In recent years, reports have revealed that more than 20% of people take out personal loans on a regular basis. If you’re able to qualify for one, it’s a great way to get your hands on money when you need it.

But not everyone is eligible for a personal loan. If, for example, your credit score is on the lower side, personal loan lenders might shoot down your applications.

In this case, you should consider going with a car title loan instead. Title loans are fantastic types of loans for those who own vehicles and need to obtain quick cash.

So, how exactly can you take out a title loan? We’re going to break down the process for you today.

Here is a guide on how to take out a car title loan.

Start by Finding the Right Car Title Loan Company

When you’re in the market for a car title loan, you shouldn’t have too much trouble tracking down lenders to provide you with one. There are so many car title loan lenders out there just waiting for you to fill out an application through them.

Google “car title loans near me” to see which options will be available to you. You might be surprised to see how many car title loan lenders there are.

You should do your homework on all the car title loan lenders in your area and try to find out which one of them is the best. Ideally, you’ll want to land on an experienced company that offers great terms on car title loans and excellent customer service.

Use a Title Loan Calculator to See What Your Car Might Be Worth

Once you know which car title loan lender you would like to use, you might be tempted to dive headfirst into filling out an application for them. But prior to doing this, you should utilize a title loan calculator to figure out how much you might be able to borrow based on what type of vehicle you own.

Learn more about what your car, truck, or SUV may be worth and get additional information on car title loans in general at the same time. It’ll give you a much better sense of how large of a car title loan you might be able to take out.

Fill Out an Application for a Car Title Loan

If you’re satisfied with how much money you might be able to borrow by taking out a car title loan, you can move on to filling out an application. Most title loan lenders will give you the chance to fill out an application right on their website.

You shouldn’t have to spend too much time filling out this application, either. It’ll ask you for some basic information about you before asking you some questions about your car (make, model, mileage, condition, etc.).

You should be able to get a decision as far as whether or not your application has been approved or denied pretty much on the spot. And the good news is that many people will be approved since a car title loan application doesn’t involve pulling your credit score at any point.

Provide a Car Title Loan Lender With the Necessary Paperwork

If you’re approved for a car title loan, you might be under the impression that you’ll collect money right away. But this is usually not the case.

Before a lender provides you with the money that they’ve agreed to lend to you, they’re going to ask you to provide them with some paperwork. They’re going to need to see:

  • The title for your vehicle that shows that you’re the owner of it
  • Your driver’s license
  • The registration for your vehicle
  • Proof of auto insurance
  • And more

You should gather all of the necessary documents and take them down to a lender’s office as soon as you can. It’ll prevent you from encountering any delays when you’re on the verge of securing a car title loan.

Read Through the Terms for a Car Title Loan

When you get approved for a car title loan, you might feel like you want to accept it on the spot and score the money that you need ASAP. But you shouldn’t be so quick to agree to accept a car title loan from a lender.

Before you do this, you should have a quick look at the terms for a title loan. You should see what the interest rate will be on the loan, when you’ll be expected to repay it, and more.

If you aren’t a huge fan of the terms that are going to come attached to a car title loan, you can always decide to take your business elsewhere. It might be in your best interests to do this if you get the sense that you might not be able to afford a title loan.

Agree to Take Out a Car Title Loan and Obtain Quick Cash

If you check out the terms for a car title loan and like what you see, the final thing you’ll need to do is let a lender know that you’re accepting their loan. From there, they’ll do some work on their end to get you the money that you need.

You can use this money for whatever you would like and then begin working on paying it back. You’ll love how simple it is to get a title loan and repay it.

Begin the Application Process for a Car Title Loan Today

If you own a vehicle outright, you’re almost guaranteed to get approved for a car title loan. But you should make sure that you follow the steps listed here to make the most of it.

The key is choosing the right lender to provide you with a car title loan. This will increase your chances of being able to repay the loan as quickly as you can.

Get more tips on taking out loans by browsing through the rest of our blog articles.


By Grace