Important Things To Know About A Mississippi Title Loan
If you are interested in getting a title loan in Mississippi, there are some important things you need to know. For instance, how it works, how to get one, and what you'll need to provide to qualify.
If you don’t know much about title loans or have never come in contact with one or anyone that has received one--don't worry! We'll tell you everything you need to know about a Mississippi title loan right here.
What Is A Mississippi Title Loan?
To start with, you should probably know what a Mississippi title loan is. A title loan is a secured loan, which means a lender gives you money, but you have to put up collateral for it. In this case, that collateral is the legal ownership of your vehicle: in other words, the title that puts it in your name and officially marks you as the owner.
This doesn't mean you trade your car for money temporarily: even though your car title is being used as collateral, you still keep your vehicle with you and use it as you normally would. However, if you fail to meet your contractual obligations (such as failing to pay off the loan on time), you will forfeit your car to the lender as collateral.
The good news is that thanks to collateral existing, you can apply for and qualify for a title loan even if you have bad credit. On the other hand, because the car is the lender's collateral, how much money you can get from a Mississippi title loan depends on how valuable your car is, which we'll talk about below.
How Is The Value Of My Car Determined?
When the value of your vehicle is determined by a lender, there are two main factors that are taken into consideration. First and foremost is the condition of your vehicle. Obviously, if you are using a beat-up old junker as collateral, that isn't going to be worth very much.
Think of it like selling a car: from the interior upholstery to the actual condition of the engine, everything that you would rightly consider "important" to a car's value will play a big factor in how much you can get from a Mississippi title loan. Needless to say, the better the condition, the better it will be for your title loan.
But the condition isn't the only thing that matters. The age of your car is important as well. As with selling a car, an older car is just not worth as much as a newer car, so an older vehicle won't be worth as much either.
Of course, if you were putting up a vintage, well-maintained classic car as collateral, that can change. But for the most part, an older vehicle isn't going to be worth as much as a newer vehicle. That's just how it is.
What Do I Need To Apply For A Title Loan In Mississippi?
The good news is, you don't need all that much to apply for a Mississippi title loan. In fact, you only need three things, and two of them are pretty obvious:
- A state-issued ID, such as a driver's license
- A lien-free title to your vehicle
- Your vehicle for inspection
Obviously, you need to have the car you plan on putting up as collateral. A lender can't determine how much it is worth if they can't inspect it, so that's a given. You'll also need the lien-free title to that vehicle since that's what states you as the legal owner of it.
"Lien-free" means that there are no outstanding loans against the vehicle. For instance, if the vehicle in question was being used as collateral on another title loan, you would not be able to use it as collateral for a second title loan. You cannot have any other loans where it is being used as collateral.
Finally, you need a state-issued ID to prove you are who you say you are. In most cases, that will just be your driver's license. But if you have a job for the city or state in which you receive an official state-issued ID, that works too.
How Do I Get A Title Loan in Mississippi?
If you've determined that such a loan is right for you, Auto Cash USA is ready to connect you to various lenders in your area. For most of them, the process of requesting a title loan is the same: you will submit an inquiry form, and a representative will get in contact with you via phone as soon as possible.
Afterward, they will arrange a time and place to meet with you so they can verify your documents and inspect your vehicle. They'll determine if you qualify for the loan and for how much. If you do qualify, you can get your money that day or the following business day.
As you can see, it's simple and easy, and should only take about thirty minutes once you meet the representative. So, if you need to address a financial emergency and need a title loan in Mississippi to do so, let Auto Cash USA connect you to a vendor 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.