How To Get Bad Credit Loans Using Your Car Title
Are you having trouble getting a loan because of your credit score? Are you sick and tired of sending loan requests and being denied each and every time?
Southwest Title Loans can help you out. We offer bad credit loans up to $15,000 when you use your car title as collateral. You can inquire online and finish the rest of the loan process when you meet one of our representatives in person. You immediately find out if your loan is approved and can get the money the same day or the next business day.
Want to know what kind of loans you can get if you have bad credit and the step-by-step process you can expect to go through? Take a look at the information provided in this article.
What Is Bad Credit?
The term “bad credit” applies to anyone who has a credit score of 580 and below. You may have this score because of missed payments, bounced checks, high debt, or declared bankruptcy. It can also refer to someone who has no credit history at all, which makes it difficult for lenders to determine whether or not you will pay back a loan.
Other factors can also cause banks to flag you as a credit risk. For example, they may have very strict criteria for employment and income and deny your application just because you work a part-time job. Even if you get paid well, they don’t see this income as “stable.”
How Can I Get A Loan If I Have Bad Credit?
Southwest Title Loans, Inc. offers car title loans for people with bad credit. The only requirement for these loans is that you are the owner of a vehicle.
What does your car have to do with getting cash? You will use it as collateral or security for the loan. Don’t worry, you can continue using your car while you pay off the loan. A lien (or a legal claim) will be placed on your title until the loan is paid back. Once the lender receives payment in full the lien is then lifted, and your title is returned.
So, the loan isn’t really going to change your daily routine. You can keep driving your car as you’ve always done. The only restriction is that while the lien is in place, you can’t sell your car or use it as collateral for another loan.
What Kind Of Loans Can I Get?
At Southwest Title Loans, we have two types of loans: title loans and registration loans. To get title loans, the car must already be fully paid off and in your name. You can borrow up to $15,000 depending on its model, age, mileage, and overall condition. One of the benefits of car title loans is that you don’t have to present any income or employment documents.
You will need to prove that you are the legal owner of the vehicle, i.e the title is registered under your name. When you apply, you will need to show the title, as well as a valid government-issued ID, and the vehicle for a quick inspection. The inspection will help to determine the loan amount you could qualify for if you are approved. Do note that the title must also be lien-free and have no existing court judgments against it.
If you are still paying off your car loan, you are not eligible for a title loan because the bank has placed a lien on the title. This lien is only lifted after you own the car outright.
However, you can still use your car to get a registration loan. In this case, you will be using your vehicle registration as security or collateral. While we will check your credit history, rest assured that we have more flexible requirements and you can still qualify even if you don’t have perfect credit.
You can borrow from $200 to $1,500 with a registration loan. The loan amounts may not be as high as car title loans, but it is higher than many other bad credit loans. To apply for registration loans, just present a government-issued ID card with a photo, a motor vehicle registration in your name, your social security number, and a checking account in your name.
How Do I Apply For Bad Credit Loans?
One benefit of getting a car title loan with us is our simple and quick process. Just fill out the online inquiry form and one of our loan representatives will call you within a few minutes to help you continue. They’ll explain how our bad credit loans work, answer your questions, and set up an appointment for you to meet them in person.
After the call, you just have to go to the nearest branch to submit your requirements and have them inspect your vehicle. If you’re applying for car title loans, you can set it up so that the representative can meet you at a location of your choice instead of you coming to the nearest store.
After the inspection, you should know right away if you qualify for approval. Keep in mind that for registration loans, you do have to come to the store, and we do not have to inspect your vehicle. If you do qualify for either loan, we’ll finish the final paperwork, and you get the money on the same day or the next business day.
Get Bad Credit Loans Right Now
If you’ve been hit with a financial emergency and need to raise money as soon as possible, and your credit is less than perfect, a bad credit loan with Southwest Title Loans may be just what you need. For more information, use the online form to speak with a representative today and to get started on the process for either loan.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.