If you’re searching for a car title loan, Max Cash® Title Loans may be your best place to find one2. They can help you get connected to lenders eager for your business1. There are a number of ways you can apply for a car title loan; you can find a lender online, call around, or visit a brick and mortar store. Max Cash Title Loans provides a great starting point for borrowers looking for a car title loan lender2. Regardless of where you go to get your car title loan, there are a number things you will always need.
What Things Do I Need to Get a Car Title Loan?
If you’re interested in a car title loan, be sure you get the following together:
- Qualifying Car Title in your name
- Proof of Income
- Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
- Proof of Residence (Certain pieces of mail)
- Photos of your car (front, back, and sides)
Note, that some lenders require you to bring your car in for an in-person inspection, rather than accepting photo submissions.
What Do I need to do to get a Copy of my Car Title?
If you need a new copy of your car title, you’ll need to visit the DMV. Depending on the DMV location, they might be able to provide you with an expedited copy. Max Cash Title Loans may be able to provide you with the location of the nearest DMV capable of expediting your car title. In certain situations, they may even be able to provide you with direct assistance with your car title. If you’re able to, adding your lender as a lienholder when your new title is issued may reduce the wait time for your loan1.
How Much Money Can I Get for my Car Title Loan?
Lenders look at a number of different factors when they are deciding how much to lend:
- Value of your car
- Your monthly income
- Length of the loan
The value of your car, which is determined by things like the age and condition, is the most important factor. It determines the absolute maximum amount of money that a lender can give you. Your monthly income is used to calculate how much you can afford to pay back each month. And finally, the size of your monthly payments is determined by the length of your loan. The length of the loan and your ability to pay it back can influence the size of the loan you can receive because some states have restrictions on loan durations.
What Can I do to Show Proof of Income for a Car Title Loan?
There are a lot of people who believe that you need to have a recent pay stub to show proof of income for a car title loan. This is not the case. There are actually a variety of things you can use to show your ability to pay your car title loan back.
- Social Security
- Worker’s Compensation
- Child Support
Are There Hidden Fees in Car Title Loans?
Reputable lenders never include hidden fees in their car title loans. They do their best to keep terms simple and ensure that borrowers fully understand their loan. Simple loans don’t include things like balloon payments, which is a large payment at the end of the life of the loan4. Nor do they include things like prepayment penalties, fines for paying your title loan back early3. It’s critical that you take the time to look over your car title loan documentation and ask any questions you may have to your lender.
Is it Possible to Extend the Terms of my Car Title Loan?
That depends both on the lender as well as the state your loan is in. Some states prohibit rolling loans over. If your lender is able to roll your loan over, they will give you a new loan that consists of the balance of your old loan1. While this new loan may have certain fees associated with the rollover, it will give an entire new loan term to pay off your loan.
What Happens if I Can’t Pay my Loan Back?
If you find yourself in a situation where you are unable to pay your loan back, you should contact your lender immediately. Borrowers who can’t pay their loans back will go into default. What happens next depends on the state. Some states mandate that lenders send out a right to cure notice, information the borrower that they have a limited time to pay the balance of the loan. Other states do not. Once any grace period has elapsed, the car is eligible for repossession.
Once the borrower’s car has been repossessed, it is normally auctioned off. The money is then put against the outstanding balance of the loan. Depending on the state, if the amount of money raised is less than the balance of the loan, some lenders may be permitted to continue pursuing the borrower for payment. In others, if the money raised exceeds the balance, it must be returned to the borrower. Borrowers should consult the state laws to determine how it works in their state. While some lenders have a reputation for pursuing repossession, reputable lenders try to avoid it. They do this by helping borrowers ensure that they are taking on a loan that is a good fit for their situation and trying to work with them if their situation changes.
If you’re considering a car title loan, you’ll want to know where the best place to get one is. Borrowers today have more options than ever before. They can find title loans online or in-person. If you need some help at the start of your search, don’t hesitate to contact Max Cash Title Loans. We are happy to answer any questions you may have about car title loans or the car title loan process.