Are you stuck in a tough financial spot? If you have a paid off or close to paid off vehicle, you could use your car’s equity to apply for cash! A car title loan can be a great alternative financial resource to use when you need to get back on your feet.
While you may not know how to get a car title loan, the process can be much simpler than you might think. ChoiceCash Title Loans has created a fast and online approval process for people like you that need emergency cash to solve a financial problem!
Getting a Car Title Loan Using Your Vehicle’s Title
Title loans are available to vehicle owners from all different types of financial backgrounds. As a secured lending option, a title loan can offer a flexible approval process that caters towards borrowers that may not qualify for traditional types of funding!
With a title loan, you are essentially borrowing off the available equity in your vehicle and turning it into cash. The more equity your vehicle has, the more there is to borrow from if your income supports it! Car title loans are secured through collateral, which is the title to a vehicle. To qualify as collateral for a title loan, a vehicle must have enough equity and the borrower must be able to support a loan payment each month.
Most borrowers do not know their vehicle’s available equity before applying for a car title loan, however. If you are like most consumers that do not know how to get a car title loan, don’t sweat it! ChoiceCash Title Loans has created an online title loan calculator that does the hard work for you.
To use the online title loan calculator, a borrower will simply need to input a few details about their car, including:
- The Make, Model, and Style of the Vehicle
- The Year of the Car
- The Mileage on the Odometer
- The Condition of the Vehicle
- Any Modifications Done to the Car
With this information, the online tool can calculate your vehicle’s equity and offer a free title loan quote in the process!1
Can I Get a Car Title Loan with Bad Credit?
If your financial situation has left you with bad credit, you may not qualify for some loan options. Many unsecured loans will require a borrower to have a decent credit history before they can apply for the cash they need.
A car title loan can offer a much more flexible approval process that can accept borrowers from all different types of credit histories and financial backgrounds.1 Title loans are secured loans that allow a borrower to use collateral instead of their credit history to secure cash.
While a borrower’s credit history is considered during the approval process, these two factors will matter the most:
- The Value of the Collateral
- The Borrower’s Income and Ability to Support a Loan
Even if you are not confident with your credit history, you may still qualify for the cash you need through a car title loan!1 Car title loans were created to cater to borrowers that may not have a strong credit history. The use of collateral during the approval process can minimize the risk to lend to a borrower that may not have a decent credit history. You can use collateral to your advantage and apply for the cash you need through a car title loan online!
What Documents Do I Need to Get a Car Title Loan Online?
If you are learning how to get a car title loan online, there are a few documents you should have handy ahead of time. These documents can help speed the approval process along and allow a loan agent to verify your information! While these documents can vary from state to state, you can expect to need:
- Bank Statements, Pay Stubs, or Another Document to Prove Your Income
- Recent Credit Card Statements, Utility Bills, or Proof of Residence
- Recent Photos of the Vehicle
- A Driver’s License or Another Government-Issued ID
- A Vehicle Title in Your Name
You can easily submit these documents online for convenience!
Can I Keep My Car After I Get a Car Title Loan?
If you are like most title loan borrowers, your vehicle is your main source of transportation. Fortunately, you do not need to give up your normal driving habits to get the financial help that you need! As a title loan borrower, you are responsible for making payments on time and consistently. As you pay off your loan, you can keep driving your car like it is business as usual!
What Can I Use My Car Title Loan Cash for?
While you are learning how to get a car title loan, the way you can spend your cash may also be on your mind. Every borrower has a unique financial situation, but many borrowers will spend their cash similarly. Some of the most common ways that a title loan borrower will use their cash are:
- Large Unexpected Expense
- Surgery Costs
- Veterinarian Bills
- Medical Bills
- Funerals or Weddings
- Debt Consolidation
There are many ways to spend your cash as a title loan borrower! If you aren’t sure if your financial situation is right for a title loan, give a loan agent a call at 855-277-4847 to see how you can spend your funds.
How Can I Get a Title Loan Online?
Now that you know more about car title loans, it’s time to see if you can qualify for the cash you need! ChoiceCash Title Loans can make the approval process fast and quick.1 There are just three simple steps to get started on your car title loan online:
- Submit a Loan Inquiry Online, or Over the Phone with a Representative
- Send in a Few Documents to Verify Your Information
- Find Out if You Can Qualify for a Car Title Loan!
Get started on your ChoiceCash Title Loan inquiry today by heading over to the website or give an agent a call at 855-277-4847. Representatives are available seven days a week for extended hours to get you the help you need!1