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What Is A Title Loan On A Car, And How Can I Apply?

Anyone who has ever asked, “What is a title loan on a car?” can learn everything they need to know from Southwest Title Loans in this guide.

In the following sections, you’ll discover what a title loan is, how it works, and how to apply for one. You’ll find that this is a handy way of borrowing money quickly by using your lien-free car title as collateral.

Let’s get into it!

What Is A Title Loan On A Car?

Getting a title loan on a car means borrowing money based on that vehicle’s value. In other words, it’s a type of secured loan that uses your lien-free car title as collateral to secure the money you borrow.

These loans are a popular option among many borrowers for several good reasons. For starters, it’s a quick and easy method of using your personal vehicle to get money.

On top of that, the application process for a title loan is straightforward, with few requirements and also only a few steps to complete.

Last but not least, title loans also have fast payouts upon approval. That means a borrower can get their money as soon as the same day of their application or by the next business day.

These benefits that come with title loans make them incredibly helpful, especially for anyone who needs money quickly with as little fuss as possible. 

For example, someone who needs to pay an emergency medical bill would likely find a title loan to be an incredible option to consider.

Image features documents and pen, symbolizing a car title loan process.

How Much Can You Get With A Title Loan?

As you read about what is a title loan on a car above, you saw that a borrower can get a significant amount of money when they use their car title to secure a loan.

More specifically, you can get as much as $15,000 quickly and easily when you get a title loan. However, the exact amount you qualify to borrow will depend on how much your car is worth.

For that reason, you must bring your car in for an inspection during the application process. You can leave with the vehicle even if you are approved, but the inspection must happen as it is a crucial part of the title loan process.

What Do You Use To Determine The Value Of My Car?

A loan representative will perform a quick physical inspection of your car to determine how much it’s worth (and, by extension, how much you qualify to borrow). They’ll do that by looking at two factors:

  • First, the loan representative will inspect your vehicle to assess its overall condition. Simply put, a car in better condition is generally worth more than one that’s not in good shape.
  • Second, they’ll also refer to a nationally recognized pricing guide to determine your vehicle’s value based on its make, model, and the year it was made.

You can choose if you want that inspection to happen at a Southwest Title Loans store or another location near you. The whole process will only take a few moments, so you don’t have to worry about spending all day waiting for it to finish.

What Are The Steps To Apply For A Title Loan?

Now that we’ve dived deep into the question of what is a title loan on a car, how much you can borrow, and how your car’s value is determined, it’s time to look at the steps needed to apply.

Image displays car title loan cash, alongside physical money and a blue car.

Here are the steps you will go through to get a title loan using your car:

Step 1: Get In Touch With Southwest Title Loans

First of all, you’ll have to get in touch to start the application process. The good news is that you can do that at any time from the comfort of your home just by filling out the online form with your details.

Those details will include things like your name, contact information, and basic details about your car.

Soon after you submit that form, a loan representative will call and walk you through the rest of the application process.

That includes setting up an appointment to meet in person.

Step 2: Meet The Loan Representative

Next, you’ll meet the loan representative with these three things:

  • Your lien-free car title
  • Your car for an inspection
  • Your driver’s license or other state-issued ID

The representative will check your vehicle to determine its value and help you complete your application.

Step 3: Get Your Money!

If your application is approved, you’ll receive your money fast. That could mean getting it on the very same day or by the next business day.

Apply Now!

At this point, you can answer the question, “What is a title loan on a car?” and are ready to get started with Southwest Title Loans. As you read earlier, you can start your loan request right now using the online inquiry form.

With just a few basic items and your car, you’ll go through the application process pretty quickly and get the money you need as soon as today!

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

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.

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