If you need fast cash, it’s best to avoid payday loans and other high-interest personal loans. Instead, there are cheap title loans that can get you to cash in as little as 24 hours!1
If you’re facing a tough financial emergency and you need a solution, title loans could help! Title loans are becoming popular across the nation for their flexible and fast funding options. When you’re in a pinch and you need a flexible loan option, ChoiceCash Title Loans could help you access the money you need!1
How Can I Get Cheap Title Loans?
If you are new to cheap title loans, they are easy to understand. As the name suggests, title loans operate by a borrower using the title of their vehicle as collateral for a loan. This allows them to borrow off of their vehicle, and makes the loan flexible in the process!1 Title loans are secured through collateral, which makes them secured loans. Secured loans can offer a borrower a lot of benefits, including:
- Flexible Approval Process
- Competitive Interest Rates
- The Chance to Get More Cash
Title loans are a unique alternative loan that can accept borrowers from all walks of life and financial histories. While you do not need a strong credit history to apply for a title loan, you will need a paid-off or close-to-paid off vehicle that has equity. Equity in a vehicle is just the difference between what you owe on the car and what the market value of the car is.
The more your vehicle is worth, the larger your loan amount could potentially be if you have the income to support it!1 If you need cheap title loans, all you will need is the title to your car and to meet a few requirements!1
How Do I Know if My Car Qualifies for Cheap Title Loans?
To qualify for a cheap title loan, your vehicle must have a certain amount of equity. If you’re like most borrowers, however, this isn’t something you know off of the top of your head!
Equity can be negative or positive. In terms of your vehicle, the equity is determined by your car’s current reselling value on the market, and how much you currently still owe on it. The less of a difference this is, the more potential your car has to have equity.
Since every car will hold equity differently, there is no list of cars that will automatically qualify for a title loan. Instead, when you apply for cheap title loans a loan agent will look at your car’s information individually to help determine its worth.
Your car’s market value is based upon a few different factors:
- The Style of Your Car
- The Make, Model, and Year of Your Car
- The Cosmetic or Surface Damage to Your Vehicle
- The Mileage on the Odometer
- Any Modifications to the Vehicle
Not sure what your vehicle could be worth? Don’t sweat it! Loan options like ChoiceCash Title Loans could help! Just answer a few questions about your car and get a free online estimate!1
Can I Apply for a Cheap Auto Title Loan if I Have Bad Credit?
If you have bad credit, chances are you have been turned down for a loan before. Title loans are different than traditional loans! Since collateral is used to secure your loan, your credit history is not the biggest part of the approval process. Instead, these two factors will be the biggest part of the approval process:
- Your Income and Ability to Repay the Loan
- Your Car’s Value
While your credit history is considered, it is not the focus of the approval process. Title loans use collateral to secure the loan, which lets the borrower become less of a threat to lend to. Since the collateral will offer the title loan lender the security that the loan will be repaid, a borrower’s credit is not as important during the approval process.
What Can a Cheap Car Title Loan be Used for?
While there are many types of auto loans or mortgage loans that have designated uses for the funding you receive, title loans are a bit different. Your money becomes your money to for any financial emergency as soon as you sign the loan contract! A financial emergency looks different to everyone, so you might spend your money differently.
Some of the most common uses for a title loan are:
- To Pay for a Wedding or Funeral of a Loved One
- To Consolidate Debt
- Veterinarian Bills
- Medical Bills
- Rent or Mortgage Costs
- Surgery Payments
- Home and Vehicle Maintenance Costs
- Or Other Financial Emergencies!
Whatever you need the money for, it’s your money to use if you qualify for a car title loan. If you are in a financial emergency, you can get your cash in as little as 24 hours!1
What are the Benefits of a Cheap Car Title Loan?
While there are many types of fast funding options, a title loan can separate itself from the competition. Unlike payday loans and unsecured personal loans, a title loan does not have an unreasonable payment plan or skyrocketing interest rates and fees!
Instead, borrowers can enjoy these benefits from cheap title loans:
- Competitive Interest Rates for Qualified Borrowers: Interest on a loan will make or break your loan experience. With loan options like ChoiceCash Title Loans, qualified borrowers can enjoy competitive interest rates that won’t hurt their wallets!2
- Keep Your Keys: Understandably, you want to know the status of your car while you repay your loan. While you will be using the title of your vehicle to secure the loan, you can keep your keys! As long as you continue to make on-time payments to your loan, you can keep driving your vehicle like it is business as usual.
- Fast Loan Options: If you qualify for a ChoiceCash Title Loans, you can enjoy a streamlined approval process!1 Qualified borrowers can get their cash in as little as one business day.1
- Get More Cash1: Since title loans are secured loans, you are borrowing off of the equity in your car. Typically, you will be able to borrow 25%-75% of your vehicle’s value! The more your car is worth, the more cash you might be able to get if your income supports it.1
Where Can I Apply for Cheap Title Loans Online?
If you’re like most borrowers, you enjoy the conveniences of running errands from the comfort of your house. If you can get your groceries online, why not your title loan? The good news is that you can apply for a cheap title loan from the comfort of your couch!
With loan options like ChoiceCash Title Loans serviced by LoanMart, borrowers can take advantage of a quick, three-step inquiry process:
- Go Online or Over the Phone: To start your loan, all you will need to do is answer a few questions about your car and income. This can be done online, or over the phone with a representative at 855-914-2945! At this step, you will find out if you are prequalified for a loan and you will receive a free estimate.
- Submit the Right Documents: Once you’ve submitted the initial inquiry online or over the phone, you can begin the next step. A loan agent will ask for a few documents to verify your identity, income, and vehicle ownership. These documents can all be submitted online for approval and your convenience!You will need these documents for approval:
- Proof of Income
- Proof of Address
- Recent Photos of the Car
- Proof of Government or State Issued ID
- Title of Your Vehicle
- Sign Your Agreement and Collect Your Cash: After a loan agent looks at your documents and information, they will be able to tell you if you qualify! The next step is to sign your loan contract and choose how to get your cash. Borrowers that are approved for a ChoiceCash title loan can choose to get a check in the mail, a direct deposit to their bank account, or to pick it up at any participating money transfer location nearby!