What Does It Mean To Get A Title Loan?
Getting a title loan might be something you’ve heard about as an option when you need quick money for emergencies, but what does a title loan actually entail? Here’s a brief explanation of title loans and what we offer at Cash Cow. Title loans allow you to get a lump sum of cash when you use your car’s lien-free title as collateral. Our loans are a valuable resource that you can rely on when you have little alternative. This article will give you the in-depth guide to title loans and how you can use them.
Learn Exactly What Getting A Title Loan Will Mean For You
How Do Title Loans Work?
Title loans are secured, using the car’s title as collateral. Doing so lets you borrow a lump sum of money, usually larger than other types of loans, to use for emergency situations. As the lender, we place a lien against your vehicle title to protect our investment and provide certainty of your interest in repaying the loan. A borrower/lender relationship is a commitment that should be taken seriously.
In fact, when you work with us, you can rest assured that you’re getting clear instructions and guidelines on how you can repay the loan. Because your car title serves as collateral, the amount you qualify for is largely dependent on what your car is worth. More valuable cars will let you borrow more, while older or poorly maintained cars won’t be worth as much, simply because we might not get the amount of your loan back if we have to sell your vehicle.
When Are Title Loans A Good Call?
Borrowing money is rarely a preferable option, yet it’s a necessity in some stages of life. Emergency borrowing can be extremely stressful, but in those situations, a title loan is worth consideration. For example, if you have a major unpaid bill that needs dealing with, but you don’t have the money on hand to cover it out of pocket, a title loan is an option to take care of that bill up front and simplify your repayment schedule.
Not paying simply isn’t an option, often leading to more expense and penalties against your credit in the long run. Be careful, however, when you take out a title loan; you always want to consider your ability to repay the loan and consider all of your options before you select any particular one. To expound on our example, you can use a title loan for the following circumstances, among other emergency events:
- A sudden vehicle breakdown – just not the vehicle you are using for this loan.
- Medical expenses that are way more expensive then you anticipated.
- Costly unplanned expenditures that can’t wait until you have the money.
What Is Needed For Title Loans?
Before you get started on the process to get a title loan, you’ll want to make sure you’ve got the baseline qualifications that we must see. Not having these items will mean that you can’t get through the process and we can’t determine if you qualify for approval. The good thing is we’ve kept the list of required items for title loans short and simple. The items you need for us to see are the following three items:
- Your driver’s license or state-issued ID – Vital for identity verification.
- Your lien-free car title – Necessary for the loan process to work as intended.
- Your car itself – Mandatory for evaluation of loan amount.
When you set up an appointment, you’ll need to bring these along and make sure you’re good to go. A lien-free title bears a little further explanation. Check your title, whether paper or electronic, to see if a lienholder is listed. If not, then you’re good to go! If there’s a lienholder on there, whether a tow truck company, dealership, bank, or other financial institution, pay them the remainder of your dues and ask them to remove the lien.
Do keep in mind that the kind of title you have – whether paper or electronic – will require different steps to get the lien removed. On an electronic title, the ball’s in the court of the lienholder because they can just remove the lien over the computer. With a paper title, you’ll need to acquire a lien release form from the lienholder and submit an application for a duplicate title at your local DMV based on Louisiana state guidelines.
The Loan Process, Simplified
If you’re still nervous or unsure about the title loan and our quick and simple process, here’s our quick breakdown of the entire process so that you know what to expect. Remember, our loan associates have been through this many times and are more than happy to answer any questions you have, simple or nuanced as they may be. We can help you get started today so that we can tell you if you qualify for approval. Here is the breakdown of our process:
- Fill out the online form accurately and completely.
- Wait for a representative to call you back and schedule an appointment, either at the nearest store or a location you choose.
- Go to the appointment with your required items and wait for the associate to complete the inspection.
- If approved, receive your money that day or the next day.
Check Our Title Loan Options Today!
When life emergencies strike, Cash Cow can help you out with a loan designed to give you short-term help from financial stress. Now that you’re in the know about getting a title loan from Cash Cow, you can make an informed decision about whether and when a title loan is right for you. So, if you’re interested in learning more or are ready to apply for this loan, fill out our online form on our website today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.