If you need cash in a hurry, you may want to consider borrowing money through a title loan. To obtain a title loan, you must use the title to your vehicle as collateral. Because they are secured by collateral, title loans are much easier to qualify for than traditional personal loans. As a result, many people who aren’t eligible for traditional personal loans are eligible for title loans. Plus, title loans are typically processed quickly, which means you won’t need to wait very long to get the cash you need.
If you’re considering a title loan, you may assume that the first thing you need to do is fill out an application. However, it’s best to start by requesting a title loan quote from your lender. What information will your quote provide? How can you get a title loan quote? Here’s what you need to know:
What Information Does a Title Loan Quote Provide?
A title loan quote is like an estimate. If you’re interested in borrowing money through a title loan, a quote will give you an idea of what loan terms you should expect.
Because your car is used as collateral, it plays an important role in the process of getting a title loan. Your lender will need to know how much your car is worth before determining your eligibility. The title loan company will estimate the value of your vehicle and include this information in your quote.
A title loan quote will also tell you if you are approved for a title loan, for example, and if so, how much you may be eligible to borrow. Your quote will also tell you what interest rate you qualify for, which will give you a better idea of how much it will cost to borrow money.
Will Getting a Title Loan Quote Hurt Your Credit?
You might be wondering how requesting a title loan quote will impact your credit. Remember, your quote will tell you if you are approved for a title loan. To determine your eligibility, the title loan company will consider a number of different factors, including your credit. In other words, the title loan company will need to check your credit when preparing a title loan quote.
However, this does not mean that requesting a title loan quote will hurt your credit. The title loan company will perform a soft inquiry to check your credit when preparing your free quote. Just like a hard inquiry, a soft inquiry gives the title loan company access to your credit information so they can evaluate your creditworthiness. Unlike a hard inquiry, however, a soft inquiry will not cause your credit score to drop.
The bottom line is requesting a title loan quote will not hurt your credit, so don’t let this stop you from finding out if you are approved.
How Long Does It Take to Get a Title Loan Quote?
Requesting a title loan is a fast and easy process, so you won’t need to waste a lot of time to find out if you can get the cash you need. In fact, the entire process only takes a few minutes from start to finish.
You won’t even have to leave your house to request a title loan. You can complete the entire process online or over the phone, which makes getting a title loan quote convenient as well.
How Much Does a Title Loan Quote Cost?
If you’re short on cash, you may be worried that requesting a title loan quote will cost you, but that’s not the case. Title loan companies typically offer free title loan quotes, which means you won’t need to spend a dime to find out if you are approved for a loan.
It’s a red flag if a title loan company does not offer a free quote. If you encounter a title loan company that asks you to pay for a quote, it’s best to move on and find another lender.
Are You Required to Work With the Lender After Getting a Title Loan Quote?
You are not required to do business with a lender simply because you requested a title loan quote from them. You are under no obligation to move forward with the title loan application process once you receive a free quote.
In fact, it’s best to request title loan quotes from multiple lenders. This way, you can compare your quotes and choose the loan with the best rate and terms. Then, you can move forward with the application process with the title loan company of your choice.
How to Get a Title Loan Quote
Getting a title loan quote is easy. If you need fast cash, follow these steps to request a free title loan quote from I Need Cash Now:
- Contact our loan specialists. You can call 1-855-713-6522 to speak to a loan specialist directly. You also have the option of submitting your information using the form on our website. If you choose this option, a member of our team will get in touch with you as soon as possible.
- Answer a few questions about your vehicle. Your loan specialist will need to gather some information about your vehicle in order to prepare your free quote. Be prepared to provide some basic information about your car, including its make, model, year, mileage, and condition. Make sure the information you provide is accurate. Remember, your loan specialist will use this information to prepare your free quote. If the information isn’t accurate, the terms of your quote may not be accurate either.
- Review your free quote. Go over the terms of your free quote with your loan specialist to ensure you understand everything. Your loan specialist will be more than happy to answer questions, address your concerns, or explain anything that is unclear.
What to Do After Getting a Title Loan Quote
Once you get your free quote, you have a choice to make. You can either move forward with the process of taking out a title loan or move onto another lender. If you are satisfied with the terms of your quote, follow these steps to complete your title loan application:
- Sign and submit the required documentation. The title loan company will ask you to submit a number of documents, including the title to your vehicle, your driver’s license, proof of income, proof of residence, and proof of auto insurance. You will also need to sign several documents to finalize your loan. Your loan specialist will explain your options when it comes to submitting your documents. The sooner you complete this step, the sooner you can get the cash you need.
- Collect your cash. Your money will be available shortly after your application is approved. You can decide how you would like to receive your cash. You can either pick it up in person or have it sent to you via check or wire transfer.
That’s all it takes to request a free quote, submit a title loan application, and secure the cash you need to make ends meet. Don’t wait any longer to get the cash you need. Contact us today to request a free quote and find out if you can borrow money with a title loan.