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The Timelines of Different Types of Loans
Not all loans are made the same, and there’s a reason there are so many different kinds of loan products and services available. This is great news for consumers, as there are many options. This will allow consumers to pick the best type of loan for them and their particular situation.
Additionally, such a variety of financial service providers means consumers also have options if a traditional institution, like a big bank, turns them down for a loan they needed.
Mortgages and Home Equity Loans
These types of loans are big, bulky, and complicated. The amount of paperwork that comes with them can be overly complex and confusing – and of course, the timelines on mortgages can stretch out for decades! Home equity loans also have very long timelines, and when someone takes out a loan like this they’re putting their home at risk.
Even with low interest rates, the extremely long timeframe on these types of loans means people could easily pay tens of thousands of dollars in interest (or more!) just because the loan term is stretched out for so long.
Payday loans are meant to be a short term loan for those that only need a few hundred dollars until payday. If you need more money, or don’t think you can repay the loan within two weeks, a payday loan may not be a good idea for you. While payday loans may rollover, you could end up with costly interest fees that make repayment harder than it needs to be.
Many bank loans are unsecured, meaning that an asset is not required for approval. However, the approval process can be tedious and the eligibility requirements may be strict. If you don’t have an existing bank account or good credit, most bank loans may not be a good idea.
Family or Friends
If you have the ability, asking a family member or a friend for emergency cash could be ideal. By borrowing money from people you know, you could save on excess interest charges and receive flexible repayment terms. However, involving finances can be risky to any relationship.
Title Loans on Cars
Car title loans have much shorter timeframes than almost any other type of loan available from a bank. The process itself is smoother and easier, meaning a borrower, if they qualify, can get the money they need faster.
While the monthly payments may look larger than other types of loans, the short timeframe on car title loans means that the borrower won’t be paying interest for very long.
Title loans are simpler and easier to process. For any car owner looking for something fast, they can see if they might qualify for an auto title loan.
Title Loan Amount & Equity
Car title loans pulls the cash you need out of your car. Title loans are quick and efficient, and can get you the money you need in less than one business day!3
Here are some tips that have helped people get the most money out of their car with a car title loan:
- IF your vehicle is in any way or shape damaged it is going to lower the value.
- IF you added any cool features (custom tint, up to date stereo system, higher grade wheels) at the dealership, let the underwriter know, or they’ll assume you have the basic package.
- IF your vehicle has a Salvaged Title, this could potentially cut the price or worth in half, as most of the parts for salvaged title vehicles aren’t from the original specs, including the odometer and engine.
- IF you’re accurate with your vehicle history and information, such as pictures, descriptions, and cleanliness of your vehicle, this could help to move your car title loan process faster. Car title loans could be turned down if you’re not straightforward.
FUN FACT: Cars with upgraded packages sometimes raise the value by thousands of dollars.
It may surprise you to find out that even if you’re not in any sort of financial hole, you could get the most out of your car with a car title loan. Car title loans get you money for any situation if your car is worth the appropriate value. Making sure that you’re accurate and honest with your vehicle’s current condition will help you get the most out of your car.
One of the biggest assets that people have to their name is their vehicle. Getting the most out of your vehicle, whether it’s a car, motorcycle, and trucks is doable with a car title loan.
The amount of equity in your car greatly determines your qualification status, and whether you get the max loan amount or not. Equity is the financial calculation of ownership of an asset that is being financed. For example, the difference between the current resale value of the asset and the principal amount of the loan is the equity amount.
An asset can have positive or negative equity. If the market value for your car is worth more than the principal amount of the loan, then the car has positive equity. On the other hand, if the principal amount of the loan is more than the current resale value of the car, then it has negative equity.
If you want to know how much equity is in your car, and if you could get a max title loan, use the simple online car title loan calculator. By inputting a few details about your car, you could get a title loan estimate and a preapproval decision in minutes!1, 3
To get started, you will need to provide the following:
- Your Vehicle Year
- Make and Model
- Vehicle Style
- Current Mileage
This information will be used to determine the current value of your car and whether you are eligible for a max title loan.
