Accessing Online Loans With Car As Collateral
When you want to access online loans by using your car as collateral, look no further than Utah Title Loans Inc. for help. Here, you can expect a quick and easy process, plus a helpful representative to guide you every step of the way. Read through this quick article to discover everything you need to know about title loans and how you can access one as quickly as possible!
What’s It Called When You Get Online Loans Using Your Car?
When you get online loans with car as collateral, that means you’re applying for a title loan. As the name suggests, a title loan requires you to provide your car title to borrow cash quickly. However, your car also plays a key role, as the amount you qualify to get will depend on that vehicle’s value.
Don’t worry, though! One of the main benefits of a title loan is that you get to keep your car even if your application is approved. In other words, you can continue driving your vehicle as usual even as you make repayments to your online loans with car as collateral.
Title loans have many other significant benefits, too. For example, you can still apply even if you have bad credit. On top of that, the application, approval, and payout processes are fast!
What Are The Requirements To Get This Kind Of Online Loan?
Here’s a closer look at the requirements you must fulfill to get an online loan with your car as collateral:
- Minimum age: Before all else, you must be at least 18 years old to apply for this kind of loan.
- Identification: You must also be able to provide valid photo identification to apply for an online loan, like your driver’s license. If you don’t have one, another state-issued ID will work.
- Car title: As you read earlier, you’ll need your car title to secure the loan. More specifically, you must have a lien-free or ‘clear’ car title that shows you own the car outright without any outstanding loans or judgments against it.
- Your vehicle: Lastly, you must also be able to bring your car in during your application. A friendly loan representative needs to inspect the car’s condition and determine how much you qualify to borrow.
As you can see, you only need a few things to qualify for one of these loans. These few requirements make the whole process a lot simpler for applicants just like you.
Do You Need To Own The Car To Use It As Loan Collateral?
To get online loans with car as collateral, you must own your car outright. That’s why the title must be lien-free or ‘clear’. Suppose the car title is registered to someone else’s name. In that case, you must go to the DMV so they can transfer it to you first. It’s only when the title has your name on it that you can use it as collateral to get your loan.
How Do You Apply To Borrow Money With Your Car?
Once you can meet the requirements and have the necessary items, you can borrow money by applying for a title loan. That process is as easy as 1-2-3! Here’s what you’ll need to do:
Step 1: Get In Touch
Start the process anytime you want to by submitting the online form found on the website with the required information. That information includes:
- Your name
- Your contact information
- Your car’s details (i.e. the make, model, and year)
Submitting that form will send your information to a nearby loan representative who will get in touch with you soon after. They’ll call you to discuss the loan and arrange to meet you at a time and place of your choice.
Step 2: Meet The Loan Representative
Next, meet your loan representative at the agreed time and place. The meeting has two purposes: firstly, so the representative can verify your documents. Secondly, they will inspect your car and calculate how much you qualify to borrow based on its value. Soon after, they’ll tell you whether or not your application is approved and how much money you can borrow.
Step 3: Get Your Money!
Once you successfully secure an online loan with your car, you only need to wait a while to get your money. You could receive it as early as the same day of your application or by the next business day, depending on what time you were approved. Remember, you get to keep your car even when you get your money!
Access Quick Cash Now!
Securing online loans with car as collateral and accessing quick cash is easier than ever with Utah Title Loans, Inc.! Start anytime by submitting the online form with your information and get yourself one step closer to the money you need. It won’t take long before you’re working with a friendly 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.