What Do I Need To Know About Meridian Title Loans?
If you're interested in title loans in Meridian, ID, you may be curious about how they work, what you need to apply, and what the process is like.
If you've never applied for a loan before, it can be a bit confusing, which is why we're going to cover everything you need to know about Meridian title loans right here.
What To Know About Title Loans In Meridian, Idaho
What Is A Title Loan?
A title loan is a secured loan, meaning a borrower puts up collateral in order to receive money from a lender. In this case, that collateral is ownership of a vehicle, or more specifically, the title to that vehicle. A vehicle title is what officially makes someone the owner of a car.
With a title loan, the lender will take possession of your title until the loan is paid in full, not the actual vehicle, so you can keep your car for the duration of your loan, and continue using it as normal. However, you will forfeit ownership of your vehicle to the lender if you default on your loan.
Do You Need Good Credit To Apply?
Credit is normally important when applying for loans where no collateral is offered. That's because, without collateral, a lender can only use your credit history to determine whether or not you are likely to pay them back. But because Meridian title loans require collateral, credit is not an important factor in the approval process.
So, even if you have bad credit, you can still apply and qualify for title loans in Meridian, Idaho.
What Do You Need To Apply For A Title Loan?
If you want to apply for Meridian title loans, there isn't a whole lot that you'll need. In fact, you'll only need three things, and two of them should be very simple to procure.
First, you'll need a state-issued I.D. In most cases, this is a driver's license. But if you have a job with the state that involves a unique ID, that can be used as well, Secondly, you'll need the actual car that you plan to use as collateral, so it can be inspected by a lender to see how much it is worth. More on that later.
Finally, you'll need the lien-free title to the car you are putting up as collateral. "Lien-free" just means that there are no outstanding loans against the title. In other words, you can't be using the title as collateral in any other loans. If you are, it cannot be used as collateral on a new loan.
As long as you have these things, you can apply for Meridian title loans as soon as today.
How Much Can You Get With Meridian Title Loans?
So, you can apply for title loans in Meridian, but how much money can you actually get? Well, it all depends on the condition of the vehicle that you are using as collateral. Obviously, collateral should be worth approximately the same amount you borrow, so a more valuable car means more money can be borrowed.
What makes for a more valuable car? Mostly its age and its condition. Newer vehicles are worth more, as are vehicles that are in better shape. That includes things like the paint job, the interior, the engine, and all other valuable components.
Really, it's no different than buying or selling a car. It costs more to buy a new car in good shape than an old car in bad shape. The more valuable your car would be if sold, the more valuable it is as collateral with a title loan.
Of course, this means vintage cars get to skip out on the "old cars are worth less" rule. But generally, being newer makes a car more valuable.
Getting A Title Loan With Idaho Title Loans, Inc.
If you have determined that a title loan is right for your situation, Idaho Title Loans, Inc. has you covered with one of the quickest loan processes available. Simply fill out the inquiry form on our website, and a representative will contact you via phone as soon as they receive your information.
During that call, they'll schedule a time to meet with you so your documents and your vehicle can be verified and inspected. At that time, they will determine if you qualify for the loan and for how much.
If you do qualify, our representative will walk you through the rest of the process and have you sign some paperwork.
All in all, the in-person portion of the title loan process should only take about thirty minutes of your time. If approved, you'll be able to get your money either that day or the following business day.
Idaho Title Loans, Inc. has one of the quickest loan processes out there, so if you are in need of an emergency loan, contact 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.