As an enterprising citizen, you monitor your finances closely. However, at times, even the most astute spenders fall on rocky economic times. You may require a financial hand to get you out of sticky situations. These situations can come as a delay in payment or a sudden increase in your expenses.
Title loans apply in emergencies when you need a quick cash boost without overextending yourself. Data shows that over 30% of all Americans take out personal loans for various reasons. Most loans require you to follow complicated channels that could take too long.
However, owning a car can get your title loan approved on the same day. Within hours of providing the necessary documents, you could drive away with cash in hand. These tips will help you learn how to get a title loan in less than a day.
Keep on reading to learn more!
Do I Qualify for a Title Loan?
Title loans are legal in Orlando. If you are cash strapped and you have exhausted all your avenues for quick money, a title loan could be your best option. Before applying for a title loan, though, you need to fulfill a few requirements.
You Must Be the Legal Owner of The Car
To access a title loan, the motor vehicle you use as collateral needs to be ratified as yours. A simple proof of ownership can solve this. You will need to avail original copies of the car ownership documents to the lender.
The name that appears on the car owner’s documents needs to match the names on your government ID. Title loan lenders do this to make sure that there are no legal complications if the car’s ownership is in contention.
Avail Proof of Residence
You need to prove that you are an Orlando resident to get access to a title loan in Orlando. To ascertain your area of residence, you can provide utility bills. Alternatively, you can use any document that indicates your current home area.
However, your area of residence is not the only factor for determining whether you qualify. You can access quick title loans in Orlando if you are visiting the fantastic sights.
Prove a Means of Repayment
While a title loan may be easy to get, you need to show that you have some income to pay the loan. One advantage of a title loan is that you do not have to be employed to get the loan.
If you have proof of a steady stream of income, you qualify for a title loan. You can also access the loan if you’re on disability or unemployment benefits.
Provide Updated Insurance Documents
You need to provide updated car insurance documents. Insurance documents go hand in hand with license information.
It is not mandatory that you have a high credit score. Still, credibility counts. You need at least two valid references. Unlike guarantors, your referees do not have to sign any documents. You only need to provide their names, contact details and residential addresses just in case you cannot be reached.
Provide the Car Keys
You will drive away with your car even after you get the loan. However, your lender will need you to provide a spare key to the car.
What are the Benefits of a Title Loan?
Apart from minimal requirements for qualification, title loans have many advantages over regular bank loans. Read on to discover more benefits.
1. No Credit History Limitation
Credit ratings prevent plenty of people from accessing loans. However, title loan financiers not check your credit rating when lending you money. Typically, most companies only check the value of your car to give you a loan.
Even with a dismal credit rating, if your car is worth the money, you can be sure you will get a title loan.
2. Quick Processing Time
A title loan has less bureaucracy and therefore faster processing time. If you can avail all the necessary documents, a professional will conduct a valuation check on your car, and you can access your money that same day. You can have the funds deposited in your bank account or receive a cheque if you wish.
3. Simple Legality Adherence
Title loans operate on a simple premise. If the car is yours and you can legally prove it, you can get a title loan. If the car’s ownership is in question, you do not qualify for a loan.
This model protects consumers against rogue entities who would want to profit off someone else’s property.
4. Flexible Repayment Terms
Some loans carry penalties if you make early repayments. With title loans, you don’t have to worry about early repayment penalties. Some companies even offer you up to 10-day grace periods on your payments. You also get up to 12 months to repay the title loan.
5. You Keep Driving As You Pay
As much as you use your car as collateral for the loan, you can still use it while servicing the loan. As soon as you get your money, you can drive off and resume your daily routine.
- Title loans attract up to 30% interest.
- It is vital to check with your lender if they have any additional fees. Some lenders will require you to pay extra charges which do not appear in the initial deal. These fees may affect the loan substantially.
- Make sure you know all the fees and the total cost of the loan before signing off.
- You can qualify for a loan ranging from $500 to $5000 depending on the value of your car at the time of valuation.
How to Get a Title Loan – Wrap Up
Quick, safe and regulated loans can be hard to access. If you have a pressing need for extra funds, you may not have time to follow up on strenuous procedures to get a small personal loan. However, with a car that has a clean title, you can get decent value title loans in a few hours.
Getting a title loan is quick and easy. Reach out to a lender near you to for more information on how to get a title loan. Schedule a consultation and find out how your car can help you secure a safe same-day title loan.
Be sure to continue reading our blog for more automotive news and tips.