How Does a Title Loan in Palm Trails Work?

A title loan can go by many names. Auto title loan, pink slip loan, auto equity loan- whatever you prefer to call them, they’re a type of secured lending that uses your title as collateral for a short-term loan solution. Title loans are a type of installment loan that may be able to offer more flexibility in terms of approvals and terms, than alternative types of lending. One caveat to getting approved for a title loan is that you must own, or be close to paying off, your vehicle.

Title loans can be a great option for those with less-than-perfect credit histories, or those who are just looking for a short term solution. Because your title is used as collateral for the lender to place a lien, terms can be more flexible than the average type of unsecured loan. Due to the competitive rates and ease of the loan, borrowers from all levels of financial status may be able to be approved.1

What is a Lien on a Car Title?

A car title is a legal agreement in title loans that gives the lienholder the right to take possession of the vehicle if a debt is not paid. The lender becomes the lienholder and remains on the title throughout the life of the loan. Once your debt has been paid off, the lien is absolved and full ownership reverts back to you.

Can I Keep My Car if I Get a Title Loan in Palm Trails?

As long as you continue to make scheduled payments toward your title loan, the vehicle remains in your custody. Therefore, you are absolutely able to continue to drive it. Many title loan customers find the ability to remain in possession of their asset to be a major plus to their loan agreement, as this allows them to continue to work toward bettering their financial situation, while simultaneously taking care of the short term solution.

How Does Getting a Title Loan in Palm Trails Affect Credit?

Credit health is something that a lot of people take very seriously, and for good reason. You work hard to do things that help build your credit and the last thing you want to do is to ruin that progress with credit disrupters that don’t have your best interest in mind. You might be wondering how a title loan will affect your credit score. If you get a title loan in Palm Trails, you can expect two things to happen:

  • Soft Credit Check: Once you’ve submitted your initial loan inquiry form, a lender may run a soft credit check. This will not affect your credit, but will help your loan processor build your loan terms.
  • Hard Credit Check: A hard check is only initiated when you know for certain that you want to pursue finalizing a title loan. A can affect your credit, making timely payments can help by reflecting positively on your credit history as well.

What Documents are Required to Get a Title Loan in Palm Trails?

Getting a title loan online should be an easy, enjoyable experience for you. That’s why it’s important to gather all the paperwork you’ll need before you start your inquiry for a title loan in Palm Trails. You’ll want to have the following pieces of information handy:

  • Government Issued Photo ID– This can include a driver’s license, state ID, or a passport.
  • Proof of Address: Such as a lease, mortgage title, or a utility bill.
  • Proof of Income: Paycheck stubs or other valid proof of viable income.
  • Vehicle Photos: Pictures of all four (4) sides of your vehicle, the odometer, and the VIN.
  • A Valid Title: Your title must be in your name to be considered valid.
  • References: You’ll need four (4) personal or professional references.

Once you’ve gathered all the necessary documents, your loan can be completed quickly1. If any other documents are requested, your loan processor will let you know.

How Can I Get Started with a Title Loan in Palm Trails?

Getting started with a title loan in Palm Trails is simple1! With only a few steps, you can get funded and be on your way:

  • Fill out Loan Inquiry Online: Give a few basic details about you and your vehicle to see if a title loan is the right avenue for you.
  • Complete Your Application: You’ll receive a call to go over the final details of your loan application and be directed on how to submit your documents.
  • Get Funded: Electronically sign your documents and choose how you’d like to get paid. Depending on the method you choose, you can get your money in as little as one business day!1