Why Your Credit Score Doesn’t Matter At Car Title Loan Places
It’s no secret that one advantage title loan stores have over traditional financial institutions is the accessibility of the car title loans they offer. While getting a personal loan with a bank is next to impossible if your credit is bad, there are Idaho car title loan locations that will accommodate all types of credit.
So, if you need a loan to handle an emergency but have a low credit score, you may want to consider a title loan. With just a few requirements, your chances of getting approved with bad credit, are good. But what enables car title loan places to offer this level of accessibility? Keep reading to find out!
Why You Don’t Need Good Credit At An Idaho Title Loan Store
As we mentioned, title loans are quite accessible. Not only are you welcome regardless of your credit score, but your income type and level are not deciding factors either. Here at Idaho Title Loans, Inc., it’s unlikely you’ll even be asked to provide proof of income.
So why is it that title loan stores can offer this accessibility that other financial institutions would consider a risk?
One factor is that title loans are secured loans. Secured loans require a guarantee or collateral. The collateral is an asset you turn over to the lender for the loan repayment period to protect their assets.
In the case of title loans, the collateral comes in the form of a car title that will stay with the lender until your loan is fully paid off. Since it protects their assets from the get-to, title loan lenders such as Idaho Title Loans, Inc. can provide potential borrowers with a higher level of accessibility, regardless of their credit history.
What You Need To Qualify For An Idaho Title Loan
So, if good credit isn’t a determining factor for getting a title loan, what is?
Title loans are designated for car owners. To qualify (good or bad credit aside), you must be of legal age (18+) and outright own your car. If you do not possess full ownership of your vehicle (there are still outstanding financial obligations on your car or the title isn’t registered in your name) then the car cannot be used to apply for the loan.
You need to provide just three items to prove your eligibility for an Idaho title loan:
- A valid state-issued photo ID to verify your identity and prove you’re over 18 years old. A valid driver’s license will suffice.
- Your car for inspection. The inspection is to determine its value, and, accordingly, the maximum loan amount you qualify for.
- The car’s title to prove ownership. The title must be completely lien-free, with no outstanding judgments or loans against it. It must also be in your name. If it’s in another person’s name, you won’t be able to use the title for the loan – even if that person gives their written permission. To have the title transferred to your name simply visit the DMV.
How To Get An Idaho Title Loan Started
As long as you’ve got all the required items taken care of, you can easily get started online, without spending extra time on a store visit.
· Begin by submitting a filled-out online form for auto title loans in my area to send your information to the nearest Idaho title loan store.
· As soon as the form gets processed, a representative from your local branch will give you a call. They’ll check your information, provide further instructions, and schedule an appointment for you at one of our convenient Idaho car title loan locations, which can be any of our stores, your own home, or a location of your choice.
· Take the qualifying items (the car, the car’s lien-free title, and your state-issued ID/driver’s license) to the meeting. The representative will inspect everything to establish the maximum loan amount you qualify for.
If they decide to approve you, they’ll help you with the final paperwork, and – voila! – you’re done. Your loan will be received on the same day or the following business day.
Get A Loan Without Having Perfect Credit
Car title loan places such as Idaho Title Loans, Inc. don’t require perfect credit. You can qualify even with low credit. Just submit the online request form to get started right now and a customer service agent will let you know if you qualify before the end of the day.
Our process has been simplified to help our customers. The entire in-person approval process takes, on average, about 30 minutes. If approved, you can get the cash you need to pay your emergency by the next bank business day.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.