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What to Expect When Visiting Car Title Loan Places Near Me
By Marcela De Vivo • Sep 08, 2022
No one plans on experiencing financial trouble. However, life is unpredictable, and unexpected expenses can throw a wrench in even the best-laid financial plans. If you’re coming up short on cash, you may want to consider applying for a title loan.
Title loans are not like traditional personal loans. If you want to borrow money with a title loan, you must be willing to use the title to your vehicle as collateral. You don’t need to give the lender your car, though. Your car will remain in your possession as long as you continue to make payments on your title loan. However, the lender will hold onto or put a lien on the title until your debt has been satisfied.
If you’ve never taken out a title loan before, you may not know the basics about how these loans work. Before you start searching for “car title loan places near me,” here’s what you should know about title loans:
Am I Eligible for a Title Loan?
The first question on your mind may be whether you are even eligible for a title loan. You may be eligible for a title loan if you meet these conditions:
- You are at least 18 years old.
- You own a vehicle that meets your lender’s minimum value requirement.
- You have equity in your vehicle.
- You are willing to consent to a credit check.
- You have a reliable source of income, which you can use to repay the money you borrow.
As you can see, the
eligibility requirements for a title loan are not the same as the eligibility requirements for a traditional personal loan. As a result, you may qualify for a title loan even if you aren’t eligible for a traditional personal loan.
Every lender is unique, so you may need to meet additional eligibility requirements to qualify for a title loan. If you’re thinking about applying for a title loan, it’s best to contact your lender to find out if you meet their requirements.
What Should I Bring to Car Title Loan Places Near Me?
The title loan company will ask you to submit a number of documents during the application process. If you are planning on applying for a title loan, you may want to start gathering these documents now so you are prepared for the application process:
- The title to your vehicle
- Your driver’s license or another form of ID
- Proof of residence (examples include your driver’s license or a recent utility bill, lease agreement, or mortgage statement)
- Proof of income (examples include recent pay stubs, bank statements, or tax returns)
- Proof of auto insurance
Your lender may require additional documents to process your title loan application. For this reason, it’s best to ask your lender exactly what you need to provide to complete your application.
Will the Title Loan Company Check My Credit?
The title loan company will check your credit as part of the process of determining your eligibility for a loan. Getting your credit checked may seem frightening, especially if your credit isn’t perfect. However, you shouldn’t let this stop you from applying for a title loan.
Your credit isn’t the only factor that the title loan company will consider when determining your eligibility. Because your vehicle is used as collateral, its value will also be taken into consideration when determining your eligibility. Title loan companies also consider your income and your ability to repay the loan.
In short, you will need to consent to a credit check when applying for a title loan, but you don’t need perfect credit to qualify. In fact, title loan companies accept most credit types.
How Much Will I Be Able to Borrow With a Title Loan?
Title loan companies can issue anywhere from $2,000 to $50,000 per loan. However, this doesn’t necessarily mean you will qualify for the maximum amount of $50,000. The amount you are approved to borrow will depend on several factors such as:
- Your income: Your lender will analyze the proof of income documentation you submit during the application process to determine how much you can afford to repay.
- Your car’s resale value: Your car is used as collateral to secure your title loan, so it plays an important role in determining how much you can borrow. You cannot borrow more than your vehicle is worth. Your lender will calculate your vehicle’s resale value by assessing its make, model, year, mileage, condition, and trim level.
- Your equity: You must have equity in your vehicle to qualify for a title loan. To calculate your equity, subtract the outstanding balance on your auto loan from your vehicle’s resale value. The difference between these two numbers is the value of your equity. You cannot borrow more than the value of your equity.
To find out how much you will be able to borrow, contact your title loan company directly. This way, you can find out if you will get enough cash to make ends meet if you apply for a title loan.
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Marcela De Vivo • Sep 08, 2022
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USA Patriot Act Disclosure: Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you apply for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Loans may be made by one of several lenders, including: First Electronic Bank, a Utah-chartered industrial bank located in Salt Lake City, Utah, Member FDIC; Wilshire Commercial Capital L.L.C. dba 1 (800) Car-Title and Wilshire Consumer Credit, a licensed lender in certain states. Loans not available in all states. In California, loans are made pursuant to a Department of Business Oversight California Finance Lenders License. See State Disclosures for additional information.
Accessibility Statement. We are committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone and applying the relevant accessibility standards in compliance with Web Content Accessibility Guidelines. For feedback on our website accessibility or if you have any problems with the access of our website please call our toll-free number 800-589-0290 or email us at WilshireCustomerCare@WilshireConsumer.com and we will assist you.
Wilshire Commercial Capital, LLC dba 1 (800) Car-Title and Wilshire Consumer Credit is located at 4727 Wilshire Blvd, Suite 100, Los Angeles, CA 90010.
TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Tracy Bergiman, Director of Compliance, 4751 Wilshire Blvd. Suite 100, Los Angeles, CA 90010, 323-837-5775, tbergiman@westlakefinancial.com.
New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at
(505) 476-4885 or visit the website: https://www.rld.nm.gov/financial-institutions/.