The Basics Of Title Lending For Beginners
January 10, 2022 | Emma Frost
If you’ve never taken advantage of title lending, the concept may seem a bit intimidating at first. Just the name can sound a little scary or confusing to understand. When you come here to Fast Auto Loans, Inc., there’s nothing to fear at all when it comes to title lending.
The title lending process is easy and quick to get through, the benefits are great, and it’s a way to get you back on the best financial footing quickly and handle emergency expenses. Here’s our guide for newbies on all the basics of title lending you need to know.
Basic Questions Beginners Have About Title Lending
What Is Title Lending And Who Is It Designed For?
Title lending simply means a loan that uses your car’s title as collateral. We do not have access or ownership to your car; you use it as you would for the duration of the loan. With title lending, you’re using your vehicle’s value as loan collateral instead of using credit.
Amounts of title loans vary, but they are usually larger amounts than other, more traditional loans. For example, We here at Fast Auto Loans, Inc., offer fast Arizona auto title loans between $300 - $15,000 for those who qualify, depending on the value of your vehicle.
Title lending is designed as a short-term loan for those experiencing temporary financial emergencies. Such emergencies include an expensive trip to the emergency room or unexpected, emergency travel. Emergencies can also include much-needed car or home repairs that you can no longer ignore.
What Do I Need To Qualify For A Title Loan?
Title lending approval is easier than you may think. Through Fast Auto Loans, Inc., you just need to have three simple items to get through the process. The first thing you need is a driver’s license or state-issued form of identification. This is because you must be at least 18 years old to qualify for a title loan with us.
You also need your vehicle for inspection. This inspection helps determine out how much you may qualify for. The last thing is the lien-free vehicle title. A lien-free title, also known as a clear title, just means that you own your vehicle outright. Your title cannot have any judgments or outstanding loans against it. You can get title loans with your car, truck, or van title.
How Long Does It Take To Get A Title Loan?
The title lending process here can move quickly. Through Fast Auto Loans, Inc., you may qualify for a loan in as little as 30 minutes by starting the process online and going through our flexible process. In addition, once you qualify, you generally receive your title loan amount as soon as the same day or the next bank business day.
Will Bad Credit Impact My Title Loan Chances?
Getting loans comes with a history of making it difficult for those with not-so-great credit to get the help they need. Fast Auto Loans, Inc. works differently. Whether you have good credit, bad credit, or no credit history, we welcome all to pursue a title loan with us.
The key to loan approval is determined through other means – like your title and information – and not focused on your credit history. We don’t even report the loan to credit agencies. We also will not charge you if you want to come in for the vehicle inspection to determine how much your vehicle could get you.
Do I Need To Be Employed?
When it comes to employment, you do not need to be employed to qualify for a title loan, which makes it different from other loans. In many cases, we will gladly accept sources of income that do not involve employment. We don’t even ask for proof of income. Just make sure you have a stable way to repay the loan.
What Is The Title Lending Process?
You can go through the title loan process either online or in-person at a quick car title loans Arizona location. Just start online through the title loan form on our website, where you’ll provide basic information so we can give you a call. Alternatively, you can drop by a store location of your choice or give us a call.
Soon after you submit your form, a loan specialist will give you a call to discuss the process and set up the meeting and vehicle inspection. When you set up this meeting, you can either have the agent meet you at the location of your choice or bring the required items to a store near you.
Either way, they will inspect your vehicle and assess your information to determine if you qualify for approval. If we determine you qualify for approval, you’ll have a few short documents to sign, and you will either have the money on the same day or the next bank business day.
Get Started Today
When you come to Fast Auto Loans, Inc., the title lending process is quick and easy – even for a beginner. Simply go online, give us a call, or visit a location of your choice to qualify for a loan in as little as 30 minutes. We look forward to helping you today!