If you find yourself in a situation where you’re short on cash but you need it fast, then there are a few different options you can consider. One of these might be a car title loan.
Often referred to as a title loan (or a fast auto loan) a title loan is a type of loan where you exchange the title of your car for cash.
If this sounds like it could be a good option for you, and you’d like to learn more, read on to find out the finer details of a title loan and how you can get approved for one today.
Car Title Loans – All You Need To Know
Car title loans, as is explained above, are loans that involve putting your car up as collateral. They are typically short-term, lasting between 15 and 30 days. Many people choose to take out this type of loan if they have a pressing need—such as a bill to pay.
Some title loan information you should know is that the interest is often higher on this type of loan than a standard bank loan. Also, you won’t get your car title back until you repay the loan in full, and you run the risk of losing your vehicle if you can’t pay it back on time.
5 Steps to Getting a Title Loan Today:
One of the great things about title loans is that it’s possible to get approved and receive the cash you need quickly. As well as this, the process is relatively simple to go through. There are three main steps to getting approved.
1. Own Your Own Car:
If you want to be eligible for a title loan, you will have to own your car free and clear. You may also be able to apply if you have very little left to pay for your car. Unfortunately, this option is not available for those who are leasing their vehicles.
2. Apply Online or Over the Phone:
If you do own your own vehicle, the next step will be to apply for a loan. Generally speaking, this will involve filling out a form online or having a short phone call with the provider.
They’ll be able to let you know if you’re a good candidate and how much you will be able to borrow. With some lenders, such as easytitleloans.ca, the process takes less than 60 seconds.
3. Take pictures of your Car:
Another step to get approved for the title loan, you need to take pictures of your car without any filter. Make the pictures as real as possible. At the same time, you can give your car a little wash and ensure that it looks shiny and free from dirt.
Therefore, make it a full photo shoot out and take pictures of your car from every angle if possible.
4. Send Over the Required Paperwork:
After you’ve spoken with the lender, you’ll be asked to send over some documents. These are usually simple things like a copy of your driver’s license. However, before sending the paperwork, make sure that everything is described correctly without any mistakes.
Once they’ve received everything they need on their end, they can transfer you your money right away. This is the most vital step out of all that you need to follow properly.
5. Sign your car title loan and receive your money:
The last step to get approved for a title loan is to sign in to your account and receive the money. After sending the necessary paperwork, you can follow this step if you haven’t received your money yet!
These steps are very quick and easy to get approved for a title loan. Moreover, this will give you the best car title loan experience possible.
If you’re in need of cash quickly, then a title loan can be a good solution. Just be sure to do plenty of research and explore all your options before you make any decisions. If you’ve found value in this guide, don’t forget to take a look at the rest of our content.