What are Title Loans and How Do They Work?
Need emergency cash? Title loans are secured loans that can give you the opportunity to borrow against your car’s value! Otherwise known as car title loans or auto equity vehicle loans, a title loan can be a convenient option when you need funds but don’t have great credit. 5 Since your car’s title is used to secure the funds by means of collateral, the credit requirements are not as tough as traditional bank loans!
If you are fully approved for a loan against your car, you can keep your keys on hand. While you pay off your loan, you get to drive your vehicle wherever you need to go. Just make sure to pay your loan on time!
If you want to learn more, just visit our FAQ page or call 855-561-5626 to speak with a Max CashⓇ Title Loans agent!2 5
What Vehicles Can I Use to Get a Loan Against My Car?
Different vehicles can be used as collateral for emergency funding. Even motorcycles, boats, and RVs can be used as collateral for title loans as long as the borrower can find someone to work with them. Your car does not need to be newer in order for you to qualify for a title loan. You can still apply for title loans with an older car! But, your car, truck, or SUV needs enough equity.5
Even if you have a Ford F-150, Honda Civic, or another make or model of an eligible vehicle, you can apply for a title loan as long as your car has enough equity and you have a car title in your name when you submit your loan inquiry. Find out if you can access the funds you need through a car title loan! Complete a short form online or call a loan agent today to get started.5
What Disqualifies You From Getting a Title Loan?
One of the biggest things that disqualifies you from approval is if your car has negative equity. This means that your car simply does not have any value to be used as collateral for funding. Negative equity on a car typically happens if you did not put down a large down payment but had a really long loan term. Sometimes, your car’s market value can drop while your paying off your loan. Then, you owe more on your car than it’s worth! If that’s the case, you won’t be able to get a loan by using your car’s title as collateral.
Another scenario where you are disqualified for a loan is if you are missing important documentation, such as proof of income or a car title in your name. It’s a smart idea to get all of the required paperwork together before you start your loan inquiry! That way, you can see if you are missing any documents.
What is the Most You Can Get From a Title Loan?
There are a couple of factors that impact the total amount you can get from a title loan. Typically, that incldues:1 5
- Your State of Residence
- Your Income and Ability to Repay the Loan
- Your Car’s Value
It’s possible to get up to $50,000 in some states if you are eligible for a title loan!1 Keep in mind that you have to have a vehicel with high value. Additionally, you need to be able to prove that you are capable of meeting the payment obligations.
What is the Downside to an Auto Title Loan?
The biggest downside of auto title loans is that it is possible to lose your car. Since you are using a qualifying title as collateral for the loan, the potential risk is that if you default on your loan, the lender could take your car. As a title loan borrower, it is important to keep up with your payments. Otherwise, vehicle repossession is the reality of not paying your loan. Taking your car is not an ideal situation for the lender or the borrower. So if you are struggling to keep up with your payment schedule, make sure to reach out ASAP! You may have options, including refinancing or other modfiications.
What are the Benefits?
Now that you know the potential downside of car title loans, learn more about the benefits! The upside of a car title loan is that you don’t need to have perfect credit to get approved.5 Other benefits include:
- Quick Access to Funds: When you’re experiencing tough financial issues, you can’t waste any time! Title loans are known to provide quick access to funds, which is invaluable if you need fast funding. If you qualify for funding, it’s possible to get your money in as little as one business day in some cases.1 2 5
- Keep Your Car on the Road: Your car can stay on the road while you are making payments! Keep your normal driving habits while you pay back your loan proceeds.
- Great Service, When You Need it: Loan agents are available 24/7 to take your call! Financial emergencies don’t wait for it to be convenient for you. Call Max Cash Title Loans at 855-561-5626 to get in touch with a loan agent!
- Deal on a Loan4: With Max Cash Title Loans, you can get connected to lenders with competitive interest rates and convenient loan terms.4
Apply for Fast Title Loans Online Today
Why search for a title loan on your own when Max Cash Title Loans can do the hard work for you? Fill out an inquiry form online now and find out if you can move forward to get the funds you need! If you prefer to speak with someone over the phone, just dial 855-561-5626. As mentioned above, loan agents are available througohut the week to take your call and take you through the necessary steps of the application process. Don’t wait to see if you can qualify for the money you need to turn your luck around!5