Can I Use My Car As Loan Collateral?

Yes, you can use your car as loan collateral with Idaho Title Loans, Inc.! With just a few items and a quick application process, you can get the cash you need fast. That’s especially helpful if you’re faced with urgent payments or a full-blown financial emergency!

To use your car as loan collateral for a title loan all you need is a vehicle, a lien-free car title, and valid identification to complete your application. Read through this quick article to learn how to use your car as loan collateral and how to start the application process. 

How Do You Use Your Car As Loan Collateral?

You can use your car as loan collateral by applying for something called a title loan. As the name suggests, it’s a short-term loan that allows you to quickly borrow a sum of money based on the value of your car.

Title loans offer several important benefits that you’ll find helpful, especially if you’re in a tight spot and have little time or energy to waste. Those benefits include:

• Fast application: One of the most important benefits of title loans is that you can apply for one quickly. You don’t have to worry about taking days or weeks to complete and submit your application or wait for a loan decision.
• Relaxed requirements: Aside from the fast application process, you can also enjoy relaxed requirements when applying for these loans. That’s quite different from some other loans that you have to jump through hoops to get.
• Customer support: Even with the quick and easy application process, you’ll still have plenty of customer support along the way. At Idaho Title Loans, Inc. the loan representatives will be happy to address any questions or concerns you might have.
• Quick payout: After you are approved, you won’t have to wait long at all to receive your cash. You could get paid as early as the same day or by the next business day.
• High amounts: Lastly, you can borrow as much as $15,000 by using your car as loan collateral. Of course, the exact amount you qualify to borrow will depend on your car’s value.

As you can see, using your car to secure a loan offers you more benefits than just potentially getting you a lot of money. The entire process from start to finish is quick, and you’ll also have the guidance you need along the way.

What Else Do You Need For A Title Loan?

When you want to use your car as loan collateral, you’ll need a few more items to qualify for the loan. Here’s the full list of things you need to apply for a title loan:

1. Your Car

You’re required to bring your car in during the loan application process. That’s so a representative can inspect your car and determine how much it’s worth.

They’ll do that by checking your car’s condition and referring to a nationally-recognized pricing guide.

Once that’s established, the representative can then let you know how much money you qualify to borrow.

2. Your Car Title

Aside from the car itself, you must also have a lien-free title to that car. That means the title must not have any outstanding loans or judgments against it. In simple terms, you must own the car and title outright.

3. Your Identification

You’ll also need to provide valid identification to qualify for a title loan. Your driver’s license will do just fine for this. But if you don’t have it, you can also use another state-issued ID in its place.

How Do You Apply For A Title Loan?

Once you have all the required items to use your car as loan collateral, you can go through the application process, which looks like this:

• First, fill out the short online request form with your required details. That includes your name, contact information, and a few basic details about your car.
• Soon after you submit that form, a loan representative will call you on the phone. They’ll explain the remainder of the application process and address any concerns you might have.
• After the call, you’ll meet the loan representative at a place of your choosing. They’ll inspect your car and verify your documents to finalize your application.
• Finally, they’ll let you know if your loan is approved. If it is, you could get your money as early as the same day or by the next business day.

That’s all it takes to use your car as loan collateral!

Get Your Title Loan Now!

Now that you know how to use your car as loan collateral, you can get started immediately with Idaho Title Loans, Inc.! Take the first step right now by filling out the online inquiry form with the necessary details. Then, keep your phone nearby so you can speak with a loan representative when the call comes in!

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