Did you know you could make the most out of your vehicle when you take a loan out on your car? A car title loan pulls the cash you need out of your car.1 Title loans can be a quick and efficient way to get the money you need in as little as 24 hours!1
Whether you need cash to make ends meet or pay off an unexpected expense this month, you could get the most out of your car with a car title loan. A car is often one of the biggest assets that people have in their name, and it can be used as a financial tool in a tough situation.
What You Will Need to Take a Loan Out on Your Car
Car title loans are some of the most flexible loans to apply for on the market. There are a few initial requirements that all candidates will have to meet before they apply, however.
These requirements include:
- A Steady Income
- A Vehicle Title in Your Name
- A Qualifying Car with Equity
The amount of equity in your car and your income will greatly determine what your eligibility is for a title loan. They will also impact how much you can borrow and what your loan amount may be.
Title loans are secured loans that require collateral for approval. For a title loan, the collateral will be the title to the vehicle. The use of collateral can allow a borrower to access up to 75% of their vehicle’s value and turn it into cash!1 If you are facing a tough financial emergency, a car title loan can be the perfect solution for your financial woes.
How Much Cash is Available Through a Title Loan?
Your loan amount is directly impacted by:
- Your Monthly Income
- The Equity in Your Vehicle
Since title loans are secured loans, you may be able to access a higher loan amount than an unsecured loan if your income supports it. Your loan amount is directly affected by your monthly income and the equity in your vehicle! To take a loan out on your car, you will need a vehicle with equity.
Vehicle equity is the difference between the market value of the vehicle and what you owe on it. The less of a difference there is, the more positive equity your asset may have. The more equity available in your vehicle, the more your loan amount could be!
If you are like most vehicle owners, you may not know what your vehicle’s market value is or what your car’s equity could be. ChoiceCash Title Loans offers an online title loan calculator that can give you both an equity estimate and a free title loan quote!1 To use this, simply input a few factors about your vehicle into the form:
- The Make, Year, and Model of the Car
- The Style of the Vehicle
- The Mileage and Current Condition of the Car
- Any Modifications to the Vehicle
All these factors will contribute to the current equity of your vehicle and will help a loan agent determine what your loan amount could be! If you want to take a loan out on your car, it could help you get out of a bad financial situation.
You Don’t Need Perfect Credit to Take a Loan Out on Your Car
If you are considering an alternative loan option with collateral, you may have been turned down by other loans before. This is likely because of your credit history, or lack thereof. Credit history is what many traditional lenders will use to determine if an applicant is a risk to lend to.
Fortunately, a title loan can be different. Title loans will consider your credit history, but it is not the focus of the approval process. Instead, the value of your vehicle and your income will be the focus of the inquiry process, and the collateral can minimize the risk to lend to you.
Even if you are not confident with your credit history, you may still be able to qualify for a car title loan!1 As long as your vehicle has enough equity and you can demonstrate the ability to repay the loan, your chances for approval are high.1
What You Can Use Your Title Loan Funds for
If you are like most borrowers, you may be wondering what you can use your cash for once you receive loan approval. While every financial emergency and situation is different, there are a few common ways that borrowers will use their title loan cash:
- To Cover a Funeral or Wedding
- To Pay for Vacation or Travel Expenses
- To Cover Home Repairs or Renovations
- Paying for Car Repairs or Modifications
- Consolidating Debt or Paying off Bills
- Covering the Cost of Surgery or Medical Bills
While your financial situation may be different than another borrower’s, you may be able to use your title loan cash to solve your financial woes and get yourself back on your feet!1 Taking a loan out on your car could be just what you need to get by.
The Benefits of Taking a Loan Out on Your Car
If you are ready to take a loan out on your car, you may not know of the other benefits besides cash. ChoiceCash Title Loans can offer more to borrowers than just cash to get them through the month:
- Payments Start Low, and Can Get Lower2: You can get rewarded for doing something as simple as paying back your loan on time!2 ChoiceCash Title Loans offers this benefit to borrowers and it an reduce both interest and the monthly payment each month.2 As long as you keep your loan account in good standing and make on-time payments, you could qualify for this perk.2
- Keep Driving: Paying back your loan on time comes with other benefits as well! Although you are using your vehicle’s title to secure cash, you can keep your keys and drive like it is business as usual if you make on-time payments.
- Get Your Cash Fast: Qualified borrowers can get their funds in as little as one business day after approval!1
Where Can You Apply to Get a Title Loan?
Ready to take a loan out on your car? Let ChoiceCash Title Loans make the process easy and hassle-free for you!
To get started, simply call a loan agent at 855-914-2945. Or, complete the inquiry process online by heading over to the website. It can take no time at all to get the help you need!1