Whether you’ve already found the extra cash you need with a car title loan, or are weighing the pros and cons of getting one, you may be unsure what the future holds with these short-term emergency loans. How quickly does it need to be paid back? Can I still drive my car? What if I run into trouble paying it back? These are all valid questions, and this simple guide will walk you through the title loan process from beginning to end.
The process for getting title loans is pretty simple. The easiest way is to begin is to fill out a simple online request form, after which a representative from a store near you will give you a quick call back. They’ll answer any questions you have and explain the simple approval process.
Finding a store that handles title loans is easy enough: if you’re having trouble, using an online location finder can direct you to a store near you. You’ll need to bring the vehicle you’re planning on using for the loan, along with its title. You’ll also need to present at the store a valid form of state-issued I.D. along with proof of your ability to repay the loan, such as your most recent pay stub or other verification of your income.
Once you’re at a title loan store location a representative will give your car a quick inspection to determine its value. At that point, they will make you an offer and present you with the terms of the loan. After reviewing the paperwork, all you need to do is sign your name to get up to $15,000 in cash on the spot. The whole process can take as little as 30 minutes from start to finish.
A common misconception is that when you get a title loan you are not able to drive your car. This is flat-out wrong. With a title loan you’ll continue to be able to drive your car as you normally would while making your payments.
How many payments and how quickly you’ll need to pay back the title loan could vary between providers, and you’ll need to look at the specifics of your agreement to know the interest rate and terms of your loan. Like any kind of loan, a car title loan needs to be worked into your budget in order to pay it off as soon as possible to minimize the cost.
If you do have trouble paying back your loan, you don’t have to panic. You should contact the business you got the title loan through as soon as possible and as with assistance in establishing an alternative payment plan. Most businesses are more than happy to work with you as long as you’re proactive about making arrangements.
Overall, the title loan process is relatively simple and straightforward and is a viable choice for handling unexpected expenses or cash emergencies. If the information above hasn’t answered all questions about the future of getting a title loan, feel free to fill out an online request form and a representative from a store near your will be happy to walk you through the entirety of the process in greater detail.