What's The Best Automobile Collateral Loan When You Have Bad Credit?

Many individuals with bad credit often look for options to cover unexpected expenses, such as automobile collateral loans. The good thing is there are plenty of lenders to choose from and many options for title loans.

This guide from Utah Title Loans, Inc. will explain the best bad credit collateral loan options for those who need cash today. We will also review how you can get vehicle title loans for bad credit with us.

The Best Bad Credit Collateral Loan Option: Title Loans

If you’re looking to borrow money using collateral to make up for your bad credit, title loans are your best option. This automobile collateral loan is secured and lets you use your car title as collateral to borrow up to $15,000 as long as you have fully paid off your car.

The process requires a loan lender like Utah Title Loans, Inc. to place a lien on your vehicle title to allow you to borrow money. That can only happen if your car title is free of any outstanding debts, liens, or judgments. Make sure you pay off your car before pursuing vehicle title loans for bad credit.

Why Can You Get Title Loans For Bad Credit?

One advantage of getting automobile collateral loans is that most are available to those with bad credit. Each private lender has its own approval policies, but they have some things in common.

Most private lenders don't rely heavily on credit checks for vehicle title loans or collateral loans. That is because you use collateral to secure the loan. In most cases, banks and lenders will check your credit to ensure you have an exemplary history of making debt payments to make themselves feel better about your ability to repay the loan.

With Utah title loans, you don’t need to prove your creditworthiness because we have high-value collateral if you fail to repay the loan. We are protected from the worst-case scenario, so you can borrow money through title loans with poor credit or no credit.

What Are The Benefits Of Vehicle Title Loans For Bad Credit?

The main benefit of title loans is the ability to get approved without needing a credit check. However, there are other advantages that you can benefit from during your financial emergency. The best car title loans allow you to get approved fast and borrow thousands of dollars for emergency expenses.

The following are some of the benefits of vehicle title loans for bad credit:

• No proof of income required: Unlike other types of loans, you do not need to prove your income to get approved for title loans. However, you must have a regular source of income to make sure you are able to make the repayments on your title loan on time.
• No checking account required: Many people who suffer from low credit scores often don't have checking accounts. Banks don't always approve an account because of negative aspects of the person's financial background, like currently having a very low credit score or a history of mismanagement of an account at another bank. That will not be a problem with title loans.
• Fast title loan approval: We do not have a long, drawn-out process for title loan approval. We only have a few steps you need to complete, which you can do in less than a day. This allows you to get approval and handle your financial emergency quickly.
• Keep your car: You don’t need to give up your car while repaying your car title loan. You can still use it to commute to work or school during title loan repayment.

What Are The Requirements For Title Loans?

Utah Title Loans, Inc. only requires borrowers to meet a few simple requirements to get approved for auto title loans. This is to allow borrowers in financial need to get approved as quickly as possible. We want you to get your cash fast to resolve your financial emergency before suffering late fees or service disruptions.

The following are the required items for title loans in Utah:

• Your driver’s license or state-issued ID to verify you’re over 18 years old
• A lien-free car title in your name
• Your vehicle for a quick inspection

The title must match the vehicle's VIN, and it must be in your name, showing you are the sole owner of the car without an outstanding lien or judgment held against the title.

How To Get Approved For Utah Title Loans

If you have bad credit and need cash fast, Utah title loans can help. Thankfully, the approval process at Utah Title Loans, Inc. is simple and allows you to get same-day approval for emergency cash. You can start the process online on our website and finish it at the nearest Utah store location in less than 30 minutes.

The following is the process for getting Utah title loans:

• Fill out our online title loan form with your name, zip code, and contact information
• Speak about title loan terms on the phone
• Gather your required items and bring them to the nearest Utah store location
• Have your required items checked and your vehicle inspected for its value
• Sign loan documents to complete the process
• Receive your rapid cash the same day or the next business day

FAQs About Bad Credit Title Loans In Utah

When should you get title loans?

Title loans should only be as a last resort for a financial emergency. For example, you just got into a car accident. You have medical bills to heal back pain and need to repair the rear of your car. A title loan can help you afford these expensive emergencies if you cannot get money any other way.

Can you get multiple title loans at once?

Utah law dictates that you can only get one emergency cash loan at a time. If you wish to get a second title loan, you must pay off the first one.

Are there risks associated with bad credit title loans?

Title loans collect interest and have late fees if you fail to make a payment on time. You also risk repossession if you default on your debt. That’s why it’s essential to only borrow title loans as a last resort after ensuring you will be able to repay the loan.

Get Title Loans For Bad Credit In Utah – Borrow Up To $15,000 Today!

Bad credit collateral loan options can help you when you need fast cash during a financial crisis. If losing your job or other unforeseen financial emergencies have lowered your credit score, Utha Title Loans, Inc. can help with our bad credit title loans. You can get same-day approval for title loans regardless of your credit score.

Don’t let bad credit hold you back! Fill out our online form today and see how Utah Title Loans, Inc. can help you handle unexpected expenses with ease.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.