What Is A Secured Title Loan?
January 11, 2022 | Daniel Dewitt
When you are going through an emergency – like a medical emergency or sudden home damage due to a natural disaster – you might need a secured title loan to help you out. But what is this kind of loan? This is a loan that uses your vehicle’s lien-free title as collateral for a lump sum of cash.
What Exactly Is A Secured Title Loan?
A secured title loan gets you the money you need to help you with short-term emergency expenses. It's known as a secured loan as you must provide collateral (i.e., your vehicle's title) to acquire it. Your vehicle’s title must be in your name and lien-free – which means your title is free of any outstanding loans or liens.
With our quick cash auto title loans, you can borrow between $300 and $15,000, and we have a simple list of required items. We do not bog you down with items you must search high and low for. with just the following three items, you can get through our process:
- Lien-free title to your vehicle;
- Driver's license or a different kind of state-issued identification;
- Your vehicle itself for an inspection.
The final item on the list is arguably the most important as it determines how much you can qualify for. We look at multiple factors when considering the worth of your car, truck, or van. Once you know what we look for, you can figure out if your vehicle will get you the amount you need. The factors we look at include:
- Your vehicle's age — As a general rule, the older your vehicle, the less it's worth. However, that doesn't always ring true. For example, if you own a classic car, it's likely worth more than the newer models. With that said, standard cars tend to lose 60% of their value very quickly. Thus, having an older vehicle could stand in the way of you acquiring a larger loan amount.
- Your vehicle's make and model — Audi, BMW, Lexus, Cadillac, and Mercedes are always worth a lot of money. They tend to come with more expensive features and perform at a higher level than everyday vehicles. Often, luxury cars are worth six figures brand-new, and they manage to retain their value relatively well, as long as they're cared for.
- Your vehicle's odometer reading — The odometer is a tell-tale sign of how much your vehicle has been through. As you can probably expect, the higher the number on your odometer, the less it's worth. To decrease the likelihood of mileage playing such an integral rule, be sure to take care of your car and regularly change its oil.
- Your vehicle's condition — Mechanically, failing to change the oil or rotate tires can quickly decrease the car's value and cause excessive or premature wear and tear. Cosmetically, dented bumpers, scratched paint, and stained seats cause the worth to reduce. Depending on your vehicle’s condition, this greatly determines how much you can qualify for.
What Should You Use A Secured Title Loan For?
You can use title loans for a variety of emergencies. Some of the emergencies you can use them for include medical bills, funding urgent travel, paying overdue bills to avoid late charges, and making necessary time-sensitive home repairs.
Of course, other situations may justify coming to Fast Auto Loans, Inc. to acquire a title loan. To accurately figure out whether your circumstance necessitates a title loan from us, ask yourself the following questions below before coming to see us:
- Will your situation worsen if left without near-immediate payment?
- Do you have time to handle your situation?
If you have time to deal with the situation and nothing will worsen if left, your best move might be to find another route of funding. However, if you don't have time to handle the issue and it will get worse if left, a title loan from us at Fast Auto Loans, Inc. is an option.
How To Get A Secured Title Loan
Going through our process is not complicated to understand. We here at Fast Auto Loans, Inc. have made sure the process is quick and convenient for all to follow. Just follow our quick guide below to get an idea of what you can expect:
- Complete the online title loan form found on the website. It sends your information straight to your nearest Fast Auto Loans, Inc. storefront, where one of our loan representatives will give you a call to get the meeting and vehicle inspection set up.
- Wait for one of our loan associates to give you a call. They discuss the process, answer any questions, and ensure you know the required items. Additionally, they ask whether you'd prefer to meet at the nearest fast auto title loans location or have us come to you.
- Wherever you meet, bring your driver's license or another form of valid government-issued photo identification, your vehicle for inspection, and your lien-free vehicle title. We will conduct a five-minute vehicle inspection to determine how much you could get.
- We will also assess your information to determine if you qualify for approval. If you are eligible for the secured title loan, the loan associate helps complete the paperwork, and you get the amount you qualify for on the same or very next bank business day.
Start The Secured Title Loan Process Today!
A secured title loan allows you to access cash when you need it most by using your car, truck, or van as collateral. So the next time you are dealing with an emergency, you do not have to handle it alone. Just fill out our online form to get started on the process today.