The 3 Things You Must Have To Get Cash Loans On Car Titles
November 12, 2021 | June Mckaig
Cash loans on car titles have a reputation of being accessible and quick loans to qualify for, and deservedly so.
The process of getting cash loans on car titles at Utah Title Loans, Inc. has been simplified and streamlined to the point where the entire procedure of getting Utah title loans takes less than a day to complete.
This is, not in the least, due to cutting down our list of qualifying requirements to only the things we actually need to ensure that our busy clients don’t have to take more time than strictly necessary out of their day.
There are 3 items you will need to get cash loans on car titles at Utah Title Loans, Inc. and they are as follows:
The 3 Items You Need To Acquire A Title Loan
1. A Valid State-Issued ID
No licensed vendor is allowed to work with minors. According to state-wide regulations, any potential borrower needs to be at least 18 years old to be eligible for title loans.
Of course, no vendor is allowed to simply take your word that you’re of age either. To verify your identity and prove you’re over the minimum required age, you’ll need to provide a valid state-issued identifying document. Either a government-issued photo ID or driver’s license will suffice.
2. Your Car For Inspection
The value of your vehicle is what will determine if you qualify for cash loans on car titles in the first place and the maximum loan amount you qualify for. This is decided by two factors:
- The model of your vehicle and its price as determined by a nationally recognized pricing guide.
- The state of your vehicle and how well it matches the aforementioned price (certain mechanical and cosmetic damages will lower the value).
The loan representative you’ll be working with will perform a quick inspection to determine the actual value of your vehicle to determine the amount of your loan, which can be anywhere between $300 and $15,000.
Do keep in mind that qualifying for a large loan amount doesn’t mean you should take all you can get. Title loans Utah are, in the end, a form of debt you’ll need to repay down the line.
They’re a financial obligation you need to carefully consider. Do NOT over-borrow. No matter the amount you’re approved for, take exactly as much as you need to cover your emergency expenses and no more.
3. Your Car’s Lien-Free Title In Your Name
While the car determines your maximum loan amount, it won’t be acting as loan collateral during the repayment period. You’re free to keep it and use it the same as before while making your payments.
The collateral will be your car title. This is why only people who outright own their vehicles can qualify for title loans.
The title in question needs to be:
- Completely lien-free. A lien is any outstanding financial obligation placed on your asset (in this case – your car). If there are any liens such as outstanding loans or judgments placed against your title, it cannot be used for a title loan until cleared.
- In your name. If the title is in another person’s name, it means you don’t have full ownership of the vehicle and thus cannot use it for the loan (even if you get permission from that person). If that’s the case, you’ll need to transfer the title to your name at a local DMV before applying for a title loan.
How To Get Cash Loans On Car Titles
If you’ve got all the required items ready to go, getting the process for title loans started is easy – all you need to do is fill out and submit an instant online title loan form.
The form will digitally send information to the nearest Utah Title Loans, Inc. location, and soon after our loan representative will give you a call.
They’ll make sure you’ve got all the necessary information, answer your questions, and arrange a meeting with you. The meeting can take place either at the store or at another convenient location including your home if you don’t wish to come into the store.
Either way, have the required items when you are present for that meeting. The loan representative will assess everything and inspect your car to determine if you qualify for a loan.
If they decide that you qualify, they’ll help you finish the final paperwork on the spot. You get the money either on the same day or the next bank business day at the latest.
Prepare Your Items Now For A Smooth Process
Getting cash loans on car titles is a simple and quick way to take care of your emergency expenses! But make sure to have the items covered in this article ready for the loan representative, then submit the online form to get your process started right away!