Applying for Funding Can Be Quick if You Meet the Requirements!
Not having enough money is one of the most frustrating things in life. Your savings account may look empty for various reasons- perhaps an emergency occurs that you cannot afford, or inflation has increased. Whatever the case, financial struggles can cause severe stress in a person’s life!
Applying for traditional loans can be a hassle because they require lots of paperwork and can take a long time to pass approval. With a car title loan, qualified borrowers may receive access to funding within the same business day as applying. This option can be excellent for people who suffer from poor credit but also need money quickly!
You may be wondering- “where can I find a title loan near me?”
You don’t need to worry about finding a title loan location in your area. You can begin your application online by filling out this pre-approval form or calling to speak directly with a title loan agent! Start today if you’re in a tight spot and explore your options!
How Do Online Title Loans Work?
A title loan allows borrowers to use their vehicle title as collateral for funding. Upon approval, lenders attach a lien to the vehicle, which they remove once the loan is repaid. This option is secured because there is physical insurance if the money isn’t paid back, whereas unsecured loans don’t rely on collateral.
Instead, unsecured loans look at a person’s credit history to determine their approval for funding. If your credit score is low, you may not qualify for loans or other lines of credit. People with less-than-perfect credit may also face high-interest rates and hidden fees from big banks.
To apply for an online title loan, borrowers must meet specific criteria and submit the necessary paperwork. This process can be much less time-consuming than a traditional bank loan, and less scrutiny is involved because your credit score may not affect approval!
A title loan lender will consider your credit score when determining your eligibility, but they care more about the following:
- How Much Car Equity You Have
- If You Can Repay the Loan
You can estimate car equity by taking its overall market value and subtracting how much you still owe in payments. Car equity is crucial during a title loan inquiry because this number can affect your potential approval and loan amount! Qualified borrowers may receive anywhere from 25-50% of their available equity in the form of funding. However, this number can vary depending on where you live and your circumstances.
Your ability to repay the loan depends on whether you have income proof. Income proof doesn’t mean you must work a traditional job– you can be technically unemployed and still apply for a title loan. Income verification means consistent, regular money coming into your account monthly.
What Types of Cars Can I Use for a Title Loan Near Me?
During a title loan inquiry, your vehicle’s value matters more than its type. Many types of cars may qualify as collateral, but certain factors are looked at during the inquiry to determine their condition.
Lenders will ask you to take recent photos of your vehicle to conduct a virtual vehicle inspection. To ensure a quick process, ensure these photos are clear and direct instead of blurry.
During the virtual inspection, lenders will consider the following factors about your car to determine its overall worth:
- Make, Model, and Style of the Vehicle
- Manufacture Year
- Vehicle Mileage
- Overall Condition
- Upgrades and Modifications
The vehicle’s make, model, and style will be considered during a title loan inquiry. Car value can vary depending on many factors, but some models will be worth more than others.
The manufacture year of the car is essential because cars can decrease in value over time. However, just because a vehicle is older does not mean it will lack any value! Many cars remain consistently popular because of their high demand on the market.
Car mileage is one of the most significant indicators of value. As long as your vehicle has less than 100,000 miles, you may not have to worry about losing its worth.
The overall condition of your vehicle means what kind of shape it’s in. Do you take it in for regular maintenance? Fix cosmetic issues? Or keep it clean? These are all important for keeping your car’s value high!
Where Can I Apply for Title Loans Near Me?
You don’t need to travel far to find a title loan in your area, and you can start from the comfort of your home! Fill out this pre-approval form or call to speak with a ChoiceCash title loan agent today. You can start the inquiry process for title loans near you form the comfort of your home!