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What Is A Title Loan?

If you’re reading this post, chances are you have heard about title loans but don’t know what a title loan is and why you may need one. If this is true, you’ve come to the right place because in this post, we’ll answer the question “What is a title loan?” “How a title loan works” and “How to get a title loan today”. So, stick around to learn more about it.

What Is A Title Loan? Basics To Know

A title loan is a short-term secured loan type where a title to the vehicle serves as collateral to get fast cash. Specifically designed to help those impacted by a financial emergency, title loans are easy to qualify for and get. Besides, you get to keep your vehicle for the duration of the loan.

Below are things you might not know about title loans.

1. A Title Loan Is One Of The Fastest Ways To Fund An Emergency

When you’re dealing with a financial emergency, the biggest priority is to find help as soon as possible. When emergencies linger, your financial security is at stake. In some emergencies, if a problem is not addressed quickly enough, it can cause more serious consequences down the line. By having fast access to cash, you have a chance to avoid the problem from getting bigger. It can take as little as 30 minutes to qualify for a title loan of up to $15,000.

2. You Only Need 3 Items To Qualify For Title Loans

If you’ve ever taken out a loan before, you know that the qualification process can be difficult and prohibitive. Some major lenders, such as banks and credit unions, have a laundry list of requirements that make it difficult for anyone to qualify, especially those who are struggling financially.

The vendors we partner with at Auto Cash USA keep things simple. In addition to being at least 18 years old, you only need the following to qualify for a title loan with us:

  • The lien-free title for your vehicle. Lien-free means that you own the vehicle outright and are not making payments on it.
  • A driver’s license issued by your state, or an alternative form of identification issued by your state.
  • Your vehicle for a quick inspection. This helps us determine how much of a title loan you may qualify for.

man qualifies for a title loan

3. A Title Loan Doesn’t Require Good Credit

Banks may automatically disqualify you from receiving a loan if you have bad credit. That won’t happen if you apply for a title loan with one of our title loan lenders. They encourage those with all types of credit to pursue a title loan. Additionally, you do not need to have a checking account to qualify.

What Is The Title Loan Process Like?

The title loan process is usually simple – provide your items, let the representative check your vehicle, sign an agreement and get your money. With Auto Cash USA's vendors, the process is even easier because you don’t even need to get out of your house – they can come to you! Here’s what the process is like:

On our homepage, simply fill out the title loan inquiry form with some basic personal information, including your name, email address, phone number, and zip code. Soon after you submit it, one of their friendly loan representatives will give you a quick call to continue the process. They will go over the title loan required items, answer any questions you may have, and walk you through the next steps.

Next, gather the required items and bring them to your meeting with one of their representatives at a location of your choice, including the store or your home, work, or any public place.

Either way, your required items will be reviewed and verified, and your vehicle will undergo a quick inspection to determine the amount of a loan you will be approved for depending on your vehicle’s condition. The title loan maximum is $15,000.

If you qualify and are approved, you get the cash you need as soon as the same day. And don’t forget that you keep your car and drive it as usual during the entire loan period.

applying for a title loan online

Get Started Today

Financial emergencies can strike at any time. The biggest answer to the question, “What is a title loan?” is that it’s an option to provide the help you need quickly and easily. Get started online 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.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.