Understanding Online Title Loans
Life is expensive, and if you are currently in a tough situation where you need emergency cash assistance, online title loans can be the solution! If you’ve been thinking about applying for car title loans online, there are likely some aspects of the loan that you have questions about, such as how a secured loan works and how to get approved for emergency funding.
So, how do online title loans work? Simply put, your vehicle’s title is used as collateral to secure the loan. The total market value of your car and your income are the biggest factors that determine the amount that you can borrow through a vehicle-secured loan. If you apply and are approved, you can receive your quick funding and take care of medical bills, unexpected expenses, or other financial issues. One of the biggest advantages of car title loans is that you can continue to drive your car while paying off your loan.1
It is important to remember that car title loans are secured loans – therefore if you fail to keep up with your title loan payments, your lender has the legal right to repossess your vehicle. No one wants to lose their main source of transportation! If you find yourself struggling to make payments, proactive communication with your lender is the best tool in your toolkit to avoid repossession and find title loan relief assistance.
Qualifying for car title loans online comes with a lot of benefits. With ChoiceCash title loans serviced by LoanMart, eligible borrowers can take advantage of competitive interest rates, transparent terms, and a variety of repayment options. Continue reading to learn more about the application process for online title loans!1
How to Apply for Online Title Loans?
When you need fast cash to handle a tough financial situation, online title loans can be a reliable option. If you are ready to get a title loan online, there are a few easy steps you can take to begin your journey and learn how to qualify for an auto title loan.1
Fill Out an Application and Meet the Requirements
Applying for car title loans online can be simple, and the requirements are straightforward. First, you must be of legal age to apply for a loan. You must have a vehicle title in your name, and your vehicle must have a decent amount of positive equity. Essentially, your car should be paid off or close to being paid off if you want to apply for a car title loan. Last but not least, you will need proof of your ability to handle repaying your title loan. Applying for auto title loans online is a viable option, but if you prefer to get started over the phone, you can contact a ChoiceCash title loan agent at 855-422-7402 to begin your application. Whether you choose to submit a pre-approval form online or over the phone, you can expect speed and convenience with a ChoiceCash title loan application!1
Submit Your Documents
Along with having a vehicle title in your name, providing basic information about your car will also be required. Make sure you know your vehicle’s make, model, year, current mileage as listed on the odometer, and the car’s VIN. There are also a few documents that you will need to provide during your application. You will need a valid, government-issued ID such as your driver’s license or U.S. passport. In addition, you will need to submit proof of income and current residence. For proof of income, you can submit a recent bank statement, pay stub, disability award letter, or proof of alternative income. To prove your current residence, you can provide a recent utility bill, credit card statement, or lease agreement. On top of these documents, you’ll need a few quick photos of your vehicle to complete a virtual car inspection. Since your car’s value and your income will primarily determine your eligibility and loan amount, a car examination is necessary. One of the many benefits of applying for car title loans online is that this required inspection can be virtual for your convenience!1
Review and Sign Your Loan Agreement to Get Your Funds
Once you have all of the required paperwork submitted, a title loan officer will review everything for completeness. Upon final approval, you can choose how to get your funds! From there, you’ll be able to review your loan agreement and ask your title loan agent about your loan terms, such as your interest rate, before you sign on the dotted line.1
While there are many benefits to getting a title loan online, with ChoiceCash title loans serviced by LoanMart, your title loan agent will go above and beyond to ensure that you experience a smooth and seamless process. Call 855-422-7402 if you want to learn more about applying for vehicle title loans online.1
What are the Advantages of Applying for Car Title Loans Online?
Not only do online title loans help borrowers handle many different types of financial emergencies, but there are other benefits associated with ChoiceCash title loans, such as:
- Quick Application Process: Searching for same day title loans? With ChoiceCash title loans, if you gather all the necessary paperwork in advance, you can speed through your application and access your funds in as little as 24 hours if you qualify. In some cases, qualified borrowers can get their money the same day they apply!1
- Flexible Repayment Options: Just as everyone has different financial needs, everyone has different preferences when it comes to paying back their loans. You can pay by phone, send a check to the payment center, pay through the online portal, or pay in person at any participating money transfer center near you.
- Bad Credit is Not an Issue: Applying for title loans with bad credit online is an option, so don’t let your credit score hold you back!1
How Much Money Can You Get Through Online Title Loans?
If you are wondering how much money you can get from an online title loan, the answer lies primarily within your car! When applying for a title loan, the lender will consider the fair market value of your vehicle and typically give you a percentage of that value. Typically, you can expect title loan approvals to range from 25%-50% of your car’s value.1
You should be aware that the maximum title loan amount you can receive through this secured loan option can change depending on your state of residence and the lender you choose to work with.1
What are the Rates and Fees of Online Title Loans?
One of the most important factors to consider before applying for a title loan is the interest rate. Your loan’s interest rate will impact the amount of money you repay over the life of your loan. Interest rates on title loans can vary but often depend on the following factors:
- Applicable State Lending Laws
- Your Credit Risk
- Total Loan Amount
- Length of a Loan Term
On top of interest rates, make sure you fully understand if there are any fees associated with your loan, such as prepayment penalties. It is important to thoroughly read through your loan contract before signing anything! Additionally, your title loan agent will be able to answer any questions you may have about your interest rate, loan terms, or other aspects of the loan, so don’t be afraid to speak up! Being a smart and well-informed consumer is one of the best ways to set yourself up for financial success.
With ChoiceCash title loans serviced by LoanMart, eligible borrowers can expect the following perks:1
- Competitive Interest Rates
- No Hidden Fees
- No Prepayment Penalties
Ready to apply for vehicle-secured loans online? No store visit is required to apply for the financial help you need. Call ChoiceCash at 855-422-7402 or submit an application online and get your funds in as little as 24 hours if you qualify!1