We all grow up with the story of the American Dream: if you work hard, you’ll be successful and not have to worry about making ends meet. The reality is, however, that 1 in 3 Americans struggle to meet life’s financial demands. When you’re living paycheck to paycheck, even a small hiccup can put you in a financial tailspin. Things get even more complex when your credit isn’t the best, and you need cash to cover an unexpected expense. Thankfully, car title loan places can help get you by in an emergency. How do you find one?
Read on to learn how to find car title loan places in your area.
Why Opt for a Car Title Loan?
The first thing you think of when you have a major expense pop up in your life is getting a loan. That’s easier said than done, though. Personal loans require excellent credit since they aren’t secured, which means that the only people who qualify for a personal loan are people who don’t really need them to cover emergencies.
For people whose credit is less than stellar, this means your options for quick cash are limited. You might be able to ask a family member for help if you’re lucky enough to have a loved one with cash to spare. You can also opt for a payday loan, but payday loans will only net you a few hundred dollars.
Car title loans, on the other hand, are a great option in an emergency. They’re secured by your car, so you can get much more money to cover your expenses.
Local Car Title Loan Places
The most common way to get a car title loan is by going to one of the local companies in your city. You might already have one or two in mind if you’ve seen them around town. If you don’t know where to find one, you’re not out of luck!
All you need to do is head to Google to locate a local car title loan place. This allows you to sift through all of the options in your area and check out the reviews. You can also see which places offer same-day money and which ones have a waiting period for the cash to clear.
Search for Car Title Loans Online
Car title loan companies know that people live busy lives. Not everyone has time to head to a physical location to get their loan. Thankfully, there are many companies that allow you to get car title loans online.
Just like finding a physical car title loan company, you’ll want to Google car title loans in your specific state. Some states do not allow car title loans, and not all companies are licensed in every state that allows them. Googling with your state’s name in the search allows you to save time on your search.
Don’t forget to check out the reviews for online businesses, too!
How Do You Qualify for Car Title Loans?
The great thing about car title loans is that, for the most part, they are not based on your credit score. Instead, car title loans are based on the value of your vehicle. For that reason, your car must be paid off in order for you to qualify for a title loan with most companies.
Does this mean that you can take out a loan for the full value of your car? Unfortunately, it does not. Most title loan companies are willing to issue a loan for about 20 to 50 percent of the car’s value.
What Do You Need to Bring?
All car title loan agencies are going to ask you for some basic information to get the process started. This means you are going to have to come prepared if you want to get the ball rolling on your application right away.
You will need to come with a government-issued photo ID such as your driver’s license or passport. You will also need your car title, proof of income, photographs of your car, and a list of personal references.
The agency may also ask for proof of residence when you apply. Car title loans are not legal in all states, and there is concern that people outside of the state will attempt to obtain a loan. Residency can be demonstrated through items like utility bills, lease agreements, and mortgage statements.
Payment Details
When you need money right away, it’s easy to forget that car title loans are secured by the very thing that helps you get to and from work. If you default on your loan, the title loan company has the authority to repossess your car to get their payment (and then some).
The company typically holds onto the title of your car until you pay your loan back in full. Many even install a tracker on your car so they can locate it in the event of default. For these reasons, it’s important not to take out a loan unless you can afford to pay it back.
Do Your Research
Car title loans are an expensive way to get cash. Many loans have an interest rate of up to 300%. Thanks to the expense of the interest, many people find themselves trapped in a cycle of repaying the loan just to take it back out again.
Do your research on the companies offering car title loans. How much APR do they charge? What are their loan terms?
All of these factors matter, and they can help you avoid future financial emergencies.
Are You Looking for Car Title Loan Places?
Car title loan places are pretty widespread throughout the states in which they are permitted by law. Whether you prefer to go to a traditional storefront location or utilize an online process, you have tons of options. Always weigh your options before opting for a car title loan, and don’t take one out if you are unable to pay it back.
Finances are just one of the tricky things you’ll have to tackle as a fully functional adult. You’re bound to have questions about many of the other aspects of adult life. Check out the rest of our blog for the answers to your toughest of questions!
