If you’re looking for online title loans in Maryland, you’ll be pleased to know that the process is quite simple and it doesn’t take much at all to qualify. All you need is a clear title on your vehicle and because of that, you should not have much trouble getting approved for up to $5,000. There are no significant credit requirements, so even if you have bad credit, you can still get a title loan with cash paid out to you in less than 24 hours.
Car Title Loan Requirements For Borrowers In Maryland
The main requirement for a car title loan in Maryland is that you have a clear title on your vehicle. This means that there are no outstanding financing loans or liens against it that can be recalled if you sign over the title or sell the vehicle. Other lesser requirements may include a request for some form of proof that you have a job and make enough monthly to afford the payments. You may need to provide a bank account with direct deposit and some type of valid ID from the State Of Maryland.
For higher loan amounts you will also need to show proof that the car is currently registered in MD and has an active insurance policy with full coverage in case the car’s in an accident or stolen. Lastly, the car will need to go through a brief vehicle inspection to ensure it’s worth the current resale value and doesn’t have any major damage or engine issues that would lower the value.
Maryland Title Loans With Bad Credit
Online car title loans are possible for someone with poor credit or no history of borrowing because the value of the vehicle is what’s used to secure the loan, not your personal credit history. As long as you can show that you make enough income each month to comfortably afford the payments, most Maryland title loan lenders will work with you regardless of your past credit mistakes or issues with a bankruptcy or loan default.
Additionally, car title loans are a great way to rebuild your credit score by making all of your payments on time. Some of the larger title loan lending companies in MD will report your monthly payments to the credit bureaus. That means if you make the payments on time you can see some improvements in your score. If you keep the loan for its full term and don’t default, you’ll have taken a big step in the right direction when it comes to repairing your bad credit rating.
How Much Money Can I Get With A Maryland Title Loan?
The amount of money that you’re able to borrow with a title loan in Maryland will depend on a few factors. First, how much is the car worth? This is the main factor when determining how title loans work because lenders will use the value of your vehicle to determine how much they’re willing to lend you. The second factor is your monthly income. Make sure that you have enough money coming in each month to afford the required payments.
Generally speaking, most title pawning companies allow you to borrow up to $5,000 as long as your car is worth that much or more. There are a few title loan companies that may lend you more depending on your ability to repay and other factors, but $5,000 is the maximum amount that most borrowers will be able to get. In terms of minimum loan amounts again it depends on the vehicle’s resale value, but the floor for lending amounts tends to start at $400 and go up from there.
What Else To Know About Maryland Title Loans
A common question we get from people is whether or not they can keep their vehicle or does the lender hold their car as collateral. In fact, you do get to keep your vehicle and drive it as normal while making title loan payments. The only time the lender would ever take possession of your car is if you default on the loan and fail to make payments for an extended period of time.
Furthermore, another perk of vehicle equity loans is that you won’t be hit with early payoff fees if you can pay the full amount early. So, if you come into some extra money or want to avoid the extra finance charge then it makes sense to get out of the debt without any consequences from the original lender.
Finally, auto title loans are a great way to get quick cash when you need it most without having to go through a lengthy approval process like you would with a bank loan, credit union, or traditional lending institution. As long as your car is paid off there should be no trouble in getting you funded!
How To Get A Vehicle Title Loan In Maryland
Getting a title loan in Maryland is easy if you know what’s required and where to look. Lucky for you we’ve already touched on the basic requirements so the next step is to determine what the best method is to apply for same day funding. Are you interested in applying online or with a local finance company in Baltimore? For those who live in larger metro areas like Baltimore, you’re in good shape because there are countless equity lenders to choose from. However, even if you don’t live in or around Charm City there are title loan companies that will fund your loan request as long as the vehicle is brought into one of their physical locations for a brief inspection and you have all of the proper documentation.
Even though anyone has the option to apply in person, the more popular approach has often been applying online. This is quicker and easier because you can complete the entire process from the comfort of your own home. Applicants also have the choice to do the entire application completely online and then pick up their funds within an hour or 2 at any direct lending location in Baltimore or Columbia, MD. Compare this timeframe to what’s typical for a bank transfer by ACH that takes 1-2 days or funds disbursement from a bank or installment lender in Maryland that can take upwards of a week!
The first step is to fill out the Premier Title Loans online form with some basic information about you, your vehicle, and how much money you’re hoping to borrow. After submitting your docs one of our customer service reps will give you a call to discuss the loan options that are available to you as well as answer any questions that you may have. And finally, if everything looks good and you’re happy with the terms of the title loan, we’ll set up a time for you to come in and sign the paperwork so we can hand over the cash.