Title loans have become a popular funding choice across the nation. This is largely due to the fact that they are flexible and fast, which may allow borrowers to get their funds in as little as one business day!1
In addition to flexible loan approval and fast cash, title loans can be one of the easiest ways to get your money in a pinch- even if you aren’t confident with your credit score. With loan options like ChoiceCash Title Loans, borrowers may have access to the funding they need!1
If you aren’t well versed about the ins and outs of a title loan, they might seem a bit confusing. As a borrower, you might be asking yourself-how do title loans work?
However, title loans are quite easy to understand. They allow you to borrow off the value in your car by using your title as collateral. They are a unique type of alternative loan that cater to those with less than ideal credit histories or financial situations. Since collateral is used to secure the loan, approval is high and flexible.1 If you have a paid off vehicle in your name, you may be able to use your title to get cash- easy as that!1
Secured loans like a title loan can offer a borrower many benefits, including loan flexibility and a streamlined process for convenience.
In order to initially qualify for a title loan, your vehicle must have what is known as equity. This means, if it was to be sold, it would have considerable value. Generally, the funding from a title loan is around 25%-75% of the car’s market value.1
With this information, you might be wondering: how can I find out if my car has equity?
Finding out your car’s value isn’t a hard process! There are many online resources available to you as a borrower:
With access to your car’s value it can be easier to estimate your loan amount.
While it is commonly thought that only newer vehicles can qualify for a title loan, it is untrue. Vehicles that have equity can qualify for a title loan, which extends to vehicles that can be older if they are well kept! Some of the most common makes and models that qualify for a title loan are:
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With most types of traditional loans like a mortgage or auto loan, your funding is dedicated for one thing. With a title loan, however, they can work differently! Whether it be to get out of debt or pay for a big purchase coming up, a title loan can be a great resource. Some of the most common uses for a title loan are:
Regardless of what you need your funding for, a loan like ChoiceCash Title Loans serviced by LoanMart may have you covered!1
There are many different types of alternative funding options available. You might be asking yourself: what are the benefits of choosing a title loan? As a secured type of funding, a title loan can offer multiple benefits for borrowers:
When your credit score is less than perfect, getting a loan can be challenging. Borrowers with low scores might wonder- can I still get a title loan with a bad credit score?
With a title loan, the answer can be yes!1 Those from all credit histories can potentially qualify for a title loan. This is due to collateral being used to secure the loan, which offers the lender more security than other types of alternative loans. Instead of only relying on your credit history for approval, the two more important factors for title loan approval are:
As with any loan, there are risks that come with taking out a title loan. Any borrower doing their loan research will ask the right questions about the risks: Are the risks for a title loan avoidable?
The answer is yes! While the risks exist, they can be easily avoided. Some of these risks include:
If you are like most borrowers, it can be convenient to get your loan online instead of in-person. While applying for other types of loans can be stressful, it can be hassle free through a title loan, and take only a few minutes from the comfort of your own couch!1
With loan options like ChoiceCash Title Loans serviced by LoanMart, borrowers can take advantage of an easy, three step process:
When you’re in a financial bind or in need of cash, time is of the essence. Now that you are informed of how title loans work, getting your approved funding can be easy!
You might need cash as quickly as possible, so why wait to see if you qualify? Approved borrowers may be able to get their funds in as little as 24 hours!1 To get started, borrowers have two options: