What Types Of Vehicles Are Eligible To Get A Title Loan?
When it comes to getting a title loan, there are certain criteria you need to meet before we here at Southwest Title Loans can tell you if you are approved. One thing you need to really pay attention to is your vehicle. The truth is, not all types of vehicles are eligible to get a vehicle title loan with us. In fact, only certain types of vehicles are eligible. The good thing is there are certain things you can look out for and improve to make sure your vehicle can get this loan!
Learn About The Types Of Vehicles That Can Get This Loan
As we said, there are certain types of vehicles that you can only use when you want to get a title loan from us. But all you have to do is follow this article to make sure your vehicle fits the criteria. We want you to be able to find out if you can get this loan, so we’ve made it simple to learn just what makes a vehicle eligible. And once you are sure your vehicle can meet this criteria, we’ve made it even simpler to begin the process. So keep reading to learn what makes a vehicle eligible with us.
Cars, Trucks, SUVs, Or Minivans
The first thing you need to make sure of is that you are only using a car, truck, SUV, or minivan to get this title loan. We here at Southwest Title Loans do not accept motorcycles, trailers, or boats to get this loan. If you don’t happen to own a car, truck, SUV, or minivan at this current moment, you will have to use someone else’s vehicle for this loan. And if you do plan on using someone else’s vehicle, they will have to come in with you and get the loan in their name.
Vehicles In Good Condition
Once you’ve made sure the vehicle you plan on using is one of the ones we accept, you will need to focus on its condition next. While this loan uses your vehicle’s title as collateral, that doesn’t mean the vehicle itself isn’t important. You see, the vehicle’s overall condition helps us determine how much we can lend you. This means we need to inspect it to determine what condition the vehicle is in. This also means you should make sure you take care of your car before you come see us.
Paid Off Vehicles
The last thing you need to make sure of is that your vehicle is paid off before you come see us for a title loan. You see, we can only allow you to use a vehicle that you are finished paying for completely. If you are still making payments on your vehicle, you will not be able to use it for this loan. The reason behind this is we need to place a lien on your title – and we can’t do that if there is an unpaid lien on it already. So make sure your vehicle is paid off and any liens are taken care of before you come in.
Once The Car Is Ready, Check The Title
You should know that the type of vehicle and its condition are not the only factors that will determine whether or not the car is eligible to get a title loan. The actual title plays a huge role as well. The title has to be lien-free and needs to have your name on it in order for you to use it as collateral for this title loan. However, if your name appears alongside someone else’s name on the title, that doesn’t automatically mean you can’t use the title as collateral.
If the title has ‘or’ between the names, this means either you or the other person can come in; we don’t have to see both of you together to get this loan. But, if there’s an ‘and’ in between the names, you would have to get the other person to come in with you and be a part of the process. Basically, the most important thing you need to make sure of is that your name does appear on the title and that it is free of any outstanding liens. If you have any issues, you might have to replace your car title.
Ready To Get Your Title Loan Today?
Life happens, and if you ever have to deal with an emergency, a title loan can become a convenient way for you to receive the much-needed cash fast. And now that you know what kind of vehicle we here at Southwest Title Loans accept, you know how to get prepared. We’ve even shown you what to look for on your title to make sure it is ready as well! All that is left for you to do is actually begin the process! Just fill out the online form on our website to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.