Do you have bad credit and are looking for a way to get cash quickly in Idaho? If so, you may want to consider a car title loan. These are secured loans where you put up a vehicle as collateral for the amount loaned. You can apply with Premier Title Loans online or over the phone and there’s also the option to apply in person at multiple locations in Boise.
If you’re looking for a same day title loan in Idaho, there are a few things you need to know. First, title loans are regulated by the state of Idaho and there are limits on how much money you can borrow. Second, you can get approved for title loans even with a poor credit score or lack of credit history. Here’s what you need to know about getting a vehicle title loan in Idaho.
How Much Can I Borrow With Idaho Title Loans
The maximum amount you can borrow with a title loan in the State of Idaho is $15,000. The interest rate on title loans isn’t capped and the term of the loan can be longer than 12 months. Just because the interest rates are high on auto title loans doesn’t mean you can’t shop around for the best lending terms. Get multiple quotes from online title loan companies in Idaho to compare different APRs and payoff amounts.
Bad Credit? You Can Still Get A Car Title Loan In Idaho
Someone applying for secured loans with a negative credit history can still be approved for a title loan in Idaho! The reason for this is that title loans are secured by the collateral of your vehicle. As long as you have a paid off car or truck with a clear title, you should be able to get approved for a title loan even with poor credit. Some title loan companies won’t even check your traditional credit profile. They may run a secondary credit check to verify your personal details but they’re more interested in the car’s collateral versus an applicant’s recent credit history.
How To Apply For An Idaho Title Loan – What Does A Lender Require
Applying for an Idaho title loan is easy and whichever method you choose to apply it can be done in less than an hour. If you apply online or over the phone, you’ll need to provide some basic information about yourself and your vehicle. This includes your contact information, vehicle make and model, and additional info such as the mileage and value of your car.
If you apply in person, you’ll need to bring the title to your vehicle as well as a government-issued ID. The loan process only takes a few minutes and you can walk out of the store with cash in hand on the same day.
As always the most important requirement with an Idaho title loan company is your car title. It needs to be paid off and in your name. The title must be lien free and you can’t have any recent repossessions or bankruptcies. Other than that there are very few requirements for Idaho title loans. Your vehicle is what a loan underwriter looks at when determining a loan amount. The more your car is worth and the better condition it’s in will lead to a higher funding amount with more favorable payoff terms.
Benefits To Consider With Idaho Title Loans
The biggest benefit of online title loans in Idaho is that they’re a quick way to get emergency cash when you need it the most. If you have poor credit, it can be difficult to find other sources of funding such as personal loans or credit cards. Even with approval for unsecured loans from a bank or credit union, the underwriting process can take days or even weeks. With car title loans, you can get funded in as little as 24 hours in most cases.
Another big benefit of online title loans is that they’re easy to qualify for. As long as you own a vehicle with a clear title and can provide some basic information about yourself, you should be able to get approved regardless of your credit score or recent issues with other financial companies in Boise.
What Are The Negative Aspects Of Title Loans in Idaho
The biggest downside to title loans is the high interest rates. Because title loan companies are considered high-risk lenders, they charge higher rates to offset their losses from customers who default on their loans. In some cases, auto title loan APRs can be as high as 300% or more. This means that if you borrow $1,000 with a 300% APR, you could end up paying back $4,000 by the time the loan is due.
Another thing to consider with online title loans in Idaho is that you’re putting your car at risk of being repossessed if you can’t repay the loan on time. If you default on your payments, the title loan company has the right to seize your vehicle and sell it to recoup the amount of money that was initially lent out. There’s no need to worry that defaulting on a title loan will send you to jail, but you need to do whatever is possible to avoid this scenario. will As a borrower you have consumer protections if there ever is a repossession and you should read up on the relevant regulations in Idaho. Either way, there’s always a risk of losing your car with a vehicle title loan and because of that, you should consider other low risk financing alternatives to borrow cash for emergency expenses.
I’m Ready To Apply For Auto Title Loans in ID – How To Get Started?
If you’re ready to apply for an auto title loan in Idaho, the process is easy and can be done online or over the phone in just a few minutes. All you need to do is provide some basic information about yourself and your vehicle, and you could get approved for up to $10,000 in as little as 24 hours. To get started, simply fill out our online application or give us a call at 1-888-532-4355. You can also apply in person at locations in Boise in Meridian where most local companies offer funding in 2 hours or less. Whichever method you choose to get cash for your car, we’ll help you through the rest of the process and get you upfront cash for your car!