TITLE LOANS IN IDAHO
WITH QUICK PRE-APPROVAL

How Do Title Loans Work In Idaho & How Much Can I Borrow

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. Unlike an unsecured personal loan, you can get funded in one business day or less, and your credit score won’t be a significant factor in underwriting. Title loans use a vehicle as collateral for the amount loaned, and while these agreements are structured as 30-day loans, they can be renewed for multiple terms. However, according to Idaho state law, starting with the 3rd renewal, you must begin paying down a portion of the principal balance.

There’s no maximum amount you can borrow with a title loan in Idaho, and state law technically allows collateral loans up to the retail value of the vehicle and the interest rate on title loans in Idaho isn’t capped. 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 title loan companies to compare different APRs and payoff amounts.

Bad Credit? You Can Still Get A Car Title Loan In Idaho

Do you have a credit score of 600 or less and are you constantly turned down for a bank loan? Title loans are perfect for people with bad credit, and Premier Title Loans is here to get you pre-approved regardless of prior credit concerns.

Even with an adverse credit history, you can still be approved for a title loan in Idaho! This is because the collateral for your vehicle secures the loan. 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 details, but they’re more interested in the car’s collateral versus an applicant’s recent credit history.

Apply For An Idaho Title Loan – What Is Required

Applying for a title loan in Idaho is easy with Premier Title Loans. We can take your online application and process the paperwork in less than an hour. We can even match you with a local company that lets you complete the vehicle inspection and title transfer on the same day!

The requirements for a title loan in Idaho are straightforward, and you can check the main document off the list if your car is paid off! Your car title is the most crucial requirement with an Idaho title loan company. It needs to be free of any liens. Other than that, there are very few requirements for pre-approval: income verification, vehicle insurance coverage, proof of registration, and government-issued ID. A loan underwriter looks at the value of your vehicle when determining a loan amount, and newer cars with few miles have the best chance of qualifying. The more your car is worth, the better its condition, the higher the funding amount and the more favorable the payoff terms. For instance, a car or truck valued at $9,000 can yield a funding amount of $3,500, and higher amounts are possible if the vehicle is in excellent condition and has low mileage.

Benefits To Consider With Idaho Title Loans

A significant benefit of car title loans is that the underwriting process is easy for anyone with a paid off car or truck! If you own a vehicle with a clear title and can provide some basic income details, you have an excellent chance of getting approved regardless of your credit score or other reasons that would disqualify you for an unsecured bank loan.

Another benefit often overlooked with a title loan is that you can possibly refinance to get a shorter payment term. Interest rates on title loans in Idaho are high and repayment can be challenging. However, if you apply for refinancing pre-approval with Premier Title Loans, you can possibly get out of debt quicker and get your car’s title back by lowering the interest rate on an existing loan. Refinancing is not an option for everyone, especially if you’re behind on your payments, but there’s no risk to get a pre-approval quote with us. Call Premier Title Loans at 800-250-6279 to see how much you can save by refinancing!

What Are The Negative Aspects Of Title Loans In Idaho

The biggest downside of title loans is definitely their high interest rates. In some cases, you’ll see a lower APR than what’s typical with payday loans. However, you can still expect an APR over 50% with some auto title loans, and some lenders in Idaho have rates of nearly 100%.

Another thing to consider with car title loans in Idaho is that you risk having your vehicle repossessed if you miss a payment. If you default on your loan, your vehicle can be repossessed and sold at auction to recover the principal loan amount and any additional fees.

While interest rates are high on these loans, Idaho’s title loan act requires that after your third loan renewal, you pay at least 10% of the principal amount owed plus interest. This required principal payment ensures the loan is eventually paid off.

I’m Ready To Apply For A Car Title Loan In Idaho – How To Get Started?

Apply online, over the phone with Premier Title Loans, or in person at lending locations in Boise and Meridian, where some companies offer in-person funding. However you choose to submit your information, we’ll help you through the pre-approval process and get you cash for your vehicle’s equity!

Call us at 1-800-250-6279. We can get you a no-obligation quote quickly, and all we need is your car’s year, make, and model to get started!