Discover How Title Loans Work in Idaho
Figuring out how title loans work in ID takes a bit of research. After all, you don’t want to jump into a loan headfirst without knowing what lies beneath the surface. That’s why we’ve put together this revealing guide to walk you through how title loans really work in Idaho.
You’ll learn:
- What title loans are
- How they use your car
- What's required to access cash
- About the loan request process
- And much more…
What Are Idaho Title Loans?
To learn how Idaho title loans work, we have to start with the definition. Title loans are when a borrower offers an asset – in this case, their paid-off, lien-free title. A SUV, compact, van, or truck title serves as collateral for financing.
Title loans are secured, meaning they require collateral. Your collateral remains with you as long as you repay the loan as promised. The borrower presents their lien-free car title and the lender is named a lienholder on the title.
Title loans are also short-term loans, meaning they make good solutions to many urgent financial problems. You get your cash fast, pay off your bill, and then repay the title loan through regular, smaller installments.
How Title Loans Work
Breaking down how title loans work is fairly simple. You use your car as collateral, apply for the loan, and then, once approved, get your cash ASAP.
Of course, there is slightly more to it than that. Let’s break it down below.
1. You Use Your Paid-Off, Lien-Free Title As Collateral.
To use your vehicle as collateral for a title loan, you’ll need to make sure the title is lien-free. If you have your title at home, you can find a list of lienholders (if there are any) right on the paper title. If you need an electronic copy or have lost your original title, schedule an appointment with the DMV to get it sorted out.
Most vehicles are lien-free if they are paid off and not currently in use as collateral. If your car is lien-free, you won't see any lienholders listed on your title. Always verify this with the DMV to make sure your hard-copy title is updated.
2. You Apply For The Loan.
Once you have your I.D., title, and vehicle ready, apply for your title loan on our Idaho Title Loans, Inc. homepage. How title loans work is that you fill out the online inquiry form, wait for a phone call from one of our agents, and arrange a meeting to finalize your paperwork.
You can ask all of your questions over the phone and then arrange to connect at one of our offices, your home, or another meeting point of your choosing. During this meeting, the agent will look over your paperwork, complete a quick vehicle inspection, and determine how much cash you could qualify for.
3. You Get Your Cash.
If everything pans out, you’ll be approved in no time and have your money wired to your bank account by that same day or the next business day. Our loans vary depending on your situation but can be for amounts of up to $15,000.
What Happens To Your Car When You Get A Title Loan?
Many people worry that when they put up an asset as collateral, that asset will be taken away. The truth is that most people repay their title loans and never lose a day with their vehicle.
Idaho Title Loans, Inc. allows you to keep your car during the loan. You’ll read all of the loan terms and details and have many chances to ask any questions you may have before signing for the loan. Once it’s approved and you have your money, you can drive home from the bank in your car as normal.
How Can I Qualify For Car Title Loans Online?
To qualify for our car title loans online, you’ll need a lien-free vehicle title, a paper copy, and a valid state I.D. to prove you’re over 18 years old.
Your loan amount will be determined according to your needs, and the condition of your vehicle. We look at your car’s mileage, year, make, model, and overall state.
What Are Title Loans Used For?
Idaho Title Loans, Inc. provides loans that could cover many financial emergencies. Our customers have used their title loans to pay for:
- Pressing home repairs
- Hospital bills
- Emergency travel
- Overdue utility, rent, or mortgage payments
- And other urgent bills
Get Your ID Title Loan Now
Learning how title loans work gets a lot easier when you communicate with Idaho Title Loans, Inc. Our car title loans online can provide up to $15,000 within a day so you can cover urgent costs immediately.
If you have a lien-free vehicle under your name, complete our general form online to see how much money you could qualify for. Our agents are reputable, friendly, and patiently waiting to answer your questions. You know what you need to do – reach out to us today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.