It can be extremely stressful to face an unexpected expense, especially if you aren’t sure how you’ll pay for it. If you reside in Wisconsin and are worried about how you will obtain the emergency money you need to pay a bill, consider obtaining a car title loan. The helpful customer service agents at Max Cash® Title Loans are happy to answer any questions you may have about car title loans. Keep reading to learn the answers to common car title loan questions many Wisconsin residents have.
How do Car Title Loans in Wisconsin Work?
When you obtain a car title loan in Wisconsin, you add your lender to your qualifying car title as a lienholder in exchange for your loan. Because you are using your car title as collateral rather than your actual car, you could continue to drive it during the duration of the loan. Just be sure to keep up on your convenient monthly payments, otherwise you run the risk of having your car repossessed.
What do I Need to Obtain a Car Title Loan in Wisconsin?
If you’re considering obtaining a car title loan in Wisconsin, you’ll need to get a few things together. For example, you’ll need:
- A qualifying car title in your own name
- Photos of the front, back, and sides of your vehicle
- Proof of residence (certain pieces of mail)
- Proof of income
- A government-issued I.D. (driver’s license, state I.D., passport, etc.)
Notice how you need photos of your car? Not all lenders require that. As part of the car title loan process, your lender will need to value your car. Instead of acquiring photos from potential customers, some lenders have borrowers bring their cars down to their storefronts to be valued in person.
How Much Money Could I Receive with a Car Title Loan in Wisconsin?
The amount of money you may borrow through a car title loan depends on a few different factors. The two most important ones are the equity in your car, and the amount of money you can afford to pay back each month. You’ll note that your credit score isn’t one of the two main qualifying factors. Borrowers could be approved for a car title loan even if they have poor credit or no credit.1
What is Considered Proof of Income for a Car Title Loan?
Many people are under the impression that the only proof of income you may show for a car title loan is a recent pay stub. The reality of the situation is that there are a ton of documents you could use to prove income. For example:
- Settlement/Court-Ordered Award
- Workers’ Compensation
- Social Security
What Happens if I Don’t Pay My Car Title Loan back in Wisconsin?
A borrower who fails to pay their loan back in Wisconsin runs the risk of having their car repossessed. Once enough payments are missed, the car title loan goes into default. At this point, the lender will send a notice to the borrower announcing that they have 20 days to get current on their payments. If they fail to do so, the lender can move forward with the repossession.
Once the lender repossesses the car, they normally auction it off to recoup any unpaid portion of the debt. In some states, if the proceeds from the auction don’t cover the remaining amount owed, the lender may continue to pursue the borrower for any outstanding amount. In Wisconsin however, they are not allowed to pursue borrowers. Additionally, if the sale of the car generates money in excess of the debt, that money is returned to the borrower.
Can I Obtain a Car Title Loan in Wisconsin if I Don’t Have my Car Title?
Unfortunately, it’s impossible to obtain a car title loan without having your car title, in your name. If you don’t have a copy of your car’s title, you’ll need to obtain a new one. This can be accomplished by visiting the DMV. Some DMV’s are even capable of providing you with an expedited copy of your car title.
If you’re having trouble locating a DMV near you, the helpful staff at Max Cash Title Loans may be able to point you in the direction of the closest DMV capable of providing you with an expedited title. In certain situations, they may even be able to assist you directly with your replacement car title.
Now that you know a little more about car title loans in Wisconsin, decide if they could be the solution to your financial emergency. Car title loans offer qualified borrowers up to $30,000, potentially in as little as one business day after their documents are submitted.1 5 Max Cash Title Loans could help you find the answers to any questions you have and work to potentially put you in touch with a car title lender who may be perfect for your situation.5