Loans that use your car’s title for collateral are usually straightforward to get, so if you need emergency money for unexpected expenses, these title loans may be the most natural solution for you. These are quick loans to get and usually require very little paperwork or documentation. If you’re curious about just what you’ll have to do to qualify, read on.
1. Learn What The Requirements Are
Each loan company is different, so it’s best if you research what is required for you to qualify for the loan before you fill out the initial application. Often, the requirements are straightforward, but you’ll need to know for sure before taking the next step.
2. Fill Out The Application
There is always an initial application to fill out for title loans, and it’s usually very short and uncomplicated. Naturally, you’ll need to be honest with your information and fill it out entirely from start to finish. Don’t worry; it is usually not a complicated application, so it should take just minutes to complete. In fact, you can often fill out your form online, which brings you to the next step quickly.
3. Wait To See If You’re Approved
Once the loan company receives your application, they’ll review all the information and see if you qualify. If you need help determining the value of your vehicle, you can look it up with Kelly Blue Book to get a number. Keep in mind that most loan companies provide you with 25% to 120% of the value of your vehicle, so this should give you some idea of what your loan amount will be. This is called a Loan to Value ratio.
4. Receive Your Money
Once you’re approved for the loan, you’ll quickly receive the funds you need. Money from title loans is usually administered in the form of a prepaid debit card or deposited directly into your bank account. You can generally receive the funds in minutes, not hours. You can also obtain it in the form of a check if you like.
5. Learn What The Repayment Terms Are
These types of loans are usually designed for short-term use only, so many of them have short repayment terms that are up to 36 months in length. The first payment is generally due 30 days after you receive your money. You can usually check on the balance through the loan company’s website, and you can often make payments there as well. Both are easy to do.
6. Get Your Title Back
Once you’ve paid off your loan, you’ll be able to get back the title to your vehicle or have the lien that was placed removed. The companies that offer title loans will make sure that it is a lien-free title, as it was when you submitted it to them, so there is no need to worry about that. They’ll also return the title as soon as possible once you’ve made the last payment, so you won’t have to wait long for things to return to normal.
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