Filling Out Your First Loan Application? Here's How To Do It Right
Tackling your first loan application can be daunting. But double-checking your answers, being honest, and following our other tips and tricks, can make it far more accessible than it first appears.
In this article, we will take a look at some tips to make your first loan application easier before showing you how to borrow up to $15,000 with a title loan from one of our highly regarded direct, licensed lenders.
4 Tips and Tricks to Filling Out Your First Loan Application Correctly
The initial inquiry form is wonderfully easy. So easy, in fact, that you'll struggle to go wrong. However, you should still keep these tips and tricks in mind if you want to guarantee the best outcome.
1. Double-Check Your Answers
First up, always double-check the information you provide on the form. Sometimes, triple-checking is recommended to ensure you haven't made a mistake.
While it might not seem like the end of the world, writing incorrect information on your application form can prevent the entire process from going forward. Therefore, the extra minute or two you'll spend double-checking your answers are more than worth it.
2. Be Honest With Your Information
In a similar vein, the information you provide must be true. While we know how tempting it can be to embellish certain aspects, our direct lenders just want the truth and nothing but the truth.
They are here to help you, regardless of your situation. You can get a title loan with a poor credit score, so there's no need to hide it. Likewise, your income won't be scrutinized as heavily as traditional banks, so try not to embellish this fact either.
Avoid the temptation to be dishonest and provide our lenders with the truth. It'll ensure the process goes off without a hitch. False information leads to a denied application, and nobody wants that.
3. Ensure You Meet The Requirements Beforehand
Thirdly, it's worth checking that you actually meet the approval criteria before filling out your first loan application. Otherwise, you're just wasting your time.
To get a title loan from one of our lenders, you will need the following three things:
- Driver's license or another form of government-issued photo ID
- Car, truck, or van
- Lien-free title to your vehicle
With this type of loan, title loan lenders use your car, van, or truck (no other vehicle types accepted) to establish the amount of money you can qualify for. They analyze the following various factors to figure out its worth and, thus, how much you can borrow:
- Age — Older vehicles aren't worth as much as newer models. Vehicles lose roughly 60% of their value during their first five years of life.
- Odometer reading — The higher the mileage, the less it's worth.
- Condition — They look at the mechanical and cosmetic condition.
- Make and model — Naturally, some makes and models always fetch a higher price than others. For instance, owning a luxury vehicle is a surefire way to get a higher title loan.
- Service history — Cars with a well-established service history are worth more than those without it.
4. Ask Lots of Questions
Finally, make sure you ask questions, especially if you're unsure about something. There's no such thing as a silly query, and our lenders are more than happy to clear up any concerns or misconceptions.
How To Apply For A Title Loan With One Of Our Direct Lenders
Now you know precisely how to fill out your first loan application, follow these steps to get a title loan from our network of direct lenders:
- Start by filling out the first loan application form. It's easy and only takes a few minutes.
- Once we receive your request, we'll connect you with one of our direct lenders, who will take the process from there.
- A loan specialist from that lender will give you a call to set up a meeting place.
- Arrive at the location of your choice, remembering to bring the required items with you.
- The specialist will then take a look at your vehicle and tell you how much money you can get and the amount of your monthly repayment.
- Wait while they deliver your loan packet, request your signature on a few documents, and verify your car's VIN.
- After that, the lender will email you the loan documents for an e-signature, and the money will be deposited in your bank account within 24 hours. Normally, our direct lenders release the funds on the same day, but this will depend on the time and day of your application.
Apply For A Title Loan Today!
You've got everything you need to fill out your first loan application like a pro. So, the next time you need a quick influx of cash, apply for a title loan and let Auto Cash USA connect you with a direct, licensed lender. The initial form only takes five minutes, allowing you to get on with the rest of your day as quickly as possible!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.