Are you searching for everything you need to know about car title loans? Everybody experiences some form of financial hardship at one point or another. It is important to always remember that there is never any shame in needing help. But we know it can be incredibly frustrating to not be able to access the help that you need because of something like a credit score.
If you are in need of some emergency funding to get through a difficult time, it might be a good idea to consider car title loans as an option that could get you the extra helping hand you need quickly.
Fortunately for you, Max Cash® Title Loans has been in the industry for a while now. Our agents know all the ins and outs of car title loans. We can give you all the information on what you need to know about car title loans so that you can determine if they are the right option for you!
Definition of Car Title Loans
So, what is a car title loan exactly?
Car title loans are a particular kind of installment loan that is secured through collateral. That collateral is the equity value in your car. The secured nature of car title loans makes it easier to qualify for them despite a poor credit score or even a past bankruptcy.
A car title loan utilizes your car’s trade-in value, or its positive equity, and your ability to repay the loan as the main determining factors. Other loan options would rather just use your consumer report. There are many different types of people that might benefit from car title loans including individuals who might not be able to qualify for the more traditional personal loans offered by banks.
How Car Title Loans Work: Step-by-Step
The car title loan process from approval to final payment is actually far more straightforward than you might anticipate. Max Cash Title Loans is still happy to walk you through it step by step. That way, you can learn everything you need to know about car title loans.
The life of your title loan will look something like this:
First, you will go through the application process to see if you qualify and for how much. You will be notified by a title loan agent so that you can go over all the details and review your contract. If any issues jump out to you in your contract, be sure to discuss it with your agent so that you can have them resolved before moving forward in the lending process.
After you have finished signing your contract, the lender will place a lien on your car’s title, which will successfully secure the value as collateral. The lien will remain on the title until the loan has been paid in full. However, you can keep driving your car while you make on-time payments.
Then for the rest of the life of the loan, you will be able to use your car as you usually would- as long as you keep making your scheduled monthly payments as they are set out in your loan terms.
And after you have made your final payment, paying off the entire balance, the lender will remove the lien that was placed on your car’s title and return it to you completely free and clear.
Process for Car Title Loan Approval
The process for qualification for car title loans can be broken down into three simple steps:
Fill Out the Quick Online Form
Firstly, what you will need to do is fill out our simple online inquiry form. You can do it in just a few moments! It only requires some basic facts about you and your car. It will ask for:
- Your Full Name,
- Your Email
- Physical Address,
- Your Current Income,
- And the Make, Model, Year of Your Car.
Send In Some Important Documents
Secondly, after reviewing the info you provided, a title loan agent will reach out to you to request some important documents needed for approval. The documents that you will likely be asked to provide include:
- Photo Identification
- Proof of Address
- Proof of Income
- Car’s Title
- Pictures of Your Car
- Two References
See If You Are Approved!
Thirdly, once the lender is able to look over all your documents and application, they will come back to you to notify you of their decision. If you are approved for a title loan, you will get to look over your contract and terms to discuss any issues you might have with your title loan agent. Once you sign the contract, you are all set to receive your funding.
Simple as that!
How Max Cash Title Loans Can Help
Max Cash Title Loans is here to make everything as simple as it can be. We are a title loan marketplace that services people looking for title loans across the nation. To make your job easier, we do the research on your behalf, so we can connect you with the best lenders! From there, you can get access to the most competitive deals out there.
You deserve to have the tools you need to succeed in your search for a title loan that fits your situation. We know that going through a financial rough patch can be stressful. We aim to make it more bearable through friendly and supportive customer service.
If you would like to take advantage of Max Cash Title Loans’ free marketplace services, all you need to do to get the ball rolling is fill out our quick online inquiry form. See if you qualify with no-obligation today!