Most lenders will allow you to use your vehicle during the life of your loan. It used to be that a vehicle title loan meant you also had to hand over the keys, but that’s no longer the case. The largest and most reputable lenders know you need to have use of your car to get to work and other day to day tasks. Not having a vehicle would make it very difficult to pay back your loan and they don’t want that.
It’s entirely up to you when it comes to how you want to apply for a title loan. It will often come down to what your preference is as it should have no bearing on whether or not you get approved. Some people like the ease of applying with an online company from their house. Others prefer to meet with a company in person as a way to make sure they know who they’re working with. Either of these options should allow you to get cash within one business day with all things being considered.
Payoff time is entirely dependent on your specific loan terms. Much like a bank or mortgage loan, you’re often going to be able to set the payoff terms and monthly amounts. That’s why it’s important to do what’s in your best interest and go with the quickest payoff time and largest amount. While every loan arraignment is unique most title loans will last for a period of 6 months to 2 years. Also be sure that your lender allows you to make early payments. Even if you have a term of 2 years it makes sense to pay it off quicker to avoid costly interest charges.
Yes, most companies will let you use a boat or motorcycle as collateral when applying for online title loans. Keep in mind, these forms of transportation tend to have a lower value than most commonly used vehicles. Therefore you should not expect a high dollar loan amount. Check with lender before applying as some companies have special rates and terms for these types of collateral.
Most lenders will require a title that is clean and clear from all liens and financial obligations. However, some companies will give you some leeway in specific situations. Some specific state lenders will allow loans with a second lien. This means you have a first lien where active payments are being made. You can still get an approval but it’s going to depend on your individual lender and state of residence.
Unlike most short term loans you can still be approved for a title loan with bad credit or no credit at all. When you use your vehicle as collateral your essentially letting the lender reposes and keep the car if you default on the loan. The company cares more about the fact that you have a vehicle that’s worth enough to cover the lending costs if you default. Most companies won’t even check your credit or lending history. They simply want to ensure you have a vehicle with a clean and clear pink slip.
You will likely need to show a vehicle title that’s in your name to get approved with most reputable companies. The reason for this is simple. What’s stopping you from taking any random title and applying for a loan with that pink slip. The only way around this is to head over to the local DMV and get the title transferred in your name. This can take a while and no one likes going to the DMV, but it’s the only way to ensure your application will be accepted.
Each lender has a different process when it comes to how they process their applications. However in most situations they base your vehicle’s value on standard blue book prices and other internal guidelines. They may also use industry price guides to settle on a more accurate value. Also, the vast majority of equity title loan companies will require a vehicle inspection before moving forward with financing. This means one of their reps will physically inspect your car to determine the value and current condition.
All lenders will require an applicant to provide a physical pink slip before they receive funds. If you can’t find or have lost your pink slip there are options available. You can contact the DMV or your State’s vehicle license division to get an updated copy. Another option is to work with AAA or other third party services that can expedite the service. Some of these third party companies can get you the physical vehicle title in less than 24 hours.