Can I Use My Car As Loan Collateral For Emergency Cash?

There are many ways to get loans, but did you know that you can use your lien-free car title as loan collateral to get a title loan from Idaho Title Loans, Inc.? Getting title loans using a car as collateral allows borrowers to receive between $300 and $15,000 quickly, depending on the value of your vehicle.

In this guide from Idaho Title Loans, Inc., learn how to get cash fast using your car as collateral with Idaho title loans. Learn about title loan requirements, what is involved in the process, and some risks you should consider before borrowing.

How To Use Your Car As Loan Collateral In Idaho

You can use your lien-free car title as loan collateral to secure something called a title loan. That loan lets you borrow up to $15,000 through a quick and easy application process with minimal requirements.

Are you wondering how car title loans work in Idaho? Borrowers must first make sure they have a lien-free car title, which is when you have fully paid off your car. You must ensure the vehicle title is clear without any outstanding liens, debt, or judgments.

As long as you have a clear car title and meet the other requirements (which are mentioned below), you can get approved for title loans using a car title as collateral. The loan lender will place a lien on the vehicle title. After paying off the full value of the car title loan, we will clear the lien we put on the title.

How Is The Value Of A Car Title Loan Determined?

The value of title loans using a car title as collateral is based on the value of your vehicle. That’s why a representative will inspect your vehicle as part of the application process. 

They’ll examine your car’s condition and refer to a nationally recognized pricing guide to determine its worth based on its make, model, year of manufacture, interior and exterior condition, and mileage.

What Are The Requirements For Car Collateral Loans?

You can get cash fast using your car title as collateral with Idaho Title Loans, Inc. because we only have a few simple requirements you must meet. We keep our requirements simple because we understand how difficult your situation already is without needing to burden you with a long list of required items.

The following are the requirements needed to get approved for an Idaho title loan:

1. You have to be at least 18 years old to apply.
2. You must have a ‘clear’ or lien-free title for your car that’s registered in your name. That means it must not have any outstanding loans or judgments against it, and you own the car outright.
3. You must be able to bring your car in for a physical inspection to determine its value. This will only take a few minutes, and if your application is approved, you’ll get to keep your car.
4. You must provide a valid state-issued ID or driver’s license.

As you can see, there are only a few requirements you need to think about to get a loan using your vehicle. You likely already have these things and can begin applying right away for loans with car collateral in Idaho!

How Do I Apply For Loans Using My Car Title?

At Idaho Title Loans, Inc., we make it easy for borrowers to get title loans using a vehicle title as collateral. You need to complete only a few steps to get same-day approval for title loans. We have friendly loan representatives who can even guide you through the process in person or over the phone to simplify it even more.

The following are the steps involved in getting approved for car collateral loans:

• Step 1: First, fill out the short online request form with your information. That’ll include your name, contact details, and basic information about your car’s make, model, and year.
• Step 2: Soon after you submit the form, a friendly representative will call your phone number. They’ll explain the entire title loan process to you and clear up anything you’re unsure about. Then, they’ll schedule an in-person meeting to complete the application. You can meet the loan representative at your home, work, or an Idaho store location.
• Step 3: Last, you’ll meet with your loan representative in person. They’ll verify your documents and inspect your vehicle. Then, they’ll determine if you qualify for a loan and, if so, how much you can borrow. You can sign loan documents and receive your emergency cash the same day or the next business day.

Tips For Avoiding The Risks Of Car Title Loans

While loans with a car title as collateral can help get you fast cash, there are some downsides you should consider before getting approved. Title loans have interest rates, meaning it will cost more if you take a while to repay it. There are also late fees when missing payments.

The most significant downside to consider is vehicle repossession. When defaulting on your payments after missing multiple months in a row, your vehicle can get repossessed to get back something of equivalent value to the money they loaned out.

Despite the downsides, you should not get scared. The following are some tips for borrowing a title loan responsibly:

• Borrow money for emergencies: Borrowers may be tempted to borrow money using their car title as collateral to pay for a luxury, such as a vacation. This is a mistake, as you should not expose yourself to risk for anything less than a necessity. These can include overdue bills, medical expenses, and home or auto repairs.
• Only borrow what you need: While you can borrow up to $15,000, that doesn’t mean you should borrow the total value you are approved for. You should only borrow enough to pay for your financial emergency to make repayment easier.
• Prepare your repayment plan before borrowing: Before getting approved, you should ensure you can repay your title loan. Budget ahead of time for an exact loan amount to ensure you have the money to handle repayment. Ensure you give yourself some wiggle room to account for interest rates and other urgent expenses.

Frequently Asked Questions About Idaho Title Loans

Do I get to keep my car during title loan repayment?

Yes! One of the best parts of using your lien-free car title as loan collateral is that you get to keep your car even if you’re approved. You’ll drive home from your meeting with the loan representative in the same car you drove in with. Then, all you have to do is continue repaying your loan according to the terms in your loan agreement.

Do you need to make an in-store visit?

No, you do not! We offer online title loans that do not require borrowers to come into one of our store locations. Our loan representative will come to you to verify your requirements and assess the value of your vehicle.

Can you get Idaho title loans with bad credit?

Yes, we accept borrowers of all credit types, including bad credit or nonexistent credit. We use your car title as collateral to secure the loan, meaning good credit is not essential.

Apply For Title Loans Using A Car Title As Collateral – Get Approved For Up To $15,000!

Now that you understand how to use your car as loan collateral in Idaho, you can easily complete the process to get the emergency cash you need. These funds can help you pay for urgent financial emergencies without incurring late fees or service disruptions.

Idaho Title Loans, Inc. can help with our simple process for getting quick cash using your vehicle title as collateral. Contact us today by filling out our online form, and one of our loan associates will explain the rest of the approval process.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.