Can You Use An Online Title Loan To Finance Auto Repairs?
Online title loans allow you to borrow significant sums of money using the value of your vehicle. They're typically used for emergency situations like home repairs, medical bills, and veterinary fees; however, you can even use them to finance auto repairs.
In the following sections, Fast Auto Loans, Inc. dives deeper into how someone can fund an auto repair with a title loan. We also explain the process for getting a title loan and what you must do to get approved.
What Is A Title Loan And How Is It Used?
A title loan is a quick cash loan that allows you to use your car’s lien-free title as collateral for a loan. This type of loan allows you to get approved for $300 to $15,000 in emergency cash based on the value of your vehicle.
People ordinarily use a title loan to cover a financial emergency. Title loans are not to be used frivolously; you should only get one if an urgent financial need arises that you cannot pay out of pocket. Some examples of financial emergencies you can use a title loan on include home repairs, late bills, unexpected travel costs, medical bills, and auto repairs.
What Types Of Auto Repairs Can You Finance With A Title Loan?
Maintenance issues can crop up with your car when you least expect them. Car parts can malfunction due to age and wear and tear, or another driver can recklessly crash into your vehicle and cause damage.
If this happens to you, replacing defective car parts or repairing damage caused by a car accident can cost thousands of dollars. Most Americans cannot afford an expensive charge like this due to a lack of savings or emergency fund. An online title loan can provide quick cash for auto repair financing.
The following are some auto repairs you can finance with a title loan:
- Replacing an old battery
- Fixing broken windows or windshield
- Replacing an engine
- Rebuilding the transmission
- Repairing the car body after a car collision
Can Car Damage Affect How Much Cash You Can Receive To Finance Auto Repairs?
As we've already mentioned, the amount you can acquire from a title loan depends on the value of your vehicle. Getting a title loan to fund repairs may seem impossible because damaged vehicles aren't worth as much as cars in good condition. However, this isn't the case.
While the condition is one of the many factors Fast Auto Loans, Inc. evaluates when deciding how much we can offer you, your vehicle will still be worth something. Therefore, we may be able to offer you a reduced amount to fund the repairs.
Alternatively, you could finance the repairs on your primary vehicle using a second vehicle. This method may be helpful if the damage to your primary vehicle is extensive. However, you must own two cars outright for this to be a viable option.
What Required Items Do You Need To Get Approved For A Title Loan For An Auto Repair?
At Fast Auto Loans, Inc., we keep the title loan process fast and easy to allow you to get the emergency funds you need to finance auto repairs. Before diving into the process, you will need three required items for approval for one of our online title loans.
The three required items are:
- Your ID — Feel free to use any government-issued identification, including your passport, driver's license, or student ID card. It must display your full name, date of birth, and your portrait photograph. Please ensure your name matches all documents you provide.
- Your lien-free vehicle title — This proves that you own your vehicle outright without any outstanding judgments or liens. We place a lien on your title to secure the loan, but we can't do that if you already have one in place.
- Your vehicle— You will need to provide your vehicle for us to evaluate. Whether it's damaged or not, we will inspect it and consider its worth, offering you a loan amount accordingly. Apart from the condition, we will look at its make and model, age, odometer reading, and service history.
On top of the documents, knowing how much you want to borrow before starting the process is a good idea. Contact the mechanic or local garage that will be conducting the auto repairs and ask them for a quote. You may even want to shop around to ensure you get the best deal. That way, you won't make the mistake of borrowing too little or fall into the trap of borrowing too much.
What Is The Process For Getting A Title Loan At Fast Auto Loans, Inc. For Auto Repair Financing?
If you meet the above requirements, a title loan could be the right choice to finance auto repairs. You can start the process of getting a title loan from Fast Auto Loans, Inc. online. We simplify the process and allow borrowers with all credit types to receive money to fund urgent expenses.
Follow the steps below to get an online title loan from us to fund your auto repairs:
- Begin by completing the online form on this website.
- Wait for us to call you. We will discuss the process, review everything you need to get approved, and answer any questions. We will also set up a meeting location that can be at one of our locations or somewhere more convenient for you. We're happy to come to your home or workplace.
- Collect all your required items and go to the approved meeting place for the in-person meeting.
- When our loan representative arrives, they will examine your title and ID before inspecting your vehicle to determine whether you can get approved and for how much.
- If the amount is enough to finance auto repairs, they will show you where to sign the loan documents. This shows you agree with the loan's terms and conditions.
- You will receive the money you were approved for and can pay for your auto repairs the same or the next business day.
Finance Auto Repairs With Online Title Loans From Fast Auto Loans, Inc. Today!
You can use online title loans to finance auto repairs, even if your vehicle suffered significant damage. At Fast Auto Loans, Inc., we understand the financial burden of auto repairs and wish to guide you through the title loan approval process. Fill out our online quick cash form and hear from one of our friendly representatives for help on receiving emergency cash for financing automotive repairs.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
