: Most lenders will not conduct a credit check since it is a secured loan. Therefore you can still get a loan with bad credit as long as your vehicle holds value.
- All you need is a vehicle: The eligibility criteria for title loans are low. All you need is a vehicle – car, truck, or motorcycle. You do not even have to fully own it to qualify.
- Cheaper than cash advances: A common alternative for fast cash is a credit card cash advance. The problem is they come with exceptionally high-interest rates and fees. Since there is collateral involved with a title loan, some lenders will offer competitive interest rates compared to other fast cash options.
The Bottom Line
If you find yourself in a tight financial spot and own a vehicle, Auto Title Loans might be the solution for you. They offer a fast and convenient way to get the cash you need when an emergency hits. However, like all financial decisions, it’s important to be cautious and fully understand the terms and conditions before proceeding. You’ll want to be sure you can meet the repayment requirements to avoid losing your vehicle. If you can make the payments and need fast cash, Auto Title Loans can be a reliable way to get the loan you need.
Auto Title Loans are a great way to get a fast short-term loan if you have bad credit but if you want to improve your credit score and be eligible for other loans check out How to Turn Bad Credit Into Good Credit in 60 Days.
