So, You’re Getting Your First Title Loan Online! Here’s What to Remember
Getting your first title loan online is exciting! But before you are ready to start the process and see if you could get your loan, there are obviously things you must remember. Just like with any loan, you have to know details about it to use it responsibly. Here are some things you need to remember when you are getting your first title loan.
Remember These Things Before Getting A Title Loan Online
What To Use Your Title Loan Online For
The main thing to remember when taking out a title loan online is to use them for emergencies only. They're not made for supporting long-term financial deficits, nor are they suitable for building a credit score – we don't even report them to the bureaus!
When it comes to when you should use auto title loans online, here are a few situations where a title loan can help you out:
- Paying unexpectedly high home repairs;
- Funding entirely unanticipated medical bills;
- Affording urgent travel;
- Paying overdue bills that may incur late fees if they're left unpaid.
We may not have listed your situation. But that doesn't mean you don't need a title loan! If your situation will only worsen if left unsolved for weeks on end, a title loan may still be the right way to go. But if you can leave it for a while without monetary intervention, you should try to find a different route. After all, there's no point in unnecessarily adding to your financial obligations.
Everything You Need To Get An Auto Title Loan
Without the required documents, you won't qualify for a title loan online. If you're used to applying for bank loans, this might scare you, as they tend to come with a long list of criteria. But fear not, because as long as you're at least 18 and have the following, you can qualify for a title loan:
- Lien-free vehicle title;
- Vehicle for inspection;
- Driver's license or another sort of state-issued photo identification.
Understand How We Value Your Vehicle
Now, before you jump into your first title loan agreement, it's worth understanding how much you may qualify for. To do this, you need to know how we value your vehicle. We look at two main categories when deciding how much money we can lend you:
- The vehicle's national market value.
- The vehicle's condition.
But many factors go into the two categories, all of which significantly affect the total value. These are as follows:
- Make and Model: Some makes and models are more expensive than others. There's no denying that. If you own a luxurious automobile like an Audi, Range Rover, Acura, or Cadillac, you'll almost always qualify for a higher title loan than somebody with a Toyota or Volkswagen.
- Age: As manufacturers continue to release newer vehicle models, last year's cars aren't as desirable. Sadly, vehicles tend to lose 60% of their total value over the first five years of their lives, as Carfax reported. Don't worry too much about the age, though. An older vehicle in fantastic condition with low mileage could easily be worth more/as much as a newer model with high mileage.
- Mileage: Your odometer greatly affects the value. Higher mileage indicates more wear and tear. If you've ever purchased a used car, you'll know that those with fewer miles are priced more highly than others. When a car reaches the 120,000-mile mark, you typically have to pay for more frequent tune-ups.
- Condition On Inspection: Cosmetic damage like scratches, stained seats, dings, and dents all impact your car's value. They can seem like minor "foibles," but the little things make up the larger picture. Maintaining mechanical maintenance like oil changes, tire rotations, and more ensures your vehicle stays in good shape.
How To Get A Title Loan Online
The only other thing you need to keep in mind when you're getting an online title loan for the first time is the process! Follow our steps from start to finish to get the money you need in no time:
- Complete the simple inquiry form. Within a few minutes, a loan representative will call you. Make sure you have your phone handy, so you don't miss the call. Their job is to tell you about the process, explain the documents you need to bring, and answer your questions. Arrange where you will meet to complete the loan.
- After the call, go to the meeting place (or if you prefer, we can come to you!) with all the documents we discussed earlier and your vehicle. One of our loan associates will do a fast five-minute inspection of your car to figure out how much cash you qualify for when you get there.
- They will also assess your information. If you qualify, you continue with the final paperwork with the help of the loan representative. When everything is done, you can receive the money you need either the same day or the next bank business day.
Get A Title Loan Online Today
Doing anything for the first time can be daunting. But we're here to make your first title loan online experience a breeze. So, the next time you are facing an emergency expense, you now can keep a title loan online as an option. Once you are ready, just fill in the form to start!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.