Illinois Auto Title Loans

Auto title loans allow consumers to borrow money based on the value of their vehicle. The loan is secured by the auto title, and the vehicle can be repossessed if the loan falls into default. These loans are typically considered subprime because they cater primarily to people with bad credit and/or low income, and they usually charge higher interest rates than other credit organizations.

Different states have varying laws about how lenders can structure their auto title loans. In Illinois, the law imposes interest rate caps on small loans up to $2,500. It's possible to borrow money in excess of $2,500, however, if the collateral vehicle has sufficient value. Higher interest rates are typically charged by Illinois lenders in such situations.

How Auto Title Loans Work

When people apply for an auto title loan, they must provide evidence that they hold the title of their vehicle. The value of the vehicle is then assessed based on its wholesale price, and the lender determines how much of that value they are willing to lend in cash. This is typically around 50% of the value of the vehicle, but it can vary. While the lender may also require proof of income and/or do a credit check, bad credit is typically not a deal breaker.

Wilshire Consumer Credit provides higher-limit auto title loans for consumers who need cash right away. Customers can apply online or by phone, and approval can come in a few minutes. Flexible term options are available, so customers can choose when and how they can make payments.