Fast Money with Auto Title Loans

Quite often, we are faced with financial troubles that need fast solutions. It may be an emergency medical bill that we need to cover or pay for the car repair in order to keep driving it and doing our job. Some of the traditional methods for getting money may not work for you because they take too much time or because you have some issues with your credit history that can prevent you for getting a loan.

In such cases, you can count on getting a quick auto title loan using just your vehicle as a collateral. If you have not used this option so far, here are a few details that you need to know.

Why an auto tile loan is a good solution for your unexpected financial problems

A car title loan can help you solve your financial problems especially if they are unexpected. The main advantage of this type of loans is that they are very quick – you need to fill in a few details online and you can get an approval in about 30 minutes.

There are not so many requirements or documents that you need to meet or present in order to get the loan, so it really doesn’t take up too much of your time. As per the law, there is also a minimum amount that you can receive against the title of your car, which in California, for example, is set at $2,600, while the maximum can be up to $50,000 even. It all depends on the condition of your car, its current resale value, etc.

An auto title loan is also the best, and often the only solution, in case you need money but you have a bad credit history. The auto title loan company will not turn you down based on this factor. Quite often the company doesn’t run a check on your credit history at all or even if it does, it is just for information and does not affect the final decision.

How to apply for an auto title loan

If you want to apply for an auto title loan, you need to know that the process is quite simple and straightforward. The most important thing is to have the title of your vehicle on your name and that it is free from any other liens against it. Then all you need to do is fill an online application form and wait about 30 minutes for the result. Some companies also offer the option for the clients to visit them personally – they have locations often at big shopping centers where you will be served also very quickly and professionally.

The other documents that you need in addition to your car title are:

  • Valid ID
  • The car documents such as insurance, registration, etc.
  • Current utility bill as a proof of your residence

Note that it is very important to be resident of the state in which the auto title loan company operates and that you should be 18 years of age.

Most of the companies also require that you have fully repaid your vehicle but some will grant a loan even if you are still repaying the leasing.

The good thing is that even though you use your car as a collateral for the loan you still keep it and can drive it. Another plus is that you can use the title of your motorcycle, RV, or truck as well. Keep in mind, though, that the lender may also require a photo of the vehicle or even a visual inspection in order to determine its condition and hence the amount that you can receive.

As you can see, getting an auto title loan is not difficult and is generally hassle-free. It has many benefits as the fact that it is fast and doesn’t run a credit history check on the person who needs it. One of its main drawbacks is the higher interest rate, however if you repay it on time, that won’t cause you any problems. And remember – don’t be shy when you apply for the loan and make sure to negotiate the best conditions that you can get – that often includes lowering the interest or getting no penalty for pre-payment.