(800) 250-6279ONLINE CAR TITLE LOANS IN MARYLAND
Borrow Cash With A Paid Off Vehicle As Collateral
ONLINE CAR TITLE LOANS IN MARYLAND!
Premier Title Loans offers pre-approval for a vehicle collateral loan in Maryland, and sometimes there are very few credit requirements. Apply online to see how much equity you can cash out from your vehicle.
Online Title Loans In Maryland
Are you having trouble finding a local lender that offers cash loans of $1,000 or more? At Premier Title Loans, we know it’s tough to get approved for an unsecured loan in Maryland. Most companies require a decent FICO score and others will only offer $400 or less if you have poor credit. That’s why we recommend car loans that offer fast funding with minimal credit checks.
These loans use your car’s equity as collateral, and customers have the best chance of qualifying with a 2015 or newer vehicle. Even cars and trucks with over 150,000 miles can be eligible as long as they have a resale value of $5,000 or more. You don’t need good credit to get pre-approved, and there’s a good chance you can get your cash quickly after you first apply! Call Premier Title Loans at 800-250-6279 to get pre-approved today.
Requirements For A Title Loan In Maryland
The primary requirement for a car title loan in Maryland is a paid-off, titled vehicle in your name. That means you can’t have any liens, cosigners, or loans attached to the car’s title. A high value vehicle is required more so than ever in Maryland as the state caps interest rates at 33% for loans of $2,000 or less. For amounts borrowed between $2,000 and $6,000 the maximum rate drops to 24%. That means lenders are quite picky in which loans they’ll fund, as even though a 33% interest rate seems high, there’s not much profit for them after you account for fraud and repossessions for lack of payment.
Other requirements may include a request for proof that you have a job and that you make enough monthly income to afford the payments. You may need to provide a bank account with direct deposit, a valid ID, proof of residency, and proof of auto insurance. The lender will record a security interest (lien) with the Maryland MVA, but you’ll remain the vehicle’s registered owner.
For higher loan amounts, the car may need a brief inspection to ensure it’s worth the current resale value. Your lender will check for significant damage or engine issues that would lower the value. They’ll also record the current mileage and you can sometimes pick up your money during that same visit from local title loan companies in Baltimore, Annapolis, and Germantown.
Maryland Title Loans With Bad Credit
Do you have a credit score of 700 or higher? If so, a title loan should not be your first option to get emergency cash! Why tie your vehicle to a secured loan if you can get an unsecured loan with a lower interest rate? On the other hand, if you have poor credit a car title loan can be an effective way to borrow money. That’s because the vehicle’s value, not your credit history, is used to secure the loan. Show proof of monthly income of $2,000 or more and most Maryland title loan lenders will work with you regardless of your credit mistakes or issues with a past bankruptcy.
Additionally, car title loans are a great way to rebuild your credit score by making on-time payments each month. Some larger title loan companies report timely payments after you’ve made the first three monthly payments! Many of our customers see significant improvements in their credit score a few months after their payments are reported to the credit bureaus.
What Else To Know About Maryland Title Loans
People always ask us whether they can keep their vehicle or whether the lender will hold it as collateral. You can keep and drive your vehicle as usual while making the payments. The lender will take possession of your car only if you default on the loan and fail to make payments. In Maryland, your vehicle can be repossessed after just one missed payment! If your car is repossessed, you generally have a 15 day “right to redeem” where you can get your vehicle back by paying the amount owed without any additional costs.
Another perk of vehicle equity loans is that you won’t be hit with early payoff fees if you pay the total amount early. If you come into some extra money or want to avoid the additional finance charge, it makes sense to get out of the debt without any consequences from the original lender.
Finally, online title loans are a great way to get quick cash without the lengthy approval process required by bank loans, credit unions, or traditional lending institutions in Maryland. As long as your car is paid off and you have proof of income, you have a chance to be approved for a title loan of $1,000 or more!
Fast Pre-Approval For A Vehicle Title Loan In Maryland
Are you interested in applying online with Premier Title Loans or with a local company in Baltimore? You may have success in larger metro areas like Baltimore because there are more storefront lenders there. However, even if you don’t live in or around Charm City, title loan companies may fund your loan application if you have all the necessary documents and can provide proof of a paid-off vehicle in your name.
Anyone can apply in person, but the more popular and time-saving approach has often been to apply online. Qualified applicants can apply online with Premier Title Loans and complete their loan underwriting at any direct lending location in Baltimore or Columbia, Maryland. There’s even an option for direct deposit or money order payments that can be processed not long after you’re pre-qualified and complete your paperwork! Compare this timeframe to what’s typical for a bank transfer by ACH, which takes 1-2 days, or for funds disbursement from a bank or an installment lender in Maryland, which can take upwards of a week!
Apply now online or call us at 800-250-6279. We work with customers from Rockville to Ocean City to Silver Spring!