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.? That’s right! The vehicle sitting in your driveway could be the answer for when you need emergency cash and have little time to spare.
You can use your lien-free car title as loan collateral to apply for a title loan. This type of loan could allow you to borrow as much as $15,000 quickly, depending on the value of your vehicle. Best of all, you get to keep your car even if your loan is approved!
Keep reading to learn how you can use your car to get a loan. You’ll also discover the minimal requirements for such a loan, and the quick steps you can take to get the cash you need now.
How Can I Use My Car To Get A Loan?
You can use your lien-free car title as loan collateral to secure something called a title loan. That’s a loan that lets you borrow up to $15,000 through a quick and easy application process with minimal requirements.
The exact amount that you can qualify to borrow will depend on your car’s value. 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 how much your car is worth based on its make, model, and year of manufacture.
As the name suggests, you’ll also need your car title to apply for a title loan. If you’re approved, you get to keep your car and continue driving it like you usually do.
That’s excellent news for borrowers because it means they won’t have to disrupt their daily schedules. Instead, they can commute to work and drive their family around as they repay the loan based on their loan agreement.
A car title loan is a popular option among borrowers, especially those who might be going through a financial emergency. The loan’s minimal requirements, fast application, and potentially high cash payouts can take a load off your mind if you find yourself in a tight spot.
Do I Get To Keep My Car If I Use It As Loan Collateral?
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.
What Are The Requirements For A Car Title Loan?
There are only a few requirements you need to fulfill to use your lien-free car title as loan collateral. They are:
- You have to be at least 18 years old to apply.
- 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 that you own the car outright.
- You must be able to bring your car in for a physical inspection to determine its value. Don’t worry, though! This will only take a few minutes, and as we mentioned earlier, you’ll get to keep your car if your application is approved.
- 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!
How Do I Apply For A Loan With My Car Title?
Now that you know how to use your lien-free car title as loan collateral, it’s time to learn how to get emergency cash with it.
Follow these steps to apply for a title loan:
- 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.
- 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.
Once you’ve completed these 3 steps, you only need to wait for a short while. If you’re approved, the money will be given to you as early as the same day or by the next business day.
On top of that, as mentioned earlier, you get to drive home with your car!
Start Now!
The best time to use your lien-free car title as loan collateral is right now. To get started, reach out to Idaho Title Loans, Inc. by phone or submit the simple online request form with your contact information.
Keep your phone nearby the loan representative will call you soon after that to go over the title loan process and answer any questions you may have.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.