Every year, more than 30% of people need to borrow money for one reason or another.
Some do it to make sure they don’t fall too far behind on their mortgage or rent. Others do it to cover the costs associated with a medical emergency.
Are you trying to figure out a way to borrow money at the moment? You can do it by learning how to get a title loan on your car.
That’s right. If you own your car outright, you can use it to take out a loan to pay for just about anything. It’s, hands down, one of the simplest ways to get access to money when you need it the most.
When you apply for other loans, you often have to jump through hoops to get approved. But applying for a car title loan and getting approved for it is so easy to do.
Here are the five steps you’ll need to take to get a car title loan in a hurry.
1. Make Sure You Meet the Requirements to Take Out a Car Title Loan
Studies have shown that almost 90% of people own a car. This might lead you to believe that just about everyone is eligible to take out a car title loan.
But that isn’t true. To get approved for a car title loan, you need to meet a series of basic requirements in most cases.
Some of these requirements include:
- You must be at least 18 years old
- You must own a vehicle that is in your name
- You must have a lien-free title for your vehicle
- You must be able to prove that you have some source of income
Before you begin trying to find out how to get a title loan on your car, it’s important for you to make sure you meet these requirements. Otherwise, you might end up wasting a bunch of time applying for car title loans that you won’t qualify for.
2. Gather Everything You’ll Need to Apply for a Car Title Loan
If you meet all the basic requirements needed to take out a car title loan, the next thing you’ll want to do is gather the things you’ll need to apply for a loan. This will save you time when you start going through the car title loan application process.
First and foremost, you’re obviously going to need the lien-free title for your car that we just mentioned. But you’re also going to need something that proves your identity (birth certificate, passport, etc.) as well as proof of your residence.
If you’re planning on applying for a car title loan online, you may also need to take a bunch of photos of your vehicle to show lenders what kind of condition it’s in. Try to take:
- Photos of the front and back of your vehicle
- Photos of the left and right sides of your vehicle
- Photos of the interior of your car
- Photos of your odometer
- Photos of your VIN number
Snap as many photos as you can so that you’ll have the photos you need in the event that lenders ask for them.
3. Find Lenders That Specialize in Providing People With Car Title Loans
Car title loans have become some of the most popular types of loans in recent years. People appreciate how convenient it is to get their hands on them.
As a result, there are more and more lenders offering car title loans to people. Take advantage of this by looking around for the right lenders prior to putting in applications for a car title loan.
The lenders that you apply for a car title loan through should offer:
- A wealth of experience in the loan industry
- An easy loan application process
- Helpful customer service representatives
- Excellent car title loan terms
Don’t trust just any lender to provide you with a car title loan. You should only work with the very best lenders when you’re trying to take out any type of loan.
4. Apply for Car Title Loans Through Several Different Lenders
Once you have a very short list of lenders that you would potentially like to work with, you can put in applications for car title loans through each of them.
Most lenders make this part of the process very easy. You can usually fill in an application in a few minutes online and send it off to a lender in no time.
In many cases, they will then turn around and either approve or deny your loan within just a day or so. You’ll be able to pick which car title loan offer you like best and accept it on the spot.
5. Send Your Car Title to the Lender of Your Choice
At this point, you should know which lender you want to work with when it comes to getting a car title loan. You can go ahead and accept their loan offer as long as it comes with favorable terms.
When you do, they’ll arrange for you to send them your car title so that they can send you the money that you need. You can get the money in as little as a few days as long as you send your car title to your preferred lender right away.
From there, it’ll be up to you to repay your car title loan according to the repayment schedule that you and your lender agreed upon. Once you’re done doing that, they’ll send you back your car title to complete the transaction.
Learning How to Get a Title Loan Is Easy to Do
Are you searching for a simple way to make money fast? Obtaining a car title loan might just be the easiest way to go about doing it.
Now that you know how to get a title loan on your car, get out there and do it. You’ll be impressed with how quick and painless the process can be.
Check out our blog for more articles on car title loans and other types of loans that you can try to take out.