Table of Contents
- What Is a Car Title Loan?
- Car Title Loans Online
- How Are Car Title Loans Different?
- What Do You Need To Get a Car Title Loan?
- How the Loan Is Calculated?
- Taking Out a Car Title Loan
- Repaying The Loan
- What Happens When You Can’t Repay Your Car Title Loan?
- Why Should You Take Out a Car Title Loan?
- Get Started Today!
Murphy’s Law tells us that anything can go wrong will go wrong. Anything good can happen tomorrow and anything bad could too. That’s just the way life works. Your credit score can change overnight, an unexpected event happens, a medical emergency, or sometimes people end up in the wrong place at the wrong time. Even with all the right planning, sometimes you can’t prevent bad things from happening. But you can learn more about your options and how to better your situation – smart planning is all about damage limitation. One resource to always keep in your toolbox for unexpected events things happening is knowing that there are car title loans online. Here’s what car title loans are and what you need to know about them.
What Is a Car Title Loan?
Simply put, a car title loan is a loan where the borrower uses their vehicle as collateral to secure a loan. If the borrower is the sole owner of their vehicle, the borrower can use the value of their car to take out a loan. The borrower will have to sign over their car title or paperwork to the lender’s name until the loan is repaid in full. However, while the loan is being paid off, the borrower can use the car as needed. The title will be transferred back to the borrower once the loan is paid off in full. If the loan isn’t repaid according to the repayment agreements, the lender has the right to repossess your vehicle. Car title loans are also commonly called auto title loans, title loans, or pink slip loans.
Car Title Loans Online
Unlike traditional banks, car title loans are fast and convenient. Nowadays, car title loans can be done entirely online as well. Lenders such as Qik Car Title Loans can provide borrowers with the ease and convenience of a quick loan all from the comfort of their homes. So how does it work?
- Apply online by filling out our quick 3-minute form, or give us a call at (855) 211-5880. A loan advisor will be in touch and will let you know right away if your vehicle qualifies for a loan. You will also find out how much your vehicle will qualify for.
- Submit the needed documents for the loan, which is mentioned below
- Decide how you would like to receive your loan; direct deposit or check.
And that’s it! In just 3 quick steps, you’ll be able to get a fast and convenient car title loan online. No need to drive to an office, no need to setup an appointment, no long waits in line. Get started today with Qik Car Title Loans by applying online or giving us a call.
How Are Car Title Loans Different?
Some of the characteristics that differentiate title loans from other loans include:
- Car title loans don’t require your credit score for eligibility
- The entire process is quick, easy, and convenient
- Loans can range from small amounts as well as large sums depending on the vehicle value
- Lenders can create a flexible payment plan
- You can get a car title loan online and get same-day loan approval
Car title loans are significantly different from other types of loans such as payday loans which will only lend in smaller amounts such as $500. Unlike traditional loans from the bank, car title loans don’t require the borrower to have perfect or excellent credit. Eligibility is solely based on the car vehicle’s value, so even if you have bad credit, you can still get a car title loan if your car qualifies with enough value.
What Do You Need To Get a Car Title Loan?
Different lenders have different processes for giving out loans, however, the following items are generally required for getting a car title loan with Qik Car Title Loans:
- A government-issued ID (driver’s license or passport)
- Your car title, free of liens and paid off
- Vehicle registration and insurance
- Proof of income of at least $1500 a month
How the Loan Is Calculated?
Unlike other types of loans, your credit score or rating does not affect the amount of your loan. This is helpful for borrowers who are typically at a disadvantage with traditional lenders such as banks since their loans are based on creditworthiness. However, with a car title loan, the only limiting factor here is the value of your vehicle. So even if you have bad credit, you can still take out a car title loan if your vehicle hold enough market resale value. When determining your loan amount, the lender will appraise your vehicle by taking into account the year of purchase, how many miles it has, overall condition, etc. Once that amount is finalized, the lender generally uses an amount up to the value of the vehicle as your loan amount.
Taking Out a Car Title Loan
Thankfully, the car title loan process is fast and at times, you will be able to get your money within one business day. The expedited process is an important factor for many borrowers who are dealing with a time-sensitive emergency such as an important surgery or medical problem.
When taking out a car title loan, Qik Car Title Llaon highly recommends going over your car title loan contract carefully before signing. The process may be expedited, but in the hurry of things, it’s important to take time to read the terms and agreements of the contract.
Generally, the contract includes information such as:
- The amount borrowed
- Value of the car
- Interest rate charged
- Other financial charges (processing fees)
- Repayment date
Depending on the lender, there could be more to consider. No matter the lender, Qik Car Title Loans recommends borrowers to read the conditions and double-check the details of the contract to avoid any problems or legal complications.
Repaying The Loan
Once you’re eligible for a car title loan, you will need to turn in the required documents and paperwork for your contract. Your loan advisor will help you go over the details of the agreement and will help you create a flexible payment plan that will best suit your financial circumstances. These terms include how you’re going to repay the loan. Depending on your loan amount, you may opt for a longer repayment term. Whatever your situation, Qik Car Title Loans is able to offer the flexibility that most lenders cannot offer. We encourage all borrowers to pay off their loans as soon as possible as to save money on interest and minimize the risk of defaulting. Since there are no prepayment penalties, the sooner you pay off your car title loan, the better off you will be. There may be other options as well. Check with your loan specialist to see if you have the option of paying the loan over a longer period.
What Happens When You Can’t Repay Your Car Title Loan?
If you default on your loan, your vehicle is at risk for repossession by the lender. Since the car title is signed over to the lender under your car title loan agreement, the car legally belongs to the lender. However, once you pay off your loan, the title is signed back under your name and the car will legally belong to you again.
Why Should You Take Out a Car Title Loan?
While there is no shortage of ways to take credit in today’s modern society, there is a reason behind the increasing popularity of car title loans. It’s their convenience. You don’t have to worry about qualifying for a loan as having your vehicle as collateral means you do not need a good credit score (most lenders won’t even check your credit score). You also do not have to worry about whether or not you’ll get cash in time or as most lenders can complete the applications and documentation within a day – you’ll walk out with cash in hand. Car title loans ensure you can maintain your quality of life when problems arise.
Get Started Today!
Instead of worrying about whether or not you can qualify for a car title loan, apply online and get started today with Qik Car Title Loans! Apply using our online form or give us a call at (855) 211-5880.