How Can I Use My Car to Get Cash?
If your vehicle is paid off, getting an alternative loan may be a lot easier than you think. Using the equity of your car, you could get a title loan in Northport Village!1 Title loans work in a very simple way by using the market value of your vehicle as collateral for funding. The title of your vehicle is the collateral, and the lender will place a lien on it until the loan has been paid off.
Title loans can be a very helpful funding tool for fast cash and can be very popular for those that have less than stellar credit records. If your credit is stopping you from getting a traditional loan in Northport Village, know that a title loan could be just what you need. With title loans, loan approval can be much more flexible!1
This is due to the fact that a title loan is secured through which offers additional benefits outside of flexible approval:
- Interest Rates: With secured loans, interest rates can be much more competitive.
- Funding: Because cars are worth a significant amount, you could potentially have access to more funding!
How Does a Lien Work on a Title Loan?
During your loan search, you may come across the term “lien.” This simply means that during the loan approval process, the title of your vehicle will have a lien placed on it. A lien is the legal right to an asset, so if a borrower fails to repay the loan, the asset can be used to
When your car title has a lien placed on it, the lender becomes the lienholder until the borrowed funds are repaid. While you are using the car title to secure the loan though, you won’t need to surrender your vehicle! You can continue to drive your car while making monthly payments on time.
How Do I Know if My Car has Enough Equity for a Title Loan in Northport Village?
In order for your vehicle to qualify for a title loan in Northport Village, Florida, it must have a certain amount of equity. Since your car will depreciate in value as soon as you purchase it, it is important to be aware of the current equity before you get a title loan.
Some factors that affect the vehicle’s equity include:
- If the Vehicle Has Any Accident Reports
- The Current Mileage
- Any Cosmetic or Surface Damage
- The Make, Model, Year, Etc.
Can I Get a Title Loan Online in Northport Village?
One of the largest benefits of a title loan is that many are available online, so you could acquire funding without ever having to leave your home!
Potential borrowers in Northport Village that are looking to get alternative funding from a title loan can get started by:
- Filling out an Online Inquiry Form: Getting your funding is as simple as going online and filling out a short questionnaire. The form will just ask basic questions about your vehicle and your finances.
- Submit the Right Documents: In addition to the initial inquiry form, there are a few documents that are required to secure funding:
- Proof of Residence: A rental lease, home title, or utility bill can qualify.
- Your Vehicle Title: The title must be in your name.
- Evidence of Income: You can show recent pay stubs, pension documentation, or similar.
- Four References: These can be personal, professional, or a mix of both.
- A Government-Issued Photo ID: A driver’s license, state ID, or passport.
- Photos of Your Vehicle: Include all four sides of your car, as well as the VIN and odometer.
- Get Approval for a Loan: After you’ve submitted the right documents and forms to a loan agent, you will receive a loan approval decision! By choosing title loans serviced by LoanMart, eligible borrowers in Northport Village could choose between a few different options to get their funding:
- Direct Deposit
- Check in the Mail
- Going to any MoneyGram in Northport Village