Can You Use An Online Title Loan To Finance Auto Repairs?
A car repair can interrupt your whole week.
If your vehicle will not start, your brakes need work, your transmission is acting up, or your car was damaged in an accident, waiting too long may not be realistic. Many people rely on their vehicles for work, school, medical appointments, errands, and family responsibilities.
When the repair cost is more than you have available, it is natural to start looking for car repair loans or other ways to finance auto repairs.
An online title loan may be one option to review if you own your vehicle outright and have a lien-free title in your name. With Fast Auto Loans, Inc., you can start a title loan inquiry online, then complete the required in-person review at an Arizona location.
Here is what to know before using an online title loan for car repairs.
What Is an Online Title Loan?
An online title loan is a title loan inquiry that starts through an online form.
A title loan uses a qualifying vehicle title as collateral. That means your vehicle title is an important part of the review.
The online form helps Fast Auto Loans, Inc. collect basic information and connect you with a representative who can explain the next steps.
However, the full process is not completed fully online. For a title loan, your vehicle still needs to be inspected in person.
Submitting an inquiry does not guarantee approval, a specific loan amount, specific terms, or funding.
What Auto Repairs Can You Cover With An Online 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 A Damaged Car Still Qualify For An Online Title Loan?
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 Do You Need To Apply?
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.
How To Apply For Online Title Loans At Fast Auto Loans, Inc.
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.
Review Your Car Repair Options Before You Start
Car repairs can be stressful, especially when the vehicle is needed for work, family, or daily transportation.
Before borrowing, get a written repair estimate, ask about payment options, compare repair shops when possible, and decide how much you truly need.
If you still need to review short-term financing, Fast Auto Loans, Inc. can explain how an online title loan inquiry works and what may be reviewed.
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.
To get started, submit the online form and a loan representative will contact you shortly.
Frequently Asked Questions
Can I use an online title loan for car repairs?
An online title loan may be one option to review for necessary car repair costs if you have a qualifying vehicle and lien-free title. Approval is not guaranteed.
What are car repair loans?
Car repair loans are financing options people may review when they need help paying for vehicle repairs. An online title loan is one possible option, but it should be compared with other choices first.
Can I finance auto repairs if my car is damaged?
A damaged vehicle may still be reviewed, but vehicle condition can affect the amount available if you qualify. Ask a representative what may apply to your situation.
What do I need for an online title loan?
You generally need a driver’s license or state-issued ID, a lien-free title to your vehicle, and your vehicle for inspection.
>Is the full title loan process completed online?
No. You can start the inquiry online, but the vehicle inspection and final paperwork are completed in person at an Arizona location.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
