Looking for a fast financial solution in the Central Point suburb of Medford, Oregon? Thankfully, Title Loans, serviced by LoanMart can be the perfect way to get your finances back on track!1
What is a Title Loan in Central Point, Oregon?
An auto title loan is a collateral based loan that uses the borrower’s vehicle title to secure funds. The lender places a lien on the title, which gives them ownership throughout the life of the loan. Title loans are considered installment loans, and they offer more flexibility than traditional loan types. To qualify, your car will have to be at least mostly paid off, and the title must be in your name.
Title loans are ideal for people who have credit worries, as lenders can be more flexible with approvals when collateral is offered. These types of loans tend to be more competitive, so lenders may be able to offer an array of attractive terms that can appeal to borrowers of all different types of financial backgrounds.
What is a Car Title Lien?
A car title lien is a common 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 retains that position during the life of the loan. Once you’ve paid off your title loan, the lien is removed and full ownership reverts back to you.
Can I Continue to Drive if I Get a Title Loan in Central Point?
You can absolutely continue to drive your car when you’re paying back a title loan. As long as you’re committed to making your payments, your vehicle will be available to you. A lot of people find convenience in getting a title loan, as opposed to other lending types, because they are not losing possession of their asset.
Will Getting a Title Loan Negatively Affect My Credit in Central Point, OR?
It’s understandable; you work hard to build your credit and you don’t want to ruin your progress. You might be worried about how a title loan will affect your credit score. During the title loan process in Central Point, Oregon, you can expect two different types of credit inquiries:
- Soft Credit Check: Once you’ve submitted your initial loan inquiry form, a lender may put your credit through a soft credit check. This does not affect your credit.
- Hard Credit Check: A hard check is only initiated when you know for certain that you want to pursue finalizing a title loan. A hard check can affect your credit making timely payments can help by reflecting positively on your credit history as well.
What will I Be Required to Have to Qualify for a Title Loan in Central Point in Oregon?
Every lender has specific requirements for you to qualify for a loan. To be qualified for a title loan serviced by LoanMart in Central Point, you’ll need to submit the following types of documents to the lender1:
- Government Issued Photo ID: Driver’s License, state ID, passport
- Photos of Your Vehicle: All four sides of your car as well as the VIN and odometer
- Address Verification: Utility bill, lease, mortgage title
- Your Vehicle Title: In order to be considered valid, your title must be in your name
- Four References: These can be personal, professional, or both
- Proof of Income: Can include any of the following:
- Paycheck Stub(s)
- Bank Statements
- Government Award Letters
How Do I Get Started With a Title Loan in Central Point?
If you’ve weighed your options and have decided that a title loan is your ideal approach, you are ready to move forward! Borrowers can get started on a title loan serviced by LoanMart with a few simple steps:
- Submit an inquiry form: Fill out a quick form to give a little information about you and your request
- Finalize the details of your loan: A loan agent will reach out to verify your information and let you know what you’ll need to submit. These documents typically include a form of identification, proof of income, and your car title. You’ll be instructed on how to submit these items.
Get Your Funds: Sign the loan agreement electronically and choose the method you’d prefer to receive your loan.