Title loans are secured loans that allow borrowers to use the title to their vehicle as collateral. You won’t lose your car if you are approved for a title loan. Instead, the lender will either hold onto your title or put a lien on your title until your loan has been completely repaid. In the meantime, you can continue to drive your vehicle while you make payments on your title loan.
If you need fast cash to make ends meet, a title loan might be the answer. But all title loans are not created equal, which is why it’s so important to know which title loan company you should choose. Where is the best place to get a title loan? Here’s what you need to know:
What to Consider When Searching for the Best Place to Get A Title Loan
You should consider a number of factors when looking for the best place to get a title loan, including:
- Eligibility Requirements
- No Prepayment Penalty
- Accepts Most Credit Types
- Allows Co-Signers
- Competitive Rates
- Fast Processing Times
- Easy Application Process
Eligibility requirements can vary from lender-to-lender. But in general, you may be eligible for a title loan if you meet the following conditions:
- You are at least 18 years old.
- You own or partially own a car.
- You will consent to a credit check.
- You have a reliable source of income.
- You have equity in your vehicle, which means the value of your vehicle is greater than the amount of money you owe on it.
These are some of the conditions you may need to meet to qualify for a title loan. You should learn more about the title loan company’s eligibility requirements before submitting an application. This way, you can make sure you are eligible for a title loan before taking the time to apply.
No Prepayment Penalty
Paying off your title loan early is a good idea if you can afford to do it. Why? The earlier you pay off your title loan, the less you will pay in interest. However, some lenders charge prepayment penalties, which are fees that borrowers incur if they pay their loan off early. In other words, these lenders penalize borrowers who want to save money by quickly paying off their debt.
You shouldn’t be penalized for making a responsible, smart financial decision. To avoid this extra fee, it’s important to look for a title loan company that does not charge prepayment penalties for paying off title loans early. This way, you will have the option of repaying your loan and clearing your debt as quickly as possible.
Accepts Most Credit Types
It can be hard to get approved for a traditional personal loan if your credit isn’t perfect. If you’re in this situation, it’s important to look for a title loan company that accepts most credit types.
All title loan companies will take your credit into consideration when determining your eligibility. However, your credit is not the only factor that the title loan company will consider. Because your title loan is secured by your vehicle, the value of your vehicle will play a major role in determining your eligibility. Your ability to repay the loan will factor into the decision, too.
Because credit is just one factor that determines eligibility, title loan companies often accept most credit types. Look for a lender that is willing to work with you despite your less-than-perfect credit score.
You may want to consider looking for a title loan company that allows borrowers to add co-signers to their title loan applications.
A co-signer is a friend, family member, or colleague who agrees to add their name to your title loan. By doing this, the co-signer becomes legally obligated to repay your loan in the event you fail to do so.
Adding a co-signer with good credit could increase your chances of getting approved for a title loan. Even if you are approved on your own, adding a co-signer with good credit might help you secure more favorable terms, including a lower interest rate.
If someone you know is willing to serve as a co-signer, consider this option when applying for a title loan.
All title loan companies charge interest on title loans. But the lower the interest rate on your title loan, the less you will pay over the course of the loan. This is why it is so important to prioritize finding a title loan company that offers competitive rates.
Fast Processing Times
It can take weeks to find out if you are approved for a traditional personal loan. But if you’re in need of cash now, you probably can’t afford to wait this long just to find out if you are approved. This is why knowing how quickly applications are processed is an important factor to consider when looking for the best title loan company.
If you need fast cash to make ends meet, it’s in your best interest to look for a title loan company that offers fast application processing times.
You should also find out what steps you can take to ensure your application is processed as quickly as possible. For example, submitting all of the required documentation to your lender will prevent unnecessary delays. To avoid these delays, you should work closely with your lender to make sure you understand what needs to be submitted and when.
You shouldn’t have to jump through hoops to apply for a title loan and collect your cash once approved. Keep this in mind when searching for the best place to get a title loan.
Look for a title loan company that offers a simple and straightforward application process. You should have the option of applying for a title loan online, over the phone, or in person so you can choose the option that is most convenient for you.
You should also find a title loan company that makes it easy for you to submit your documentation. Being able to email or text pictures of your documents will simplify the entire application process.
Finally, find a title loan company that makes it easy for you to collect your cash once you are approved. You should be able to either pick up the cash in person or have it sent directly to you via check or wire transfer. It’s your money, so you should choose how you receive it.
Why is INeedCashNow the Best Place to Get A Title Loan?
Your search for the best place to get a title loan is over. Since 2001, I Need Cash Now has helped thousands of customers secure the cash they need when they need it the most. I Need Cash Now is fully licensed and registered in every state in which we do business. For two decades, we have offered borrowers some of the most competitive rates, flexible terms, and fastest processing times possible.
We allow borrowers to add co-signers, do not charge prepayment penalties, and accept most credit types. Furthermore, we strive to provide fast, friendly, and convenient title loan services. Let our loan specialists guide you through the process of applying for a title loan today. The cash you need is just a few clicks away.