If you’re short on cash this month, you need to find a loan that is close to you to get your cash fast. While you may be searching for the closest lender to drive to, there are easier ways to find neighborhood title loans!
With ChoiceCash Title Loans serviced by LoanMart, borrowers can apply for title loans directly online from their smartphone or computer. Get started on neighborhood title loans is as easy as heading over to the website and answering a few questions about your vehicle.
How Can I Use My Title to Get Cash?
Before you apply for neighborhood title loans, it can be helpful to learn about how they work! Title loans are a unique installment loan that allows you to use your vehicle’s title to get cash. Your vehicle’s title is collateral for the loan, which makes it secured.
Since title loans are secured loans, they come with a lot of advantages! Here are some of the secured loan advantages you receive when you qualify for a car title loan:
- Get More Cash1: Title loans are secured through collateral, which can allow you to get more cash than you would be able to through an unsecured loan. Using your title as collateral helps you access your vehicle’s equity and turn it into cash you can borrow through a loan! The more equity your vehicle has, the more you may be able to borrow if your income would support it.1
- Flexible Approval Process: Again, since collateral is used to secure the loan, you receive more benefits as a borrower including flexible loan approval. Your collateral is more important in the approval process than other factors, so title loans are known for having high approval rates!1
- Competitive Interest Rates: Secured loans can often offer more competitive interest rates than unsecured loans.
Can I Apply for Neighborhood Title Loans if I Have Bad Credit?
When your credit history is not up to par, you have likely been turned down by lenders when you apply for traditional bank loans. Title loans can accept borrowers from all different types of credit histories, however! Your credit is not the most important part of the approval process when you apply for neighborhood title loans.
Instead, a title loan agent will look at these important factors:
- Your Ability to Repay the Loan
- Your Car’s Value as Collateral
Any reputable title loan lender will only approve you for a loan if you can pay it back. During the approval process, a loan agent will look at your income and your income-to-debt ratio to see if you can afford a loan. You do not need traditional employment to apply for a loan. However, you will need some form of alternative income to prove you can afford a monthly payment. Social Security checks, retirement income, and other forms of self-employment are accepted as proof of income.
Your vehicle must also have value to qualify for a car title loan. Since it is being used as collateral, it must have a certain amount of equity if it were to be sold. These two factors are more important in the approval process than your credit history! Your credit history may be considered during the approval process, but it will not be as much of a focus as your income and collateral value.
Even if you are not confident with where your score is at, you can still apply for a car title loan!1
What Types of Cars Qualify for Neighborhood Title Loans?
To qualify as collateral for a car title loan, a vehicle must have a certain amount of equity. Equity is just the difference between the car’s market value and what a borrower currently owes on the car.
Since not every vehicle holds equity the same way, there are many different types of cars that can qualify for neighborhood title loans! Some of the factors that contribute to your car’s value are:
- The Current Mileage on the Odometer
- The Vehicle Style
- The Vehicle Make, Model, and Year
- The State You Live In
- Any Modifications or Damage to the Car
But if you are like most borrowers, you don’t know your car’s current equity off the top of your head. That’s why there are online tools like a title loan calculator offered by ChoiceCash Title Loans! Simply input the information listed above about your vehicle to easily find your car’s current equity. By doing this, you can receive a free title loan quote in the meantime!1 The title loan calculator can be used anywhere you can access the internet with your computer or smartphone.
What Documents Do I Need to Apply for Car Title Loans Near Me?
Most consumers enjoy running their errands online if they can. If you can order your groceries completely online, why not submit your title loan documents online as well? While you are required to send in a few documents to apply for neighborhood title loans, it can be conveniently done from the comfort of your home through a computer or smartphone!
Here’s what you can expect to need when you apply for a title loan online:
- Proof of Income: This proof could be many different things! Not everyone has the same type of income, so many forms of alternative income are accepted. Bank statements, pay stubs, and even Social Security award letters will count as proof of income.
- Recent Photos of the Vehicle: You can easily skip an in-person vehicle inspection by just sending in photos of your car! They should cover the back, front, and sides of the vehicle.
- Proof of Address: You can use recent mail to your house as proof of address. This includes recent credit card statements or any official mail like voter registration!
- Government or State Issued ID: Many borrowers use their passport, driver’s license, or Real ID as proof of ID!
- Title to Your Vehicle: It must be in your name to qualify.
These documents can be submitted online during the approval process for your convenience! No need to leave your house to apply for a title loan.
Can I Keep My Car if I Apply for an Auto Title Loan?
For many borrowers, their vehicle is their main source of transportation. So understandably, as a future borrower, you want to know what happens to your car! The good news is that responsible borrowers can keep their keys and drive their car like they normally would.
As long as you make consistent, on-time payments to your loan, you can keep driving your car. Making on-time payments has other advantages besides keeping your vehicle as well. The more you pay down your loan and make on- time payments, the more potential you have to increase your credit score! Payment history and credit utilization make up a large percentage of how your credit score is calculated.
Where Can I Apply for Neighborhood Title Loans Online?
Applying for neighborhood title loans online shouldn’t be a hassle. While applying for other types of loans can be stressful, you can apply for title loans in minutes from your own couch!1
With ChoiceCash Title Loans serviced by LoanMart, applying for a loan can take just a few clicks. 1 Take advantage of this easy, three-step process:
- Call or Click Online: Borrowers can choose between calling a loan agent, or just applying online! Simply answer a few questions about your vehicle and income to get prequalified for a title loan.1
- Send in a Few Documents: After submitting your initial inquiry form, future borrowers will need to submit a few documents to their loan agent. These documents can help a loan agent verify your information and vehicle ownership. For your convenience, these documents can all be submitted via email or even fax!
- Sign Your Agreement and Get Your Cash: If you are qualified for a car title loan, the last step is to sign your loan agreement and collect your cash! At this step, a loan agent will walk you through the agreement and help answer any questions you may have about your loan or payment schedule. Borrowers that work with ChoiceCash Title Loans can choose between these methods to get their cash:
- Through a Check in the Mail
- Sent Through a Direct Deposit to Their Bank Account
- Picked Up at Any Participating Money Transfer Location Nearby
Ready to get started on your title loan? Head online, or give a loan agent a call at 855-277-4847. You could get your cash in as little as 24 hours if you qualify.1 Finding neighborhood title loans has never been easier!