3 Things You Need to Know About Getting a Car Title Loan
Car title loans might get a bad rap, but they can help many people who are in a tough situation where they need cash right away. There are many different scenarios that lead someone to need a car title loan. Here are three things that everyone should know about getting a car title loan.
Getting a Car Title Loan is Quick
Most people who come in to get a car title loan are approved in less than a day and can leave with cash. A car title loan isn’t a typical loan. Using the title of your car as collateral helps significantly reduce the red tape and time needed to procure funds for a car title loan. Many lenders even take care of the DMV paperwork for you so that there is no unnecessary trip to the DMV to file paperwork.
Know the Process
Getting a car title loan is as easy as knowing where to get a car title loan and understanding the process. An agent will first check to make sure that your car qualifies for a car title loan and then will check the maximum amount that can be drawn against your title. Car title loans typically average between $2,500 and $50,000. There is a quick application process after these initial steps and a few documents to fill out, but once those are submitted many people receive money in their hand or account instantly. As part of the process, lenders will run a credit check and ask for proof of income. You’ll also have to prove that the car belongs to you and that it is insured.
Many people are anxious about the repayment plans and structure for a car title loan. There are no early payoff fees if you want to pay off your car title loan before the agreed time. The first payment is due 30 days after the car title loan is issued, giving borrowers time to budget for their monthly car title loan payment. Many car title loan agreements are between two and four years long, so there is plenty of time to repay the loan before any further action is needed.
Getting a car title loan is a fast and straighforward process that can get you the cash you need in a tight situation. If you are considering a car title loan, SBR Title Loans can help. Our team will walk you through the process and advise you as to whether or not you qualify for a car title loan. Contact us today to learn more or to start your application process.