Car accidents, medical emergencies, and other stressful situations can occur when you least expect them. If you’re struggling to cover the expenses associated with an unexpected event, it’s important to know where to turn to get the cash you need. Fortunately, help is available.

Many people who need fast cash in a situation like this rely on title loans. Applying for a title loan might be the best way for you to quickly obtain the cash you need. However, if you’ve never taken out a title loan before, you may have a lot of questions about them. Here’s what you need to know before you start searching for “title auto loans near me”:

How Do Title Auto Loans Work?

Title loans are not traditional personal loans. Unlike traditional personal loans, title loans involve collateral. If you want to apply for a title loan, you must be willing to use the title to your vehicle as collateral.

Your lender won’t take your car away from you once you are approved, though. You can continue to drive your car while you pay off your loan. However, the title loan company will put a lien on your title until your debt has been paid off.

The title loan company will not take possession of your vehicle unless you fail to repay your debt. In this case, the lender has the legal right to take possession of your collateral, which is your vehicle, to satisfy your debt.

Who is Eligible for Title Loans?

Before you apply for a title loan, you might want to know whether you meet the eligibility requirements. These requirements can vary from lender-to-lender, but in general, you may qualify for a title loan if you meet these conditions:

• You are at least 18 years old.
• You own a vehicle that meets your lender’s minimum value requirement.
• You are willing to consent to a credit check.
• You have equity in your vehicle.
• You have a reliable source of income.

As you can see, the eligibility requirements for a title loan are not the same as the eligibility requirements for a traditional personal loan. As a result, many people qualify for title loans even though they are not eligible for traditional personal loans.

What Will You Need to Apply for Title Loans?

Submitting documents to the title loan company is part of the title loan application process. If you are thinking about applying for a title loan, you may want to prepare by gathering these documents:

• The title to your vehicle.
• Your driver’s license or another type of government-issued ID.
• Proof of income such as recent pay stubs, bank statements, or tax returns.
• Proof of residence such as your driver’s license, recent utility bills, a lease agreement, or mortgage statement.
• Proof of auto insurance.

Some title loan companies may require additional documentation. Make sure you understand what documents you need to submit to ensure your title loan application is processed as quickly as possible.

Can You Get a Title Loan If You’re Unemployed?

You must have a reliable source of income to qualify for a title loan. However, this does not mean that you need to be employed to meet the eligibility requirements.

If you are unemployed, you may still qualify for a title loan as long as you have another source of reliable income. For example, if you are unemployed but you receive disability benefits, you may still qualify for a title loan by showing proof of this income.

Other examples of income may include veterans’ benefits, retirement benefits, workers’ compensation, alimony, or rental income.

Can You Get a Title Loan With Bad Credit?

Many people are not eligible for traditional personal loans as a result of their credit. However, you shouldn’t let a less-than-perfect credit score deter you from applying for a title loan.

You will need to consent to a credit check as part of the title loan application process. This allows your lender to evaluate your creditworthiness. Your credit isn’t the only factor your lender will consider when determining if you are eligible for a title loan, though. Other factors, such as the value of your vehicle and your ability to repay the loan, will also impact your eligibility.

In short, you don’t need perfect credit to qualify for a title loan. Title loan companies work with most credit types.

How Much Will You Be Able to Borrow With a Title Loan?

Title loans can range from $2,510 to $50,000 depending on these factors:

• Your income: No title loan company wants you to borrow more than you can afford to repay, which is why your lender will evaluate your income when determining how much you should be approved to borrow.
• Your car’s resale value: Your vehicle is used as collateral, so your lender will need to assess its make, model, year, mileage, condition, and trim level to determine how much it is worth.
• Your equity: You must have equity in your vehicle to qualify for a title loan. To calculate your equity, subtract your outstanding loan balance from your car’s resale value.

What Are the Benefits of Title Auto Loans?

Title auto loans are unique loans that offer various benefits to borrowers, including:

• Fast processing times. Title loans are often processed faster than other loans, which is why so many people rely on them to get fast cash.
• Easy application process. The application process is simple. In fact, the entire process can be completed over the phone or online.
• No prepayment penalties. Many title loan companies don’t charge prepayment penalties, so you won’t be penalized for paying your loan off earlier than expected.
• No spending restrictions. Your lender won’t decide how you should spend the money you borrow. You can spend it as you see fit.
• You can keep driving your car. You won’t lose access to your car just because you are using it as collateral. You can keep driving it as you normally would while you make payments on your loan.

How to Apply for Title Auto Loans

Now you have enough information to determine if applying for a title loan is the best decision for you. If you’re ready to secure fast cash, follow these steps to apply for a title loan from I Need Cash Now:

1. Contact us. Start your title loan application by calling 1-855-713-6522 to speak to a loan specialist. You can also submit your information using the form on our website and wait for a specialist to reach out to you.
2. Get a free quote. It only takes a few minutes to get a free title loan quote. To prepare your quote, your loan specialist will need to know more about your vehicle, including its make, model, year, mileage, and condition.
3. Complete your application. Once you get your quote, you can decide whether you want to move forward with the title loan application process. If you do, complete your application by signing and submitting the required documentation.
4. Collect your cash. The final step in the process is getting your cash. You can choose how you want to collect your cash. You can either pick it up in person or have it sent to you via check or wire transfer.

Your search for “title auto loans near me” is over. Call us now to start your title loan application today.