using car as collateral for a loan

Quick Guide To Car Collateral Loans For People Who Have Bad Credit

Getting car collateral loans from Utah Title Loans, Inc. is quick and easy, thanks to its relaxed requirements and few required items. Still, it’s important to remember that your credit, good or bad, won’t stop you from qualifying for one of these loans!

Whether you have good or bad credit, you can still apply for car collateral loans. You just have to ensure that you fulfill the other requirements, such as being at least 18 years old, having a valid photo ID, and providing a lien-free car title. Besides that, you’ll also need to bring your car in for a quick inspection when applying.

In this quick guide, you’ll learn more about getting a car collateral loan despite having bad credit. As you read through the different sections, you’ll learn the requirements you must fulfill and what steps you’ll take to complete your application.

text written Quick Guide to Car Collateral Loans For People Who Have Bad Credit

Can You Apply For Car Collateral Loans With Bad Credit?

Yes, you can apply for one of these loans even if you have bad credit.

One of the most important things to remember about car collateral loans is that you do not need perfect credit to apply. These loans are incredibly accessible in that people with good, bad, or no credit can still apply for them.

As long as you fulfill the relaxed requirements to get one of these loans, your application will go through the same review process as anyone else’s.

So, don’t let your credit stop you from borrowing money quickly, especially when you have urgent payments to make!

What Are The Requirements For Car Collateral Loans?

While perfect credit isn’t necessary to apply for one of these loans, there are a few requirements that you must fulfill to access them.

Those requirements are:

  1. Minimum age: Before any other requirement, you must first be at least 18 years old to apply for one of these loans. Even if you’re only a few hours or days shy of 18, you’ll have to wait until you’re legally of age to start applying.
  2. Identification: For verification purposes, you must also provide a valid form of identification, like your driver’s license or another state-issued photo ID. That’s necessary to verify your age, identity, and vehicle ownership.
  3. Car title: Given that you’re using your car as collateral to secure the loan, you must have a lien-free car title as well. That title must be in your name and without any outstanding loans or judgments against it.
  4. Your vehicle: Lastly, you must also be able to bring your vehicle in for a quick inspection during the in-person application stage. Don’t worry, though. You’ll get to keep your car afterward. The inspection is necessary to determine how much the car is worth and, by extension, how much you qualify to borrow.

As you can see, there are only a few title loan requirements you need to provide to continue with your application. Preparing them in advance will help ensure the application process goes as smoothly as possible.

using car as collateral for title loan cash

How Do You Apply For Car Collateral Loans?

When you’ve prepared the required items and are ready to proceed with your application, here are the steps you’ll take:

Step 1: Submit The Online Form

The first step you’ll take to apply for one of these loans is to submit the online form with your basic details.

Those details include:

  • Your name and ZIP code
  • Your contact number
  • Basic details about your car, like it's make, model, and year

Soon after you submit that form, a representative from a nearby store location will get your information. Then, they’ll call you on the phone to discuss your application.

The representative will ensure you have the required items before setting an appointment to meet you in person.

Step 2: Meet The Loan Representative

Next, you’ll meet the loan representative in person so they can verify your documents. Then, they’ll perform a quick inspection of your car to check its condition. After referring to a nationally recognized pricing guide, they’ll tell you how much your car is worth and, by extension, how much money you qualify to get.

Lastly, they’ll help you finalize your application with some simple paperwork.

Step 3: Get Your Money!

Finally, if you’re approved, you can get your money in as little time as possible. That could mean getting paid on the same day as your application or perhaps by the next business day.

Once you get the money, you can use it to resolve whatever urgent payments you have.

Get Started Now!

Now that you know your credit won’t stop you from getting car collateral loans, all that’s left is for you to get started with Utah Title Loans, Inc. Take the first step right now by submitting the online form with the required details to bring yourself one step closer to the urgent cash you need.

Soon after that, you’ll be working with a loan representative to complete your application!

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

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.