Car title loans are pretty straightforward; it’s a loan that allows you to use your vehicle’s lien-free title as collateral. But despite its simplicity, people still have a lot of myths and misconceptions about what it is, or how to get car title loans online. Knowledge is power, especially when it comes to financial options that are supposed to help you with emergency expenses.

This is why you need to learn the actual facts and rid yourself of the myths and misconceptions about car title loans. Once you know how title loans really work with us at Fast Auto Loans, Inc., then you’ll be able to make an informed decision based on facts. Use this guide to learn about some of the most common myths and then learn the truth about how it really works.

Here Are A Few Myths You Probably Think Are Facts

You Have To Surrender Your Car When You Get This Loan

One of the persistent myths about car title loans online is that you have to give up your car while you repay this loan. Actually, when it comes to online title loans, you can still keep your car and use it freely. Instead of taking the car, we are placing a lien and holding onto the car’s title. While this is in place, the only restrictions are you can’t sell your car or use it as collateral for another loan.

But once you pay off the loan, the lien is immediately lifted and your title is returned. So as you can see, as long as you follow the loan terms, getting car title loans online won’t affect your routines or ability to use your car. When it comes to us at Fast Auto Loans, Inc., we will not ask you to relinquish your car to us while you are repaying the loan.

You Need To Have Good Credit In Order To Qualify

When it comes to credit, many people believe they have to have a great credit score in order to qualify for car title loans online. This myth likely comes from past experiences of being turned down for a loan because of bad credit. Banks usually have a minimum credit score of 610 to 640 to qualify for a personal loan, and 690 to get bigger loans or lower interest rates.

If you have bad credit, don’t even bother applying — they’ll refuse your loan or ask you to find a cosigner. But that doesn’t mean you can never get a loan. Fast Auto Loans, Inc. offers car title loans for people who have bad credit or haven’t been able to establish a long credit history. So if you’ve been rejected before, give us a call. You can still qualify even if you have poor credit.

You Need To Have A Nice Or New Car To Get This Loan

When it comes to what kind of vehicles we accept, we only accept cars, pickup trucks, minivans, and SUVs. Aside from that, we do not require your vehicle to be brand new. However, the model, age, and condition will affect how much you can get. We will quickly inspect your vehicle and use a pricing guide to determine your car’s condition and resale value. You are guaranteed to get a fair assessment.

It Takes A Long Time For Title Loans To Be Approved

Some loans from banks or other financial institutions may take days or even weeks to decide if you qualify for approval and to get you the money. At Fast Auto Loans, Inc., you don’t have to worry about that with car title loans online. We make sure our process is quick and simple for you to get through. In fact, it takes 30 minutes for you to get through our process.

To begin the process, just fill out the online inquiry form found on our website. Once you submit the form, your information is sent to the nearest Arizona vehicle title loan location so we can give you a call. When we do call, we will set up an appointment for the vehicle inspection either at the store or you can arrange it so we can meet you somewhere else instead.

Regardless of what option you choose, just bring the lien-free title, your driver’s license or state-issued photo ID, and the vehicle to the appointment. The representative will verify your documents and then inspect the vehicle to determine if you qualify for approval and for how much. If the loan is approved, you can get the money the same day or the next bank business day.

Talk To US About Car Title Loans Online Today

With the help of this guide, you can now give up some of the myths about car title loans online and replace them with the facts. All that is left is for you to come talk to us about getting your auto title loan. Contact us through the inquiry form on our website and we’ll be happy to help you get started and get you the quick cash you need for your emergency expense 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.