What are Cheap Title Loans?
A bad financial situation can be tough to manage on your own. If you’re struggling, the last thing you need is to get a loan you cannot afford. Different people have various opinions on what the word cheap means. That’s why there is no clear-cut answer to what the term “cheap title loans” means. It can be relative to the person with the loan!4
Auto title loans are a type of secured loan that can get you fast funding. This type of vehicle-secured loan option is often more expensive than traditional bank loans. But, they cater to individuals with bad credit who may be unable to get approved for unsecured loans. If you can keep up with your title loan payments and handle the APR (Annual Percentage Rate), it may be an option to consider as a subprime borrower. Max Cash® Title Loans is here to help you get connected to a car title loan!2 5
How Do Cheap Title Loans Work?
To obtain a title loan, you must meet the lender’s criteria and provide a few documents to verify your information. The exact paperwork can vary from state to state, but it typically includes:5
- Valid, Government-Issued Photo Identification Card
- A Qualifying Car Title (Must Be in Your Name)
- Recent Photos of the Car May be Requested
- A Few References
- Proof of Income and Address
As mentioned above, a “cheap” title loan is a secured loan option that can allow you to borrow against your vehicle’s equity.
The more equity your car has, the more potential you have to receive a higher loan amount. Only, of course, if your income supports the title loan payment!1 5
Since affordable title loans are secured loans, they generally can have competitive interest rates.4 The loan is secured by the car’s title, so you are essentially borrowing against its value.
However, before you sign on the dotted line, you must carefully review your loan terms with your loan officer. Ask any questions you may have about interest rates and repayment dates.4 Cheap title loans are not hard to find if you have the right people on your side! Max Cash Title Loans can help you learn more about your options for bad credit loans.2 5
How Much Can You Borrow Through a Cheap Title Loan?
Some states regulate the amount you can access through a title loan. Additionally, the amount you will be able to borrow through an affordable title loan4 will also primarily depend on your income and the total value of your car.1 5
Is Good Credit a Requirement to Get Cheap Title Loans?
While your credit history is considered by title lenders when determining your pre-approval status for a car title loan, they are more concerned with whether you have a source of steady income to repay the loan. ² ⁵ Additionally, your vehicle must have a qualifying amount of equity, which is another key factor that they consider during your loan request. ⁵
How Does the Repayment Process Work for Affordable Title Loans?
You may want to find out what the terms are for your loan before you sign a contract. Your financial situation will determine what is the best option for you. Depending on the options offered by your title loan servicer or lender, you will be able to repay your loan over the phone, online, or even by check in some cases.
Understanding your loan terms is important to ensure that you get payments in on time, and that you do not default on your loan.4
If you are late with a payment or do not pay the total amount owed, then you can face consequences as set out in the payment terms. All pre-payment penalties must be disclosed in your contract.3
When you are signing your loan agreement, you have the right to request that the lender provide you with the payment due dates and amounts in writing.
This can be helpful to ensure you don’t miss a payment. It is also a good idea to talk to the auto title loan company about what help they typically offer to borrowers who face an emergency and need a little extra help.
How Does The Application Process for Cheap Title Loans Work?
The inquiry process is simple and involves a few simple steps:5
- Apply online or through the phone
- If initially approved, send in your paperwork
- Find out if you got approved5
- Once approved, choose how to get your funds!¹ ²
The funds can potentially be sent to a bank account through direct deposit, sent as a check in the mail, or picked up at a local money transfer location.¹ ² Even if your credit is not in good shape, we may be able to help you get funded.⁵ Click here to apply now!5
The most important part of your auto title loan search is finding a reputable lender. It can be easier than you think to find cheap title loans or affordable title loans online!4 5
Choosing a lender who cares is important. Max Cash Title Loans does the work for you at no cost. We help connect qualified borrowers to title loans.2
If you need emergency cash, there is no time to waste! Get in touch with Max Cash Title Loans right away! Once approved, the funds could be made available in as little as one business day.1 2 5