It is not all that uncommon to find yourself in a situation where you need emergency money in a hurry to cover an unexpected bill or expense. A car title loan obtained with the help of Max Cash® Title Loans could seem like one of the best ideas for this, but you might be wondering just how long you have to pay back a title loan. The answer is that it depends on a few different factors, including your state of residence and the policies of the lender you decide to work with.2 5
What are the typical repayment terms for a title loan?
How much time you are given to repay a car title loan varies from lender to lender. The duration length depends on the agreed upon terms and how much time the lender normally gives their borrowers to pay back a car title loan. In some cases, your state of residence may determine the length of the repayment period, as some states have laws that regulate title loans and other secured or unsecured loans.
In some states, like New Mexico, title loans are single installment loans, while in other states, the borrower has 30 days to finalize their payments. Some lenders offer longer loan terms of six months or more. However, other lenders do not offer their borrowers as much leniency in terms of how much time they have to pay the total car title loan amount. Before you sign a loan agreement, it is important to read through the terms and conditions of your loan. Discuss the repayment process with a loan officer to fully understand what you will pay and how long you will have to repay the loan.4
What is the downside to a title loan?
One of the downsides to a title loan is that you must have a vehicle with enough equity and meet the lender’s requirements in order to get approved.5 Different lenders have different requirements, but generally, having a qualifying car and providing the right paperwork is required to get a loan against your car. Additionally, because your car is used as collateral for the loan, if you stop making payments on your title loan or do not pay back the loan as agreed upon in the terms and conditions of your contract, the lender can take the car. This is known as a vehicle repossession, and it can stay on your credit report for up to seven years. If you are having trouble paying back a title loan,make sure to reach out to your lender as soon as possible to discuss your options to move forward.
How long do title loans last?
As mentioned above, you could have 30 days to several months to pay back a title loan. It all comes down to the lender you choose and the terms and conditions of your loan agreement. Understanding the repayment terms for any type of loan, including personal loans and payday loans, is important. Discuss the repayment terms and options with your lender and see how you can make your loan payments. Some lenders even have apps you can use to make loan payments online with your smartphone!
Why Choose Max Cash Title Loans to Get a Loan Against My Car?
Max Cash Title Loans helps set people up with the money they need right now through car title loans in states that allow car title loans. We offer every day assistance on the phone, 24/7 through our loan agents.2 5
With Max Cash Title Loans, you could skip over all that nonsense and we could speed up the process to get you pre-approved and connected to trustworthy car title loan lenders, if you qualify.2 5
Want to know what the absolute best part of all of this is? All of our services are 100% free to you. You do not pay us a single cent!
Perks of Working with Max Cash Title Loans
We want to help people the absolute best loan deals we possibly can, so we pull out all the stops.4 5 When it comes to working with Max Cash Title Loans for your car title loan needs, there are some rather useful advantages that come along with doing so, such as:2 5
- We are open for business 7 days a week, because emergencies never take a day off.
- We stay open later than most other businesses to help you obtain money when you need it most.
- Bad credit or no credit is no problem. Lenders tend to care more about the condition of your vehicle, its present market value, and whether you have a steady source of income to make payments on a car title loan.5
- Past bankruptcy may not hinder you. Your past financial discretions do not reflect your current state.5
- You could be pre-approved for a car title loan in a flash if you are eligible.5
- The money you borrow could be yours the same day you file for the car title loan.1 2 5
Reach Out to Max Cash Title Loans
We have several helpful loan processors who are well equipped to take your call and give you the help and high-quality customer service you need and deserve. We at Max Cash Title Loans want to be there for you when you need us the most. Call 855-561-5626 today!
How Do Car Title Loans Work?
How long the duration of a vehicle title loan lasts typically depends on the loan amount and monthly payment amount that a borrower can afford. While most personal loans work in similar ways, title loans, also called title pawns, work a bit differently.
Car title loans are a special sort of short-term loans that provide borrowers with more flexibility. Title loans are a secure loan, which means the borrower’s vehicle as collateral for a loan amount. In exchange for the title loan, a borrower provides a lender with their car’s title. Title loans also offer unique advantages in comparison to other loan products such as payday loans or cash advances. Because of the process, things like bad credit scores aren’t always a significant factor in the loan process.5
Additionally, as long as the borrower maintains loan payments, they can continue driving their vehicle during the loan term without fear of repossession. Whether you have bad credit or bad credit history, you are still eligible to apply for a title loan. Most of all, title loans provide borrowers with the emergency money that they need while still maintaining possession of their vehicles. If a title loan seems like something you may benefit from, contact Max Cash Title Loans today!
How Do I Get a Car Title Loan Online with Max Cash Title Loans?
At Max Cash Title Loans, we work with title lenders and loan services that are honest and transparent. This means we’ll work to find you a title loan with competitive interest rates, no hidden finance charges or additional fees, and potentially refinancing options in the future.2 3 4 With our help, we could get you the fast cash you need in your bank account in as little as one business day!1 2 5
All we need from you to start the loan process are a few documents in many cases:
- A government-issued photo ID
- Your vehicle title
- Proof of income
- Proof of residence
- 3 References
- Pictures of your vehicle
Once you have the necessary information, you can move on to the application itself.
- First, you will need to complete an online title loan form or speak with a loan specialist over the telephone.
- Following your form, a loan processor will call you to discuss your financial needs. During this call, you might also need to provide additional personal information, and the search for a lender will begin.
At Max Cash Title Loans, we strive to make the title loan process simple and fast. The entire thing could just take a few minutes to complete! If you are ready to begin your inquiry, give us a call today!2 5