5 Myths about Car Title Loans

June 8, 2021 | Mason Roberts

Myths and facts about car title loans

There's no shortage of myths about car title loans, but few of them are true, and those in need of money need to know the truth. In fact, car title loans are one of the most convenient ways to make cash fast, and you don't have to give up your vehicle to get one either.

Did you know that most people above the age of 18 years old with a legitimate vehicle title can get approved for fast cash in Louisiana? That's all thanks to car title loans and their convenient availability. So, don't let the myths mislead you. Use this information instead.

What Are Car Title Loans?

Car title loans are a simplified type of immediate financing that uses your vehicle ownership documents as collateral for a lump sum of cash. You can get cash for title in as little as 30 minutes after you start the application process which will allow you to deal with whatever the emergency you’re going through ASAP.

Myths about Car Title Loans Revealed

Car title loans have been misunderstood for a very long time. In fact, some people still believe the myths surrounding them. And here are the 5 most common misconceptions about them so far:

1. You're Not Allowed to Get More Than One.

Some people believe that you cannot get more than one title loan at a time. This is not entirely true, as Cash Cow Louisiana does give a chance for customers to have more than one title loan at a time, but it depends on the branch as well as the customer’s history. For more details, contact the nearest Cash Cow Louisiana title loan store location.

2. You Have to Give up Your Car to Get Approved.

You do not have to render possession of your car to get approved for this type of financing. However, you must maintain the contract in good standing until it's paid in full. So, call ahead if you run into financial shortages and see what else can be done about your situation.

3. You Won't Get Approved with Bad Credit.

That's downright false. You can get an auto title loan even if you have a low credit score or no credit rating at all. That's because the underwriters use the value of your vehicle and other information to determine the terms of the loan. Your credit score may be looked at, but it's not the primary factor in your ultimate approval.

4. The Process is Kind of Shady.

This isn't true at all. In fact, lenders like Cash Cow in Louisiana keep things short, sweet, and simple for the sake of consumers like you. There's nothing shady about straightforward financing, although habit and tradition may suggest otherwise. And thanks to modern technology, you can do everything online or over the phone these days.

5. You Can't Get a Legit One Online.

Yes, you can. In fact, you don't even have to leave the comfort of your own home when you work with the right company. Cash Cow in Louisiana, for example, lets you start and complete the entire process from your computer or smartphone. Plus, you can get as much as $1,400 in as little as 30 minutes.

TIP: Start the process of getting a car title loan as early in the day and week as possible. That way, you can avoid common banking delays and get paid even sooner.

Woman applying for a title loan online

How to Get Car Title Loans from Cash Cow in Louisiana

Don't feel silly that you didn't know this information. Most American families live paycheck to paycheck, with an average credit score of just over 700 and less than $3,000 in savings. That means not enough people understand how this works. But you will as soon as you follow these 3 simple steps:

1. Start the Process Online or over the Phone for Faster Approvals.

Begin by either snagging the number, calling by phone or filling out a short intake form. Regardless, you'll only need about 30 minutes for the whole thing. An agent will contact you after reviewing your information to set up a time for the rest.

2. Provide the Requested Information When It's Time to Get Paid.

Once you're ready to go, the agent will either meet you at the office or travel to your location to inspect the vehicle and look over your other proofs. Here is what they'll want to see:

  • Your driver's license or a state-issued photo ID
  • The lien-free title to your vehicle (registered in your name)
  • The vehicle itself for a rapid inspection

The inspection is to help the agent determine the value of your car. So, be sure to clean it up and make any repairs that you can afford.

3. Sing the Loan Documents and Get Your Cash

If the amount offered is satisfactory to you, sign a few documents and get your cash the very same day.

Submit Your Inquiry Today!

Don't let the myths about car title loans fool you, as this financing type is really worth considering, especially in times when you need money ASAP. You can submit your inquiry today to find out how car title loans can help you solve urgent financial issues.