Life happens. People lose their jobs, get divorced, suffer medical emergencies, or incur unexpected expenses all the time. While you’re struggling to deal with these sudden changes, your regular monthly bills will keep piling up.
Fortunately, there is another option. You can use your car title to quickly get the cash you need to make ends meet. How does it work? You don’t need to search for “how to get cash for my car title near me” to get answers. Here’s what you need to know about car title loans:
What Are Title Loans?
Title loans are secured loans that allow borrowers to use the title to their vehicle as collateral. Title lenders may accept titles to cars, trucks, SUVs, RVs, or motorcycles as collateral.
You don’t need to actually give the lender the keys to your vehicle to borrow money. Instead, you must allow the lender to put a lien on the title to your vehicle until your loan has been repaid. In the meantime, you can continue to drive your vehicle while you make on-time payments on your loan.
Title loans are ideal for people who don’t want to spend weeks gathering documents, filling out paperwork, and following up with the lender to find out if you are approved. The application process is simple and straightforward so you can get your loan proceeds in cash as soon as possible.
How Much Cash Can I Borrow With A Title Loan?
In general, title lenders can typically lend up to $50,000. However, the amount of financing you are approved to borrow will vary depending on several factors, including:
- Your ability to repay the loan
- Your vehicle’s resale value
- Your equity in the vehicle
You will be asked to submit proof of income during the application process so your lender can assess your ability to repay the loan. This will factor into the lender’s decision regarding how much you are approved to borrow.
Because your vehicle is used as collateral to support the loan, your lender will need to know how much it is worth before deciding how much you can borrow. Your vehicle’s resale value will depend on its make, model, mileage, condition, and year. You can use free online tools such as Kelley Blue Book to estimate your vehicle’s resale value. Or you can simply contact your lender to get a free quote.
After calculating your car’s resale value, your lender will need to determine your equity. Your equity is equal to the resale value minus the amount you still owe on your vehicle. You must have equity in your vehicle to qualify for a title loan. But if you owe more than your vehicle is worth, you do not have equity, which means you cannot use this title to secure a title loan.
The amount of equity you have in your vehicle will impact how much you can borrow. You cannot borrow more than the value of your equity. In fact, most lenders will allow you to borrow up to a certain percentage of the value of your equity.
Can I Get A Car Title Loan If I Can’t Find My Title?
You will be required to submit the title to your vehicle during the process of applying for a title loan. But you shouldn’t give up on applying for a title loan if you are unable to locate your title or if your title is damaged. You can still get a title loan even if you can’t find your title.
If you are in this situation, you can either ask your title lender for assistance or contact the Department of Motor Vehicles (DMV) in your state to find out how to get a new title.
Am I Eligible For A Title Loan If Someone Else’s Name is on My Title?
You cannot use a title as collateral for a title loan unless you are the owner of the vehicle.
A title is a legal document that is used to identify the owner of the vehicle. If your name is on the title, this means you own the vehicle. However, a vehicle might be owned by more than one person, which means there will be more than one name on the title.
If someone else’s name is on your vehicle’s title, you can still use it as collateral for a title loan as long as your name is also included. For example, if you and your spouse share ownership of a vehicle, both of your names may be on the title. In this case, you or your spouse would be able to use the title as collateral for a title loan since you both partially own the vehicle.
What Will I Need to Apply for A Car Title Loan?
The title to your vehicle is not the only document you will need to submit to apply for a title loan. During the application process, the title lender may also require you to submit:
- Your driver’s license or another form of government-issued ID
- Proof of auto insurance covering the vehicle you are using as collateral
- Proof of income such as pay stubs, recent tax returns, or bank statements
- Proof of residence such as your driver’s license, utility bills, or lease agreement
Your title lender will also need to inspect the vehicle you are using as collateral as part of the application process. You will also need to consent to a credit check when applying for a title loan. The application process can vary from lender to lender, so it’s best to talk to your lender to find out what you will need to submit.
How to Apply for A Car Title Loan Near Me
Don’t wait any longer to get the cash you need to make ends meet. Follow these steps to apply for a car title loan with I Need Cash Now:
- Start the process by contacting a loan specialist at I Need Cash Now. You can speak to a loan specialist by calling 855-713-6522 or you can request a callback by submitting your information via the form on our website.
- Get approved for a title loan. The loan specialist will ask you to provide basic information, including your vehicle’s make, model, year, and mileage. Based on this information, the loan specialist will tell you if you qualify for a title loan and if so, how much you can borrow. Your loan specialist will explain other details about your loan, including the interest rate and term.
- Sign and submit documents. If you are happy with the terms of your loan, you will need to sign and submit documents to finalize the agreement. Your loan specialist will guide you through this step to ensure everything is signed and submitted in a timely manner.
- Secure your cash. You will be able to get your loan proceeds in cash shortly after your application has been approved and processed. You can either pick up the cash in person at our trusted partners’ locations or arrange to have the cash sent directly to you via wire transfer or check.
It only takes a few minutes to get a free title loan quote. Contact us today to get started.