Financial problems can arise when you least expect them. A medical emergency, car repair, or other type of unexpected expense could leave you short on cash. If you are struggling to make ends meet, here’s where you can go to get the fast cash you need in California .
One of the quickest ways to get cash is applying for a car title loan. What is a car title loan? How can you get car title loans in California? Here’s what you need to know:
How Do Car Title Loans Work in California?
A car title loan, which is often referred to as simply a title loan, is a type of secured loan. To borrow money through a title loan, you must use the title to your car, truck, SUV, RV, or motorcycle as collateral.
You don’t need to sacrifice your vehicle to borrow money using a title loan. You can continue to drive it while you make payments on your loan. Your title lender will put a lien on your vehicle until your loan has been completely paid off. After you’ve paid off your loan, the lien will be removed.
If you comply with the terms of the title loan agreement, you will remain in possession of your vehicle throughout the process of taking out and repaying a title loan. However, if you fail to repay your title loan, the lender has the right to take possession of your vehicle to satisfy your debt. This is the only one of the few circumstances under which you could lose possession of your vehicle as a result of a title loan.
Who is Eligible for Car Title Loans in California?
You must meet certain eligibility requirements to qualify for a car title loan in California. Some of these eligibility requirements include:
- You must be at least 18 years old.
- You must own or partially own a vehicle.
- You must have auto insurance on the vehicle.
- You must consent to a credit check.
- You must have a reliable source of income.
- Your vehicle must meet the minimum value requirements established by your lender.
The exact eligibility requirements can vary depending on the lender, so it’s best to talk to your loan officer to find out if you qualify.
Can I Get a Car Title Loan with Bad Credit?
A car title loan is not a traditional personal loan, so the same rules do not apply. If you are not eligible for a traditional personal loan due to your credit score, you may still qualify for a car title loan.
You will need to consent to a credit check as part of the process of applying for a title loan in California. But your credit is not the only factor that is used to determine your eligibility. The two main factors that your lender will consider are the value of your vehicle and your ability to repay the title loan.
In other words, your credit is a factor in determining your eligibility for a title loan, but it’s not the only thing that matters. As a result, most credit types are accepted by title lenders.
How Much Can I Borrow Through a Title Loan in California?
The amount a title loan applicant is approved to borrow will vary on a case-by-case basis. In general, the amount you can borrow through a title loan in California will depend on:
- Your vehicle’s resale value
- The equity in your vehicle
- Your ability to repay the loan
- Local title loan laws
Because your vehicle is used as collateral, your title lender must know how much it is worth before determining how much you can borrow. For this reason, your lender will need to inspect your vehicle before approving your title loan application. Your title lender will analyze various factors to calculate the value of your vehicle, including its make, model, year, condition, and mileage.
The amount of equity you have in your vehicle will also impact how much you are approved to borrow. You must have equity in your vehicle to qualify for a title loan. To calculate your equity, subtract the amount you owe on your vehicle from your vehicle’s resale value.
For example, if your vehicle’s resale value is $10,000 and you owe $3,000 on it, this means you have $7,000 in equity. Your lender will typically allow you to borrow up to a certain percentage of your equity in your vehicle.
Your lender will also evaluate your ability to repay when determining if you are approved and how much you are approved to borrow. To do this, your lender will analyze your monthly income to figure out how much you can afford to repay.
What Are the Benefits of Car Title Loans?
If you’re considering all of your fast cash options, it’s important to understand the benefits that title loans offer. Some of these car title loan benefits include:
- You can keep your vehicle while you make payments on your loan. You won’t need to give it up just because you are using it as collateral.
- You won’t need to jump through hoops to apply for a title loan. The application process can be quick and simple, so you can get the cash you need quickly.
- You don’t need perfect credit to get approved for a car title loan.
- Many lenders offer flexible terms so you can take out a loan that fits your unique needs.
- A title loan may help you improve your credit score as long as you make consistent, on-time payments on your loan.
How to Apply for Car Title Loans in California
If you’re ready to apply for a car title loan in California, follow these steps to submit an application to I Need Cash Now:
- Get in touch with a loan officer. You can either call 855-713-6522 to speak to a loan officer directly or submit your information using the form on our website. If you submit an online form, one of our loan officers will contact you as soon as possible. Be prepared to provide information about your vehicle, including its make, model, year, and mileage.
- Get approved. Your loan officer will tell you if you are approved for a loan, and if so, how much you can borrow. During this stage of the process, you will also learn other information about your loan, including the APR, interest rate, monthly payment and term of loan. Feel free to ask your loan officer questions to ensure you fully understand the loan agreement.
- Finalize your car title loan. You will need to submit certain documents to your title lender and sign paperwork to finalize your title loan. Your loan officer will explain what needs to be submitted and how to submit it.
- Receive your cash. You will be able to collect your cash shortly after your application has been approved. You can choose to pick up your cash in person or have it sent to you via check or wire transfer. Discuss these options with your loan officer.
The process of applying for a title loan is simple and straightforward. Start your application today so you can get the cash you need right away.
