Whether you are struggling to make ends meet this month or you just need extra cash for a big purchase, a title loan can be a great resource. If you have never applied for a title loan before, you may be searching for things like “title loans near me open now” and hoping for the best.
While this may take you to some title loan options, there are better ways to find title loans near you! Instead of getting overwhelmed by the number of choices you have near you, there are loan options that can allow you to apply for a car title loan completely online. With ChoiceCash Title Loans serviced by LoanMart, you can apply directly from your smartphone or computer. No need to wait in line at a storefront or search for title loans open now!1
How Do Car Title Loans Work?
Title loans can be called a few different names, such as an auto equity loan or a pink slip loan. While the names may be different, they work the same way!
To apply for a car title loan, you will simply need to have a paid-off or close to paid-off vehicle. Title loans are secured loans that work by using the title of your vehicle as collateral for cash. The more your car is worth, the more you may be able to borrow off of. With a title loan, you are borrowing off of the equity in your car, and your collateral is security for the lender. Typically, a title loan is a single or multiple installment loan.
Title loans are all secured loans, meaning that your funding is secured by the collateral used to base your loan amount on. Secured loans can offer a lot of advantages to borrowers, including:
- Lower or Competitive Interest Rates
- Flexible Approval Process
- Ability to Receive More Cash than an Unsecured Loan
All of these benefits of a secured loan are from the use of collateral! Title loans can be a much more accessible option for future borrowers that need alternative funding options. Generally, title loans can be used by borrowers that have been turned down by traditional loan options.
How Much Cash Can I Get Through a Title Loan?
With a title loan, your funding amount and your eligibility are based upon your collateral. The more value your car has, the more you may potentially be able to borrow through a car title loan!
Generally, a title loan lender will allow you to borrow 25%-75% of your car’s market resell value.1 If your car has a higher resale value, a title loan will allow you to tap into this if your income can support a higher monthly payment. Typically, unsecured loans like personal loans and payday loans will only allow you to borrow cash based upon your credit history and income.
With a title loan, however, your loan amount will be based upon:
- Your Ability to Repay the Loan
- The Value of Your Collateral
During the title loan approval process, a loan agent will look at your income and your car’s current equity. They will determine what your car is worth and see if your income can support a title loan payment each month.
If you are like most borrowers, however, you may not know what your vehicle is worth off the top of your head. That’s why there are online resources that can help give you a better idea of what your car’s equity is! Some resources you can choose from are:
- Dealership Appraisal
- Kelley Blue Book Online
- Online Title Loan Calculator
While you can get an estimate from Kelley Blue Book or a dealership, ChoiceCash Title Loans has a helpful way to estimate your equity and get a free title loan quote at the same time.1 Simply input your information in the title loan calculator to get a quote!1 It has never been easier to find title loans near you open now.
What Type of Car Will I Need to Apply for Title Loans Near Me Open Today?
There are many different types of vehicles that can qualify for a title loan! Depending on your state’s legislature, you may be able to get a title loan with a motorcycle, car, or truck. To qualify for a title loan, your vehicle must have equity.
Since there is a multitude of different vehicles that can have equity, there is no all-inclusive list of cars that will qualify for a car title loan! However, there are a few cars that are commonly used to apply for a car title loan online
- Toyota Camry
- Dodge Challenger
- Honda Accord
- Ford Fusion
- Nissan Rogue
- Jeep Wrangler
- Toyota Highlander
- Subaru WRX
- Chevrolet Silverado
What Documents Do I Need to Apply for Title Loans Near Me Open Today?
Like many types of loans, you will be required to submit a few documents to verify your identity and information. Luckily, when you apply online for title loans near you open today, you can submit these via email or fax!
You can expect to need these documents when you apply for car title loans online:
- Proof of Income or Alternative Income: While you do not need traditional employment to apply for a title loan, you will need some form of proof that you can repay your loan. This could be bank statements, pay stubs, or even a disability award letter.
- Proof of Address: Many future borrowers will use recent mail to their address as proof of residence. Recent credit card statements or even your voter registration card may work as proof of address!
- Title to The Vehicle: To verify your information, the title must be in your name.
- Recent Photos of the Vehicle: You can bypass an in-person inspection of your vehicle by submitting photos of it! The front, back, sides, and odometer must be visible.
- Government or State-Issued Photo ID: Typically, future borrowers will use their passport or driver’s license as proof.
If you have any questions about what documents you will need, a loan agent is happy to assist you during the approval process! The specific documents you need to apply may change based upon your state of residence.
What are the Benefits of Title Loans Open Now?
If you’ve been searching for phrases like “title loans near me open now” then you might be curious what the benefits are with fast cash choices. With loan options like ChoiceCash Title Loans, borrowers can take advantage of more than just cash!
- A Faster Way to Get Cash: Qualified borrowers can get their cash in as little as 24 hours with loan options like ChoiceCash Title Loans!1
- Keep Your Keys on You: While you are using the title of your car to obtain cash, you can keep driving it like its business as usual if you are a responsible borrower! Make your payments on time every month and you’ll be able to drive your car while you repay back your loan.
- High Approval Rates: Title loans are a popular choice across the nation because of their high approval rates! A car title loan can be an easier alternative loan to apply for in comparison to traditional loans.1
Where Can I Apply for Title Loans Near Me Open Now?
If you can get your cash as early as one business day, why wait to apply for title loans open today? With loan options like ChoiceCash Title Loans, borrowers can get their cash in as little as 24 hours if they are approved!1
Get started on your loan today by:
- Submitting a Loan Inquiry Online or Over the Phone
- Send in Your Documents
- Sign Your Loan Agreement and Get Your Cash!
Applying for a loan shouldn’t be a big hassle! Take advantage of this easy three-step process today by applying online or over the phone with a loan representative at 855-277-4847. Both options can take a few minutes to do!1 You’ll have access to a loan agent day or night to help answer any questions you may have about the approval process. Get started on your loan today!