5 Reasons Why You Should Get Vehicle Title Loans
Thanks to their easy process and uncomplicated requirements, vehicle title loans have many uses — funding medical bills, home repairs, vet fees, and even urgent travel costs. While you shouldn't use them to deal with long-term financial struggles, they're an option for one-off emergency expenses that would otherwise ruin your economic environment.
In the subsequent sections, we'll divulge the top five reasons why you should get vehicle title loans.
Top 5 Reasons Why You Should Get Vehicle Title Loans
1. Your Credit Score Doesn't Matter
If you've ever tried to get a loan from a bank, you'll understand the importance of your credit score. After all, they're less inclined to lend money to anybody with a less-than-good rating.
But that changes when you get vehicle title loans.
We use factors besides your credit score to decide whether you can afford to take out the loan. So, you can gain approval with a poor rating, allowing almost anybody to access emergency funding when they need it.
2. The Process Is Quick And Easy
Traditional loans from banks or credit unions tend to come with long-winded application processes. And even after you've completed the in-person portion(s), you'll end up waiting weeks for the final lending decision.
Title loans turn that on its head. The initial form takes five minutes to complete. The in-person process is a mere half an hour. Finally, you'll get the money you require in as little as 24 hours. It's one of the quickest ways to borrow up to $15,000!
3. Your Car's Value Dictates Your Borrowing Limits
As we mentioned earlier, we use other factors to consider your limitations. While traditional banks use your income and credit score to determine how much you can borrow, we use the value of your vehicle. The more it's worth, the more you can borrow.
To ensure you aren't disappointed by the amount we can offer, take a moment to consider the factors that affect your car's value:
- Make and model — Luxury cars are worth more than run-of-the-mill models. For example, a Fiat 500 will never be worth as much as a Lexus RX.
- Mileage — Typically, cars with higher mileage aren't worth as much as those with lower odometer readings. However, the age-to-mileage ratio does play a role here. Plus, newer vehicles are made to withstand the pressures associated with increased miles. Thus, depending on the make and model, it might not be such an influencing factor.
- Age — Cars are notoriously terrible investments because they can lose around 15% to 20% of their value in only 12 months. While the depreciation curve flattens once the vehicle reaches five years of age, it's still a vital factor in determining how much we can offer you with a title loan.
- Condition — Maintaining your car's cosmetic and mechanical condition is essential for getting the most value. If you fail to change the oil regularly or consistently scrape the paintwork, its worth significantly reduces.
- Modifications — While you may love the spoiler and decals, others might fail to see the appeal. So, be mindful of cosmetic changes because you could unknowingly decrease your car's worth. That said, installing a new engine in an older model could increase the value.
4. They Help Cover Unexpected Expenses
You don't have the luxury of time during an emergency. Spending lengthy periods trying to fill out traditional bank loan applications just isn't an option. Luckily, title loans allow you to complete the process in a matter of moments and fund your emergency by the following day.
5. The Requirements Are Simple
Forget mountains of paperwork. You need the following to get a title loan:
- Driver's license or another form of state-issued photographic identification
- Vehicle for inspection
- Lien-free vehicle title
How To Get Vehicle Title Loans
If you need to fund a crisis, follow our simple steps below to get money ASAP:
- First, complete our easy online loan request form.
- One of our friendly loan associates calls you to ensure you have the required items, explain the process, and answer questions. You'll also decide whether you'd prefer to meet at your local Southwest Title Loans store or a more convenient location like your home.
- Wherever you decide to meet, make sure you bring the necessary items we discussed earlier.
- Sit down with the loan representative while they examine your ID and title and conduct an ultra-fast vehicle inspection.
- If you qualify for approval, complete the process with the loan representative's help. You simply need to sign a few documents.
- Finally, receive the money you need on the same or the following business day.
Fund Emergencies With Vehicle Title Loans Today!
Title loans are made for bad-credit borrowers struggling to make ends meet. They help fund emergencies by providing quick and easy financing with limited criteria. Start now by completing our online inquiry form.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.