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How To Prevent Car Title Loan Application Mistakes

Car title loans are loans that use your vehicle’s title as collateral for a lump sum of cash. If you need cash on short notice, they really are an option you could look into. Keep these common car title loan application mistakes in mind before applying, and the entire process will be convenient and simple for you.

Tips for Avoiding Mistakes on Your Car Title Loan Application 

1. Do Some Research Beforehand

Diving into debt – any kind of debt – without knowing anything about the debt is not recommended. When you’re getting ready to get a car title loan application, you should know beforehand:

  • What are the qualifying requirements;
  • What items the lender will ask you to provide;
  • What your credit should look like;
  • If the loan information will be kept private;
  • If the lender will take your car away for the duration of the loan period.

For example, when you’re getting a car title loan application ready for Southwest Title Loans, you need to know that:

  • While conducting credit checks in certain situations, Southwest Title Loans is open and accommodating to borrowers of all credit and income types;
  • We do not report the loan information to any credit bureaus;
  • We only keep the car title for the duration of the loan payoff – the car itself stays with the borrower.

Here are the required items you will need to provide us with to qualify for a title loan:

  • A valid state-issued ID or a driver’s license to verify you’re over 18 years old;
  • Your vehicle for inspection;
  • Your vehicle’s lien-free title in your name to use as collateral.

2. Know The Exact Amount Of Money You’ll Be Borrowing

One mistake many borrowers make is not asking enough questions about how much they’ll get. You have to know exactly the amount you could qualify for because you will have to repay that amount – plus any interest – during the loan repayment period.

If you go into the loan blindly and realize you cannot afford to repay, you are adding extra stress to yourself.

The maximum loan amount you could get with Southwest Title Loans is $15,000. This means you can get anything up to that amount. If you feel you cannot stick to repaying that amount – or whatever amount you qualify for – you should look elsewhere.

3. Carefully Listen To The Loan Representative’s Instructions

Your loan representative will do their best to walk you through your entire car title loan application process as smoothly as possible.

What you need to do is make sure you follow their – usually straightforward – instructions as thoroughly as possible. This means:

  • Letting them explain the process and double-check the information you provided;
  • Not interrupting their explanations;
  • Being on time for the appointment they’ll set up;
  • Having all the required items with you at the appointment;
  • Asking any and every question you may have;
  • Providing all the information they’ll ask about after they’re done with the inspection, like your name, address, employment, and so on.

4. Don’t Be Afraid To Ask About Things You Don’t Understand

The loan representative is there to help. The entire car title loan application process will be much quicker and smoother for you both if you make sure to ask about anything you might be interested in or simply not understand.

It helps if you compile a list of questions you have about the process before starting the application process.

5. Double-Check The Terms Of Your Loan Agreement

Once you meet face-to-face with your loan representative, that is when you will go over the loan agreement. At Southwest Title Loans, we will display all the loan fees in the agreement.

Even if you’re in a hurry, make sure to at least skim over the terms and conditions of your loan before signing it, as well as keeping a copy of the agreement with you to double-check the terms down the road.

This goes for any agreement that has anything to do with money, really. You should always know what you’re signing and keep the copy with you to double-check if you start having any doubts.


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How To Get A Title Loan From Southwest Title Loans

For all intents and purposes, compiling a car title loan application is pretty simple, if you've already done the necessary research beforehand.

All that’s required to start your car title loan application process at Southwest Title Loans is to submit a filled-out form on the website and wait for it to get processed. As soon as the information’s processed, you’ll get a call from the loan representative.

The loan representative will provide further instructions – which you should carefully listen to – and answer any questions you might have. They will also let you know what you need to bring in when you come into the nearest store.

The loan representative will schedule an appointment for you, to which you should take the required items – your driver’s license or ID, the car, the lien-free title in your name. They will inspect the car and assess the documents, deciding if you qualify and for how much. If you get approved, you will get the cash.

Avoid Mistakes And Make Your Car Title Loan Application Process Simple

Knowing what mistakes you should avoid can only make your car title loan application go smoothly. When you need emergency cash, skip the mistakes and come to Southwest Title Loans. Fill out our form when you are ready.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.

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