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Do I qualify for a title loan estimate?

To apply for a title loan estimate, you must be 18 or older and hold a lien-free car title with your name on it. You also need to have a number of documents:

  • Original vehicle title
  • Government-issued identification
  • Utility bill or other proof of residency
  • Current vehicle registration
  • Proof of vehicle insurance
  • Recent paystubs, or evidence of unemployment payments
  • At least two valid references
  • Spare pair of keys (not every lender will look for this)

How do I apply for a car title loan estimate?

There are only a few steps needed in order to get a title loan approved and get the money in your bank account. Getting a title loan estimate is a fast and easy process. You will also be able to get a title loan quote for free. All you need to apply is the above documents and getting approved is a three-step process:

  1. To get your free title loan quote, you will need to fill out an online application.
  2. After you do this, an online auto equity loan specialist will speak to you to iron out the details and set up a payment plan.
  3. You can then pick up your money from a location that has been previously decided upon.

These things can vary from lender to lender, so make sure you research and understand the requirements and processes for each individual lender that you look at.

After you have inserted your contact information and vehicle information, you will be sent a free pre-approval car title loan estimate. This should give you an indication of how much you should be able to withdraw. This number is usually based on a number of factors, including the value and year of your car. After this, a loan title expert will get in contract to discuss the options and walk you through the next stage of your application.

What is a car title loan?

A car title loan is a loan that you get for handing over the rights to your vehicle title. To get a car title loan estimate, you give the lender the title to your vehicle. This can be your car, truck or motorcycle. Car title loans are similar to payday loans except that you have to pledge your car as collateral. You must also pay the lender a fee to borrow the money. You usually have to repay the loan in 30 days, but this depends on the agreement that you have with the lender.

One of the best things about a car title loan is that it allows you to get the money you need quickly. Anyone with a car can get a car title loan if you have the full amount paid off. This is because there is no credit check or background checks involved with the process. The lender is giving you a secured loan, which means you are actually putting up something that is of value to secure the loan. An unsecured loan is when there is nothing involved, but they are giving you money based on the assumption you can pay it back plus interest. In this form of loan there is no real risk for the lender as they have the ability to sell off the car to get back the money on the loan. Car title loans work the best if you have bad credit or if your credit rating is non-existent.

Another good thing about this type of loan is that while you have the loan outstanding, you get to keep the car and still drive it.

Rates and Fees

The most critical factor is the interest rate. The interest is typically lower than other bank and non-bank loan programs. Using a car title loan calculator can help you find out what the APR will be. This will help you calculate your total repayments that you will have to make. Make sure that you have a plan to be able to pay back you loan.

Interest rates vary between companies and between states as some states have a cap on how much a company can actually charge you. Make sure you are aware of all the charges and fees possible so that you are not blind-sighted at the end of the day.

What should I do before I get a car title loan?

Before you get a car title loan, you need to ask yourself a few questions so that you know what you are getting yourself in to:

  • Can I get a loan from a bank or credit union?
  • Can I get more time to pay my bills by talking with creditors or a credit counselor?
  • Do I have any money saved that I can use?
  • Can I borrow money from family or friends?
  • Can I use a credit card instead?
  • What is the interest of this loan?
  • What are the fees associated with the loan?
  • What sort of time frame do I have on the loan?
  • What happens if I can’t repay my loans?

One you have decided to get a car title loan, there are a few things you should do.

  • Ask the lender to tell you how much it will cost in dollars
  • Ask the lender how long you have on your loan
  • Borrow only what you can repay
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