How Can I Get A Loan Using Car As Collateral?
May 14, 2021 | Mason Roberts
We have all been there: struggling under the crushing weight of an emergency expense. Whether it’s a bust boiler, a caved-in roof, a visit to the ER, or an urgent trip out of the country, we have all been stuck with an unavoidable cost and a distinct lack of available cash, leaving us wondering if it’s possible to get a loan using car as collateral.
If you find yourself in this situation, we assure you that there is a way to get a loan using car as collateral. But what kind of loan could you get? How long would it take to get it? And what if you have bad credit?
Follow our guide to learn how the title loans Utah offers can help you to get a loan using car as collateral in as little as thirty minutes if you qualify.
What Is A Car Title Loan?
A title loan arrangement requires you to supply an asset to leverage as collateral. In most cases, that asset will be the title to your car.
This is one of the most popular forms of short-term loans. If approved, a title loan allows you to borrow as much as $15,000 at a time. The process to get approval is fast and easy, and you could walk away with cash in hand in as little as 30 minutes.
Title loans are available with the title for your car, truck, or van. However, you cannot receive a title loan with the title for your motorcycle, RV, boat, or trailer.
How Can I Get A Loan Using Car As Collateral?
As mentioned above, the process to request approval for a car title loan is quick and easy. These are the few items you are required to bring with you:
- A driver’s license or state-issued I.D.
- A lien-free title to your vehicle: in other words, your title deed must be clean, with no outstanding loans against it.
- Your vehicle for inspection.
Once you have these items, simply head to Utah Title Loans Inc. and fill out the online title loans form. You will then need to wait a few minutes for one of our loan representatives from the nearest Utah title loan location to give you a call. From here, you have the choice of two options:
- You can come and visit in-store.
- We can arrange for you to meet one of our loan representatives in a location of your choosing.
Make sure you have your I.D. or driver’s license, your title deed, and your car, truck, or van with you at the location. Our representative will check your documents and conduct a quick inspection of your vehicle.
The best part: if approved, you can get your cash right then and there. All you have to do is leave your lien-free car title with the lender as collateral, but you can take your car with you. You can still use your vehicle freely when you take out a title loan.
What If I Have Bad Credit or No Credit at All?
You can get a loan using car as collateral regardless of your financial situation or credit score.
- We work with all credit levels, including bad, good, or none. Plus, the loan is not reported to the credit agencies which means it will have zero effect on your credit score.
- We also work with all kinds of incomes. Employment is not a prerequisite of a title loan.
- You are still eligible to submit a request for a loan even if you had filed for bankruptcy.
However, there are a few requirements to keep in mind:
- You must hold a lien-free title to your vehicle in your name. To get a title loan with Utah Title Loans, Inc. you will need to go to the DMV and make sure the title is in your name before making your request.
- Your vehicle will need to pass an inspection to determine its value.
- Your vehicle must not be financed, it must be paid off in full.
- You must be at least 18 years of age.
Why Should I Get A Loan Using Car As Collateral?
Anyone who has ever hit hard financial times will know the feeling. Getting caught up with unavoidable expenses a few weeks before payday can be stressful.
But if you opt for a title loan, you allow yourself the opportunity to alleviate some of that burden. From sudden auto repairs to medical bills, trusting Utah Title Loans, Inc. comes with a myriad of benefits to help you through:
- You can still apply even if your credit is bad or non-existent.
- If you qualify, you can get up to $15,000 in as little as thirty minutes, on the very same day.
- The process is quick, easy, and only requires your vehicle, lease, and I.D.
Apply for Your Title Loan Today
If you are wondering how to get a loan using car as collateral, we have the answer for you.
A car title loan can be a great choice for anyone looking for quick emergency cash to carry them to their next payday.
Apply for your title loans online today and find out if you are eligible to get a loan using car as collateral.