How to Find Affordable Title Loans

You’ve run into a huge unexpected expense and you need cash – fast. The problem is you don’t have enough savings and your credit situation is somewhat lacking. Fortunately, borrowing against the title to your car can often be a workable solution in a situation such as this. Here’s how to find affordable title loans.

Understanding Title Loans

A title loan helps you use the equity in your vehicle to quickly secure funds for personal or household expenses. Depending on where you live and your ability to make timely loan payments, you may be able to get a loan for up to half your vehicle’s value with ChoiceCash.¹

This type of borrowing is referred to as a title loan because the lender will place a lien against your vehicle’s title to secure the loan once it is funded. The lien is lifted when the loan is paid in full.

However, you can continue driving your car as long as you keep the payments on your account up to date, even with the lien in place. It’s important to note your car can be sold to recover the outstanding balance if you default though.¹ That’s why it is important to be sure you can repay the loan before accepting the funds.

How Title Loans Differ From Other Loan Types

Traditional bank loans generally have much lower interest rates than auto title loans do. However, car title borrowing is generally easier and faster. You can often be approved for a ChoiceCash vehicle-secured loan in under an hour. Once your application is approved, the funds can be available to you by the next business day – sometimes even sooner.¹

Another plus, car collateral loans typically carry lower interest rates than payday loans or other subprime loan options. In the case of auto pawn loans, the lender will usually want to keep your vehicle until the loan is repaid, so you wouldn’t be able to use it like you could with a title loan.

Common Misconceptions About Title Loans

1. You’ll be hit with unexpected fees. While scammers try to obscure certain charges or outright mislead you, ChoiceCash emphasizes transparency. Our loan terms are simple and clear, and fully disclosed in the loan contract, with no surprise payments.
2. You need good credit. Poor credit or past bankruptcies are not barriers to obtaining ChoiceCash auto title loans.¹ While we do review your credit report, the decision to approve your application depends more on your income and the value of your car than your credit history.
3. You must be traditionally employed. ChoiceCash does require proof of income to ensure you can make payments your loan. However, sources such as retirement benefits, disability payments, Social Security checks and alimony can be accepted. The main things ChoiceCash looks for in this regard are reliable, stable and consistent forms of income, in amounts that will enable you to make your loan payments.¹

Factors Influencing Title Loan Costs

Title loan costs are influenced by several factors, including the interest rates and fees charged by lenders. State regulations can also play a role in determining the costs associated with title loan borrowing.

• Interest rates. Interest rates are the price of borrowing money, shown as a percentage of the total loan balance. As mentioned above, ChoiceCash interest rates are usually lower than those for payday loans.¹
• State regulations. Through limits on loan amounts, interest rates, fees and loan terms, state regulations can significantly affect car equity loan financing through some lenders. They may also impose licensing and disclosure requirements, which can also affect borrowing costs.

Assessing Your Financial Situation

You should evaluate your finances carefully before applying for a vehicle-secured loan. This should include creating a household budget (if you have yet to do so) to determine how much you can afford to pay on the loan each month.

Evaluating Your Budget

Begin by creating a detailed budget that includes all of your income sources and monthly expenses. After totaling these, you’ll see your disposable income – the amount left over after your essential expenses are covered.

Determining How Much You Can Afford to Borrow

Based on your budget evaluation, you can decide how much you can afford to borrow. It should be an amount that, when interest and fees are factored in, fits within your disposable income. Be careful to only borrow what you truly need though. The more you borrow, the more interest you’ll have to pay.

Understanding the Terms of the Loan

This step will help you assess the loan’s true cost and its impact on your budget. Carefully review the interest rate and repayment schedule, as well as the fees and penalties for late or missed payments. You’ll also want to watch out for pre-payment penalties. While ChoiceCash does not impose them, some lenders will charge you a fee if you pay the loan off early.

Tips for Finding Affordable Title Loans

Shopping around for lender offers, searching for discounts or promotions and using digital tools to figure out the costs will help you find affordable auto equity loans.

Research Lenders and Compare Offers

Review offers from multiple lenders in your area. Search for online reviews about them to get a sense of their reputations for transparency and customer service. Compare their loan terms and interest rates.

Look for Discounts or Special Promotions

Keep an eye out for discounts or promotions lenders may offer to attract new borrowers. These may include lower origination fees, special interest rates or flexible payment options.

Use Online Tools to Calculate Potential Loan Costs

Auto equity loan calculators can help you estimate monthly payments, loan costs over time and total repayment amounts. They can also help you visualize different loan parameters to help you choose the option that best fits your budget. Plugging in offers from a variety of lenders can also show you side-by-side comparisons.

Can You Get Affordable Title Loans With Bad Credit?

You can get affordable title loans with ChoiceCash, even if your credit isn’t the best.¹ Borrowing against your car’s title means your approval decision is primarily based on your car’s value and your ability to repay the loan, rather than just your credit score.

Applying for Affordable Title Loans

ChoiceCash applications are brief and can often be approved within an hour, assuming you have the required documentation ready to share.¹

Preparing Necessary Documents for the Application

To expedite loan approval and funding, ChoiceCash keeps the required documents to a minimum. You’ll need to provide a driver’s license or other government-issued ID and proof of residence in the city in which you’re applying. You’ll also need to provide proof of steady income, as well as clear photos of your vehicle’s interior, exterior and VIN. Depending on your state of residence, some forms for your Department of Motor Vehicles or equivalent government agency may also be needed, so that the title lender can place the lien on your vehicle’s title.

Ensuring a Smooth and Quick Approval

Here are a few specific steps you can take to keep the ChoiceCash application process simple and hassle-free:

• Have all your documents ready before you start
• Make sure your vehicle photos are sharp and recent
• Set aside uninterrupted time to complete the application
• Contact ChoiceCash at 855-422-7402 if you need assistance

The Choicecash Application Process

Complete the short online prequalification form or call 855-422-7402 to apply by phone.¹ You’ll also need to submit the documents listed above. Following the verification of your documents, final approval and signing of the loan agreement, the loan proceeds can be made available in one business day – sometimes even sooner.¹

You’ll have a number of options for receiving your cash, some of which do not require you to have a bank account. These include cash pickups at participating money transfer locations, wire transfers, ACH direct deposits, transfers to your debit card and checks.

The same is true for repaying your loan. Options include automatic recurring payments from debit cards or bank accounts, telephone payments, MoneyGrams and fund transfers at participating money transfer locations.

Offering full transparency, excellent customer service, competitive interest rates and no prepayment penalties, a ChoiceCash title loan might just be the quick cash solution you’ve been looking for.

Apply today for your ChoiceCash title loan!