What Is A Title Loan On My Car, And How Can I Get Approved For One Today?
When you want to know what is a title loan on a car, look no further than Southwest Title Loans for the answer. We work hard so that you understand what these loans are, how they work, and how you can find out if you qualify to get one as soon as possible.
With us you will see that the overall process is quick and easy, and you can get your money fast if you are approved! Of course, the first step is finding out what this loan is! Keep reading to find out more about these loans!
What Does It Mean To Get A Title Loan On A Car?
When you find yourself asking what is a title loan on a car, here’s what you need to know. A title loan on your car is a way to borrow money quickly based on the vehicle’s value.
You’ll use your car title as collateral to secure the loan, and you can borrow up to $15,000, depending on how much your car is worth. This means a representative will inspect your car to determine how much money you qualify to borrow with the loan.
At most, you could qualify to borrow $15,000 quickly this way. Still, that’s not the only reason these loans are popular among borrowers.
Aside from the potentially high amount you could borrow, the overall process is also quick and easy, and you’ll have plenty of support and guidance along the way. When you consider all of those benefits, it should be no surprise that many people find these loans beneficial in their time of need.
What Do You Need To Qualify For A Title Loan?
Now that you know what is a title loan on a car, you’ll also want to know what it takes to qualify for one of those loans. Another reason these loans are popular is that there are only a few requirements you must fulfill to qualify.
As you will see, the requirements you must fulfill aren’t too challenging. So, there’s a good chance you can gather the items and get started with the process immediately. Here are those requirements:
- Firstly, there is an age requirement. You must be at least 18 years old to apply for one of these loans, and not a moment younger. A minor is not allowed to legally take out a loan with us at all.
- Secondly, you must be able to provide valid photo identification, like your driver’s license or another photo ID currently issued by the state. That’s necessary to verify your identity and to make sure you are a legal adult.
- Third, you must have your lien-free car title to use as collateral. That title must be registered in your name and ‘clear’, meaning it’s free from any outstanding loans or judgments. This means the vehicle must also be fully paid off.
- Lastly, you must be able to bring that vehicle in for an in-person inspection. That’s only necessary during your application, so you’ll be able to keep the car after you’ve completed that process.
Will I Be Disqualified If The Title Is In Someone Else’s Name?
If you are wondering what is a title loan on a car, one thing to know is that your car title is one of the most important requirements. This means that your name must be on the title in order for you to use it as collateral.
If that car title is not in your name, the first thing you’ll want to do is visit your local DMV office and have them transfer it to your name. It’s only when that process is completely done that you can use it to apply for a title loan with us at Southwest Title Loans.
Do You Need Perfect Credit To Apply?
The good thing about getting a car title loan from us at Southwest Title Loans is you don’t need to have perfect credit to qualify for a title loan. Whether your credit is good or bad, your application will be considered the same way anyone else’s would.
While that doesn’t mean we won’t ever have to check your credit, that means it isn’t the most important factor. What determines how much you qualify to borrow is the value of your car, and your car title is what secures the loan.
Get A Title Loan Today!
When it comes to understanding what is a title loan on a car, you can see that it isn’t difficult to fully understand with us at Southwest Title Loans. Now all you have to do is begin the process to find out how it works!
Apply for your title loan now just by filling out the online form on our website. Before you know it, you’ll go through the process at the nearest store location or at a location of your choosing. So don’t hesitate any longer and fill out the online form now to get started right away!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.