Paying back a loan can be expensive, especially if your loan has high- interest rates. If you’re searching for affordable title loans, one of the biggest factors to look for is the type of interest you will be offered!
Typically, title loans are amortized loans that are secured through collateral. Amortized loans will allow you to have a payment schedule that pays down both your interest and principal balance at the same time! This can be an incredible benefit that allows you to pay back your loan faster. Since title loans are secured loans as well, the interest rates are competitive!2
It’s easier than you think to find affordable title loans that fit your budget. Choosing the right loan resource can be simple through ChoiceCash Title Loans serviced by LoanMart! Borrowers can get their cash in as little as 24 hours if they qualify.1
How Can I Use My Car’s Title to Get Cash?
Unlike other traditional loan options, title loans can be less complicated to understand. With a title loan, you are using the title of your vehicle as collateral for cash. This means you are accessing your vehicle’s equity to borrow from! Simply put, equity is just the difference between the market value of the car and how much a borrower still owes on it.
Title loans are secured loans through the use of collateral during the approval process. Secured loans like title loans can offer many additional benefits to borrowers, including:
- Lower Interest Rates
- More Cash Available Than Unsecured Loans
- Even those with Poor Credit Can Be Approved for a Loan
The use of collateral opens a lot of doors for borrowers. Secured loans often have more competitive interest rates because collateral makes borrowers less of a risk to a lender. Since a borrower is less of a risk to the lender, the approval process can be much more flexible as well. Borrowers from all credit histories can apply for affordable title loans!1
The biggest benefit of title loans is the ability to get more cash than you would through an unsecured loan. Through a title loan, you are borrowing off of the equity in your vehicle. During the approval process for a title loan, your loan amount is not based on just your credit history. Instead, it is based on your collateral’s value and your income. You may be able to obtain more cash through a secured loan like a title loan than you would through an unsecured personal loan.
Will My Car Qualify for Affordable Title Loans?
To qualify for a car title loan, your vehicle must have a certain amount of equity. Not every borrower will know their vehicle’s equity off of the top of their head, however. You can use these helpful resources to find out more about what your car is currently worth on the market:
- Kelley Blue Book Online
- Dealership Appraisal
- A Title Loan Calculator Through ChoiceCash Title Loans
An easy way to find the market value of your car is to visit a dealership or visit the Kelley Blue Book website. Or borrowers can kill two birds with one stone by using the title loan calculator offered by ChoiceCash Title Loans. By imputing information about your vehicle, you’ll be able to receive your equity information and a free title loan quote!1
Every vehicle will hold equity differently, so there is no list of cars that will automatically qualify for a title loan. When a loan agent or dealership looks at a vehicle to determine its value, they will consider these factors:
- The Year, Make, and Model of the Car
- Any Modifications it May Have
- Any Surface Damage or Cosmetic Damage
- The Current Mileage on the Car’s Odometer
- The Style of the Car
Can I Keep Driving My Car While I Pay Back My Car Title Loan?
If you are like many borrowers, your vehicle is your main source of transportation. Understandably, you want to know what happens to it when you sign your loan contract!
When you do sign your loan contract, your lender becomes your lienholder, and a lien is placed on your title. A lien is just the lender’s right to repossess the car or asset if you fail to make payments. The lien is removed as soon as you pay off your loan!
As long as you are making on-time payments to your loan, you can drive your car like it is business as usual. Making on-time payments to your loan can have other benefits besides keeping your keys, however. The more responsible you are as a borrower, the better your benefits are with affordable title loans!2
What are the Requirements for an Auto Title Loan?
Unlike many traditional loans, a title loan can be more flexible in the approval process. While title loans are a flexible financial alternative, there are a few requirements that a future borrower will need to initially meet to qualify.
Initially, a borrower must meet these requirements before applying for a title loan:
- Must Be At Least 18 Years of Age
- Borrowers Must Have an Income or Alternative Income
- The Title of the Collateral Must be in the Borrower’s Name
- The Collateral Must Have a Certain Amount of Value
The first two requirements are standard for almost any loan or alternative loan option. If you are not sure if your vehicle’s title is in your name or if your car has value, loan agents can help! Give a ChoiceCash Title Loan agent a call today at 855-277-4847 to learn more about your vehicle and eligibility.
What are the Benefits of Affordable Title Loans?
While title loans are a great financial resource to consider, there are many benefits to a title loan besides just cash! Title loans are popular across the nation because they are an easy alternative to many traditional loans.
Affordable title loans can offer these beneficial factors to take advantage of:
- Bad Credit Isn’t an Issue: If you’re facing a tough financial situation, chances are your credit is not where you want it to be. While traditional loans will often turn borrowers with a poor credit history down, a title loan is different! Borrowers from all different types of credit histories can apply for a title loan.
- Get Faster Cash: Borrowers that apply through ChoiceCash Title Loans serviced by LoanMart can get their cash in as little as 24 hours!1 If you’re in a financial emergency, you may not have time to wait for a traditional loan. Fortunately, title loans are streamlined and fast! 1
- High Approval Rates: Title loans are a popular alternative loan choice because of their high approval rates. Borrowers from all sorts of financial situations can apply and qualify for a title loan!1
- Loan Terms That Work for You: Your loan terms can make or break your loan experience. Choosing a loan option like ChoiceCash Title Loans could mean that you have more time to repay your loan! 1 More time can also help make the title loan payments reasonable for your budget. There are many benefits to title loans but finding affordable title loans can help make the repayment process easy and simple.
- Keep Driving Your Car: Your car is important to you, so why not keep it while you repay your loan? Make consistent, on-time payments to keep driving your car while you pay off your loan!
Where Can I Apply for Affordable Title Loans Online?
Applying for a title loan can be just as simple as qualifying for one! When you choose loan options like ChoiceCash Title Loans serviced by LoanMart, you can take advantage of a streamlined process. 1
This simple approval process is just three easy steps:
Call or Click Online
Affordable title loans can be flexible and easy to start! Future borrowers can choose between calling a loan agent directly at 855-277-4847 or filling out a short pre-qualification form. Simply answer a few questions about your income and vehicle to get to the next step! Both options can take just a few minutes to do.1
Send in a Few Documents
After completing the initial form, a loan agent will reach out to you and ask for a few documents. These can all be submitted online for your convenience! You will need items like your title and proof of income to verify your information and vehicle ownership.
Get Your Cash
If your documents are verified, the last step is to hopefully receive loan approval! Qualified borrowers that work with ChoiceCash Title Loans serviced by LoanMart can choose between a few different ways to get their cash once they’ve been approved:
- Check in the Mail
- Picked Up at Any Participating Money Transfer Location Near You
- Direct Deposit to a Bank Account