If you find yourself struggling to make ends meet, one of the options you have is to search for the best title loans in your area. There is likely an overwhelming number of options claiming to be the best for your financial situation, but you may find that some title loan options are less appealing than they may appear.
Finding the right loan for your financial needs can seem like a challenge, but there are ways to weed out the wrong ones to find the perfect online title loan fit.
How Do Title Loans Work?
Title loans are a unique type of secured loan that can be short-term or long-term depending on your state and loan terms. By using the title of your vehicle as collateral for the loan, you’ll be able to borrow off your car’s value!1 The more your car is worth, the more you may potentially be able to borrow through a title loan.1
Generally, as a borrower, you may be able to access up to 75% of your car’s equity.1 Your car’s equity is simply the difference between its market value and what you currently owe on it. The less you owe and the more your vehicle is worth, the higher the equity in your car.
Even if you are still financing your car, you can apply for a title loan!1 Title loan eligibility is based upon your car’s value and your income, not the number of payments left on the car. Your vehicle can still have equity if there are payments left. By using your vehicle’s title as collateral, the loan becomes secured, and you can borrow off of this equity.
The use of collateral can open a lot of benefits to you as a borrower. Secured loans that use collateral can lessen the risk to lend to you. This creates a few different advantages:
- Title loans are known for being flexible in the approval process and having high approval rates because of collateral!
- The use of collateral can often offer the borrower more competitive interest rates that will help your wallet in the long run.
How Do I Find the Best Title Loans?
When you are searching for the best title loans, it can be challenging. There are many options available if you are researching online and finding a reputable option can be difficult if you do not know what to look for.
Here are a few red flags that will help you weed out the bad title loan options:
- Loan Representatives are Rushing You: If a loan representative from a title loan company is rushing you to sign the contract without explaining it in detail, this is a red flag. Any reputable title loan company will want you to thoroughly understand your loan terms before letting you sign! If they do not seem knowledgeable about the process, this can be another red flag as well.
- They Want Possession of Your Vehicle: One of the great things about title loans is that the borrower keeps their car while they pay back the loan. If a title loan company asks you to leave your car with them, you may want to go with a different option.
What Do I Need to Qualify for the Best Title Loans?
Title loans can be quite different from traditional loans. The requirements and approval process are often much easier! To qualify for the best title loans, you will simply need to meet these initial requirements:
- Be of Age
- Own a Vehicle with Equity in Your Own Name
- Have a Steady Income or Ability to Support Loan Payments
In addition to these initial requirements, you should have a vehicle that is paid-off or close-to-paid-off. If you are still financing your car, don’t sweat it! It may still qualify for a title loan. If you aren’t certain if your vehicle can qualify, there are online resources through ChoiceCash Title Loans that you can take advantage of. The online title loan calculator will give you an estimate of your vehicle’s value and a free title loan quote at the same time!1
With these easy and simple requirements, it’s clear why title loans can be the best funding resource to use.
What Can I Use My Car Title Loan Funding for If I am Approved?
If you are facing a financial emergency, chances are you need your cash for something specific. While other types of loans like mortgage loans and auto loans will only allow you to use your funds for a specific purchase, a title loan can be different.
As soon as you are approved for a loan, the money is yours to spend! Many borrowers will use their title loan funding for a financial emergency. There are other common ways that a title loan borrower will use their cash:
- Home and Car Repairs
- Surgery Costs and Medical Bills
- Veterinarian Bills
- Vacation or Travel Money
- Rent or Mortgage Payments
- Unexpected Bills or Expenses
- Debt Consolidation
soon as you receive your approved cash, you can spend it how you see fit. Depending on the value of your vehicle, you could get enough cash through a title loan to pay for your financial issue!1
What are the Benefits of a Car Title Loan?
Choosing the right loan for your financial needs is important, but the best title loans are those that can offer you more than just funding. With online car title loans, there are more benefits you can take advantage of besides money.
Some of the most notable benefits of online car title loans are:
- The Convenience of Fast Funding: Since online car title loans are designed to be streamlined, you can get your funding fast!1 If you have a financial emergency, you may not have time to wait. With loan options like ChoiceCash Title Loans, you could get your cash in as little as one business day!1
- Flexible Loan Approval: Title loans are secured through collateral, which makes the approval process more flexible than most traditional loan options that are unsecured.People from all different types of credit and financial backgrounds can apply for a car title loan!
- Higher Loan Amounts: With an unsecured loan, your loan amount is often based upon your credit history and income. With a secured loan like a title loan, your loan amount is based upon your collateral’s value and your income. The more your car is worth, the more you can potentially receive through a title loan if your income supports it. With a secured loan like a title loan, you may be able to obtain a higher loan amount!
- Apply Conveniently from Your Smartphone or Computer: Do you have access to the internet at home? You can conveniently apply for a title loan online through your smartphone or computer from the comfort of your own home! There’s no need to wait in line to get the cash that you need.1
- Keep Driving: If you are a responsible borrower that makes consistent on-time payments, you can keep driving your car like it is business as usual! Understandably, most borrowers are worried about the whereabouts of their vehicle after they are approved for a title loan. Rest assured, if you are responsible as a borrower, you can keep your keys and keep driving.
Where Can I Apply for the Best Title Loans?
You can apply for the best title loans online from your smartphone or computer! It has never been easier to get the financial help you need. With loan options like ChoiceCash Title Loans, you can apply for a title loan in just three simple steps:
- Submit a Loan Inquiry Online, or Over the Phone
- Send in a Couple Documents to Verify Your Information
- Get Approved for a Title Loan and Get Your Money!1
See if you are qualified for the best title loans today by applying online, or over the phone at 855-277-4847. Getting started can take just a few minutes to do online or over the phone with a representative!1