Yes, You Can Get A Title Loan With Bad Credit! Here's Why

Did the bank deny your personal loan because of your low credit score? Don’t worry—you have other options! You can apply for bad credit title loans up to $15,000, and collect your cash on the very same day. It’s actually easier and faster than going to the bank.

Here’s what you need to know about qualifying for bad credit title loans, how to find bad credit loans near me, and how to get started now in just one click.

What Are Title Loans?

Title loans are personal loans where you use your paid-off, lien-free vehicle title as collateral. That doesn’t mean that you have to surrender your car keys or leave them with the lender—you can still use them while you pay off the loan. You’re just using it as security, or a way to “vouch” for your commitment to pay back the loan.

So, when you sign the loan agreement, a lien is placed on the vehicle title. A lien is just a legal claim on the property, which is lifted immediately after you pay off the loan. Aside from the fact that you can’t sell your car while the lien is in place, it won’t restrict the use of your car (or the rest of your life) in any way.

How Do I Qualify For Bad Credit Title Loans?

One of the best things about title loans is that it doesn’t require a particular credit score or income level. You can still qualify If you have a low credit score, have not been able to accumulate enough credit history, or can’t present a pay stub or proof of income.

The only requirement for bad credit title loans is sitting right in your garage! You can use any kind of car or truck, as long as it meets the following criteria:

• The vehicle is registered under your name. Only the legal owner of a property can use it as collateral for a loan. So, you will have to show proof of ownership by presenting the title and a valid government-issued ID, such as a driver’s license or passport.
• The vehicle title is lien-free. A property can’t have two simultaneous liens. To check if there are any liens on your vehicle contact or visit the Department of Motor Vehicles.
• The vehicle is already owned outright. When you take out a car loan, the bank places a lien on the vehicle until you make the final payments.

How Much Can I Borrow With A Bad Credit Title Loan?

Generally, you will be allowed to borrow about 25% to 50% of your vehicle’s market value. That’s determined by your vehicle make and model, age, mileage, and overall condition.

When you apply for a title loan, a representative will personally look at your vehicle to give a fair and accurate assessment of its market value and the loan amount you qualify for.

How Can I Find Bad Credit Loans Near Me?

Idaho Title Loans, Inc. makes it so easy to apply for a title loan. In just a few clicks (and a few moments) you can connect to the nearest branch to start your loan request. Here’s what you need to do.

• Fill out the short inquiry form. It’s really short, simple, and secure. We only use the information to contact you so you don’t have to waste time on a hotline or waiting in line at the branch.
• Chat with our loan representative. We’ll personally call you back to explain how title loans work, answer your questions, and give you a list of branches that provide bad credit loans near me. You can also request for a representative to meet you at your office, home, or any preferred location—we can go to you!
• Submit requirements. Go to the branch (or your desired location) and bring your vehicle title, valid government-issued ID, and your vehicle for inspection. A loan representative will review your documents and then check the vehicle to determine your maximum loan limit. You’ll be done in 30 minutes!
• Get your money. The loan representative can immediately confirm if you qualify for the loan, and present a loan package. Then, you just have to sign some paperwork. The money is released the same day or the next business day.

Are Title Loans Right For Me?

There are many benefits to title loans. They have fewer requirements than bank loans, take less time to process, and allow you to borrow higher amounts of money than other types of loans.

So, if you need to raise hundreds or even thousands of dollars to pay for an emergency expense, and you need the money ASAP, then bad title loans may be a good fit for you.

If you still have questions or want to know whether you can get bad credit title loans, then contact Idaho Title Loans, Inc. today. We understand that this is a big decision, and we’ll be happy to give you a personal loan consultation so you know if it’s the right loan for you.

 

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