More Information About Auto Title Loans
A car title loan is short-term funding that uses your car as collateral. Through our site, you can request anywhere from $500 to a loan over $10,000. Those who cannot qualify for a traditional loan are sometimes able to find money through this type of borrowing. Read on for more information about this financial product.
How Your Automobile is Used as Collateral
Depending on the lender, you can secure your loan with a car, truck, or even a motorcycle. Here’s how it works: Before you get your loan money, the lender will put a lien on your car title, which means the lender receives the right to own your car. You still get to drive the car, but until you pay back the loan, the lender owns it.
Bad Credit? Start Here
Providers tend to offer a loan amount that is around 50 percent of your car’s current value. If you are unable to pay back the loan, the lender can take your car and sell it. This ensures that the loan provider will not take a hit if you default on the loan, which in trade means that the loan is less risky for the lender. This is why those with poor or bad credit may still qualify for a car title loan.
Our Process
It is our goal to connect you with a loan provider. For this purpose, we have created a state-of-the-art platform for connecting lenders to borrowers. Everything starts with our form. After you put your information into our loan request form, we will attempt to connect you with one of our partners. The entire process should only take a few minutes. Our service is free to use.
Our form contains a few different sections:
- Vehicle Information – This is where you tell us about your car, including the year, make, model, style, mileage, and whether you have paid it off yet.
- Personal Information – We need to know a little about you, like your name, address, and birth date.
- Employment Information – Our lenders require accurate information about your employment status.
We protect your personal data with the latest encryption technology. We are not a lender. It is our job to find you a provider that offers this type of funding. We work with many such lenders.
The AutoTitleLoans.com Difference
We created a network of trusted auto title loan lenders. If you enter your information into our system, you could be connected with one of these reputable lenders. Our technology makes this process run smooth, fast, and safe.
What Happens Next
After you are connected with a lender, they may require you to get your car inspected. The inspection center will likely be within a few miles of your house. You will also need to fill out a little bit of paperwork. The lender will then choose whether to offer you a loan.
If your car is not completely paid off, you may still be able to qualify for this type of funding. In some cases, the lender may offer you a loan package that helps you pay off your car.
Requirements for Loan Request
Before you use our site to ask for funding, please check and make sure you meet our requirements:
- You must be at least 18-years-old.
- You need to have a regular source of income. That doesn’t mean you need to be actively employed, but you should generate enough revenue that you will be able to pay off your loan.
- You need to own a car, truck, or motorcycle.
Your lender will likely have additional requirements.
How Fast Will I Get My Money?
Please understand that we are not a loan provider. It is our job to process your loan request and hopefully connect you with a lender. If you do find a loan source, you could receive your money in as little as one business day.
How Can I Spend My Cash?
Your lender may want to know why you are requesting a loan, and your reason may affect whether you get the money. Here are some popular reasons why people request auto title loans:
- Emergency expense – Short-term loans are sometimes used to address short-term debt caused by an urgent situation, such as a medical expense, a car repair, or a home improvement project.
- Debt consolidation – One of the most common reasons people take out this type of funding is to pay off debt that they have already accrued. Rolling old debt into new debt can be dangerous, as the compounded fees can make the debt seem unpayable.
- Rent or mortgage – One of the largest monthly expenses is also one of the most common reasons people take out short-term loans.
- Business expenses – Most small business loan companies require that the borrower has an established business with a good profit history. If you are running a startup or a company that is falling behind, it can be nearly impossible to qualify for a traditional business loan. Instead of letting the business fail, some turn to a secured loan.
There are many other reasons why people take out this type of funding. If you are unsure if your loan reason fits with this type of funding, it might be wise to consult a financial expert. They may be able to guide you toward a financial product that makes sense for your situation.
