Money’s tight, and you need to use your car as collateral for a short-term loan. You don’t want to be caught off guard when the bill falls due, especially if payday can’t come soon enough. That’s why we’re here to offer you a helpful guide on how to get same-day funds in vehicle title loans. Whether you want a secured loan or an unsecured loan, the lenders will walk you through the process for both types of loans so that you can get started on getting your car title loan as soon as possible.
They will also outline the process for getting your same-day money and guide you through what to expect when going from application start to finish. You will then be ready to walk into a local branch and get your same-day funds.
How A Title Loan Is Different From Other Loans?
An auto title loan is a short-term loan product that uses your car as collateral for the loans. This means that you’re borrowing the money against the value of your vehicle. The maximum amount you can borrow is what your vehicle is worth should it be sold on the market today. You may think that this kind of loan is risky, but if you have a good credit score and can prove that you don’t intend on defaulting, then actually getting a title loan using your car shouldn’t be difficult at all.
Although this type of loan is advertised as a way to help someone with less than perfect credit, it is possible to get money even if your credit is good or bad. The amount you borrow will be based on the value of your assets, but primarily, they will have to be charged with equity lines of credit. After all, this is a secured loan that requires some sort of collateral from borrowers.
Steps To Get Started Fast For A Title Loan
The process for getting a loan against your vehicle is usually the same across the board. There are some lenders who will then go on to offer you different types of loans, but for this guide, we will stick to this process. The steps for how to get a same-day money in a vehicle loan will take the following form:
1. Get A Title Loan Application In Person At A Branch:
This may be your first time applying for a car title loan and you are wondering what exactly should be on your application. First, you will need to provide information like your income and your employment status. You’ll also be asked about any existing loans that you have. If you don’t have any, then you’re in a much better position. You also need to provide your contact information so that the lender can contact you through email or phone calls when they need an answer or require more details from you in order to approve the loan application.
2. Provide Proof Of Identification:
After that, they will ask for proof of identification such as your driver’s license or passport and social security card. If you don’t have the latter, then they may ask for a number of other alternatives such as a military ID card or an employee ID.
3. Know The Personal Terms And Conditions:
Now it’s time to submit all of the information in your application and you’ll then be contacted by a representative of the lender who will give you the details about how to get a same-day title loan. This includes whether or not you want to take advantage of any alternative loans that are available for this type of loan such as payday loans or personal installment loans, for example.
It is also important that people realize that this is an advance on your car loan and if there is a late payment on this loan, it will affect your credit score which can lead to something much worse happening with your personal financial situation down the road.
Car Title Loan – Pros And Cons
Auto title loans are a long term form of credit available to car owners who have a vehicle but no longer use it. It is similar to a payday loan, in that you are borrowing money from the company and the amount you borrow depends on your car’s value.
Pros: The company has flexible payment plans and can buy out your vehicle for less than the original purchase price when you’re done paying off what you owe. Even though it’s similar to a payday loan, a car title loan can be more expensive than a payday or cash advance loan.
Cons: The company offers this type of credit, which means that they get involved with all aspects of buying, selling and trading vehicles; therefore there may be some fees associated with these processes. If you fall behind on payments, the company can repossess your car or sue you. This makes it impossible for you to sell or trade in your car without paying off the loan first.
