If you’re like most people in this day and age, you may enjoy the convenience of online shopping. If you can order everything from clothes to groceries online, why not get your loan online as well?
Online title loans can be a convenient and fast way to get emergency cash!1 With just access to a smartphone or computer, you can easily apply for the funding you need in a financial emergency. Title loans were designed to streamline the approval process to get you the cash you need without a big hassle.1
One of the best online title loan options you have as a borrower is a ChoiceCash Title Loan! Through ChoiceCash Title Loans serviced by LoanMart, approved borrowers can get their cash in as little as 24 hours.1
How Do Online Title Loans Work?
A car title loan is a collateral-based loan that is secured. Generally, the collateral can be a title to a car, truck, or motorcycle that has value.
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As collateral for the loan, the title will act as a form of security in place of a borrower’s credit history. Online title loans can be much more flexible to apply for than other loan options since they are secured through collateral.
With a title loan, your eligibility and loan amount are based on:
- The Value of Your Vehicle
- Your Income and Ability to Repay the Loan
The more your vehicle is worth, the higher your loan amount can potentially be through a title loan.1 If your income supports a higher loan payment, you may be able to receive a larger loan amount through a title loan than you would through an unsecured loan!
Secured loans can offer more than just a larger amount of cash.1 Since a title loan is secured, the interest rates can often be more competitive than other types of loans. For unsecured loans, interest rates are often created based upon the calculated risk of lending. Credit history and income will also contribute to that estimated risk.
With a title loan, however, there is less of a risk if the collateral is used to secure the loan! Interest rates can be more competitive since there is less risk.1 Interest is usually the most important part of any type of loan, as it will determine how much you pay back.
Can I Apply for Online Title Loans if My Vehicle is Still Being Financed?
If your vehicle is currently being financed, it may still qualify for a car title loan!1 Car title loans are based upon the equity in your vehicle and not the number of payments you have left on a car. If you have a paid-off or close to paid-off vehicle, you may be able to qualify for a car title loan!1
Car title loans are based upon the amount of positive equity in the vehicle. Equity is the difference between your vehicle’s market value and the amount you still owe on the car. The less you owe on the vehicle, the more likely it is that your car has positive equity!
Cars that are being financed may still have positive equity in them depending on the car’s market value.
Some of the factors that contribute to your car’s market value are:
- The Make, Model, and Year of the Vehicle
- The Style of the Car
- Any Modifications or Damage to the Car
- The Mileage on the Odometer
All of these items will be factored in when calculating your vehicle’s equity.
Do I Need Perfect Credit to Apply for a Car Title Loan?
For many traditional loan options, a borrower must prove that they have a decent credit history before they are approved. With a title loan, the approval process can be different! Borrowers from all different types of credit histories could potentially receive approval for a title loan.
While your credit history will still be considered, it is not the most important part of the approval process. Instead, a title loan company will often focus on the vehicle’s value and your income. During the approval process, a loan agent will examine the collateral’s value and your income-to-debt ratio. They will use this information to see if you can afford a loan payment, and if so, they will determine how much you can afford.1
How Do I Know if My Car Will Qualify for an Online Title Loan?
To qualify for a car title loan, your vehicle must have a certain amount of equity. For online title loans, this amount can vary. There is no all-inclusive list of cars that will qualify for a title loan since there are many types of vehicles from different years that can hold equity!
Some of the most common cars that are used for a title loan are:
- Chevrolet Malibu
- Toyota Camry
- Honda Accord
- Honda Civic
- Dodge Challenger
- Toyota Corolla
- Ford Focus
- Subaru Impreza
If you don’t see your vehicle listed, it could still qualify for a car title loan! You can check out if your vehicle is holding equity through a few different ways:
- Kelley Blue Book Online: For this website, all you will need to do is answer few questions about your car and its current mileage!
- Dealership Estimate: Most dealerships will be able to estimate your vehicle’s equity in person.
- Online Title Loan Estimate: Some title loan companies offer a resource to help you check your vehicle’s equity online. ChoiceCash Title Loans offers a title loan calculator that allows you to use this information to receive a free title loan quote!
What are the Benefits of Online Title Loans?
As a borrower, choosing the right loan for your financial needs is important. You likely want a loan that can offer you more than just cash! With online title loans, you can take advantage of more than just fast funding when you are approved for a loan.
Some of the most advantageous benefits you will receive as a borrower are:
- A Quick and Flexible Approval Process: While traditional loan options can often take days to validate your information, a title loan can be quicker and more efficient.With loan options like ChoiceCash Title Loans, the approval process has been streamlined! It can take just a few minutes to apply, and qualified borrowers could get their cash in as little as one business day.1
- Apply Online with No Hassle: Online title loans are a convenient way to get your cash! You can apply from the comfort of your own home with little hassle. If you are looking for the most efficient way to get your cash, a title loan could be a perfect solution. Simply take out your smartphone or computer and get started!
- Keep Driving: While you will be using the title of your vehicle to secure the loan, your car can stay with you! Responsible borrowers can keep their keys and drive their car like it is business as usual. The condition for keeping your keys as a title loan borrower is that you must make your loan payments on time and consistently.
Where Can I Apply for Online Title Loans?
Getting started on a loan shouldn’t be a hassle! If you are ready to get the financial help you need, online title loans can be the solution.
With loan options like ChoiceCash Title Loans, you can access an easy, three-step approval process:
- Submit a Quick Loan Inquiry Online or Over the Phone
- Submit a Few Documents to Verify Your Information
- Get Your Cash!
Applying for a loan doesn’t have to be a big hassle! ChoiceCash Title Loans has simplified the online title loans process to help borrowers access the cash they need in a flash.1 Get started on your loan today by heading over to the website and filling out a short inquiry form.
Or give a loan agent a call at 855-277-4847. Both options can take just minutes to do!1 Loan agents are available seven days a week to answer any questions you may have about the approval process and your loan options.