By Marcela De Vivo • Mar 28, 2022
Car accidents, unemployment, home repairs, medical emergencies, and other major life events can throw a wrench in your budget. If your bills are piling up, it’s important to know where to turn to get the fast cash you need to make ends meet.
Many people in this situation rely on title loans to secure fast cash. Title loans are not like traditional personal loans. A title loan is a secured loan that allows you to borrow money by using the title to your vehicle as collateral. Even though your vehicle is used as collateral, you can still drive it while you make payments, so a title loan won’t disrupt your daily life.
If you’ve never taken out a title loan before, you may not be sure where to begin. Are you eligible for a loan? What documents will you need to submit an application? Here’s everything you need to know about
how to get a title loan:
The eligibility requirements for title loans are not the same as the eligibility requirements for traditional personal loans. You may be eligible for a title loan if you meet these conditions:
Eligibility requirements may vary slightly depending on the lender. Make sure you check with your title loan company to find out if you qualify based on their specific requirements.
Every title loan company will ask you to submit certain documents during the title loan application process. You should be prepared to provide:
Let the title loan company know if you can’t find the title to your vehicle. Your loan officer can work with you to obtain another copy of your title so you can complete your title loan application as soon as possible.
Some lenders may require additional documentation. Your application cannot be processed until everything has been submitted, so the sooner you send everything to the title loan company, the sooner you can get the cash you need.
Title loan amounts can vary depending on several different factors, including:
It only takes a few minutes to find out how much you can borrow. All you need to do is call your title loan company and ask for a free quote.
You must be willing to consent to a credit check to qualify for a title loan. Your lender will need to check your credit to evaluate your creditworthiness before determining whether you are eligible for a title loan.
However, it’s important to note that you don’t need perfect credit to qualify for a title loan. That’s because your credit is not the only factor that will impact your eligibility. Other factors such as your vehicle’s resale value and your ability to repay the loan will also determine whether you qualify.
Title loan companies typically accept most credit types, so don’t let the thought of a credit check stop you from getting the cash you need.
If you’re still making payments on your car, you may wonder whether you will be able to use your vehicle as collateral for a title loan. Your car does not need to be completely paid off to qualify for a title loan.
Most people with a few payments left on their car loan still qualify for title loans. However, your eligibility will depend on how much you still owe and the value of your vehicle.
Everyone’s situation is unique, so it’s best to contact your title loan company to find out if you qualify even though your car isn’t paid off.
If you aren’t eligible for a title loan on your own, you may want to consider adding a co-signer to your application.
A co-signer is a trusted friend, family member, colleague, or another individual who is willing to agree to pay back the title loan in the event you fail to do so. Adding a co-signer with good credit to your application could improve your chances of getting approved. It could also help you secure a lower interest rate, which will save you money over the course of the loan.
Now you know the ins and outs of getting a title loan. If you’re ready to get the cash you need, follow these steps to apply for a title loan from 1(800)CAR-TITLE®:
You’re just a few steps away from
getting the cash you need. Contact us today to start your application.
*Loan approval is subject to meeting the lender's credit criteria, which includes the demonstration of the ability to repay the loan. Not all applications will be approved.
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.
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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.
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(505) 476-4885 or visit the website: https://www.rld.nm.gov/financial-institutions/.
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