How to Get the Most Out of Your Vehicle
Get the Most Value Out of Your Car
Aside from a house, your car is one of the biggest investments you make. Unfortunately it’s going to depreciate no matter what, but in the mean time you should be getting the most value out of your vehicle. This could mean anything from small car improvements to driving your car while using it to get a car title loan at the same time. Whatever the make and model, here are some tips on how to get the most out of your vehicle.
- Clean Your Car
Before we even begin with anything else, the first thing you need to do to get more value out of your car is to get rid of any junk in the trunk and give your car a deep clean. Stop using your car as a storage space, throw away any trash and grab a hose and a vacuum to clean the inside and the outside of your car.
This is not only about you and your passengers enjoying a clean car, but about its MPG. The weight of any extra stuff in your vehicle can really add up to affect your car’s mileage, handling, braking distance, etc. Getting the most value out of your car means getting the most miles per gallon.
Cleaning the exterior and interior of your car is also important to maintain its condition. Especially if you live somewhere where they salt the road in the winters, car washes are important to avoid rust, a value killer, on the exterior.
- Check Your Tires
According to the US Department of Energy, every number the PSI (Pounds per Square Inch) drops in the pressure of the tires is going to lower your car’s gas mileage by 0.4 percent. To avoid this, check your tire pressure regularly. Inflate them when you need to so that your tires are always at the manufacturer’s recommended PSI.
If your tires need to be replaced, it is important that you do even if it isn’t cheap. New tires are one of the best ways to both improve the performance and appearance of your car.
Get your tires rotated and balanced, and your alignment checked. You can make your tires last longer by getting them rotated and balanced. Your alignment is also important and easily fixed if it’s off.
- Service Your Car
When the check engine light comes on shouldn’t be the only time you visit a garage. Regular and preventative maintenance can help your maintain the value of your car and prevent more expensive repairs down the line. Taking care of your car means taking care of the engine, exhaust, brakes, lights, tires, interior, etc.
Check your car’s owner’s manual for the specific recommendations (they’re there for a reason) for what it needs and when. This includes how to check the fluids, when to change the oil, oil filter, engine air filter and what types are best.
- Store Your Car Right
It’s important to take care of your car when you’re not driving it, too. When going unused, make sure your car is covered (and indoors if possible) to prevent prolonged exposure to sun, heat, cold, snow and animals. When leaving your car sit for an extended period, make sure you start it every so often to keep the battery fresh.
What Do You Need a Car Title Loan For?
Unlike financing your vehicle through a bank, credit union, or pawn shop, car title loans are a quick and painless way of obtaining money for any sort of life event that may occur, especially financial emergencies. Good, bad, ugly, or whatever the case, get a car title loan in a few short and easy steps.
Here are some common situations that signal it’s the right time for a car title loan:
- Emergency health related issues
- Waiting for a large sum of money
- Helping relatives or friends
- Unexpected trips
- Getting legal counsel
- ….and many more situations!
Are Title Loans a Good Idea if I Have Bad Credit?
If you have bad credit, you may be concerned about your eligibility status for loans. With title loans, you may still qualify despite having bad credit if your car has sufficient equity. And if you don’t have an established credit history, it’s possible you could also still be deemed eligible.
Why are qualification requirements so flexible? During the title loan approval process, a lien is placed on the car title. This secures the loan and gives the loan company temporary ownership of the car until repayment has been complete. The lien lowers the lending risk, allowing more people in need of emergency funding to potentially qualify.
Title loans may be a good idea if you have less than stellar credit and you need some financial stability.1
How Soon Can I Get My Title Loan Amount?
When you are in a tight financial situation and need financial assistance, there isn’t always time to shop around for a lender who may be able to get you your money fast. If you need to pay for things now, but don’t have the immediate funds, you need a fast, reputable and reliable lender.
If you need immediate funding, consider a secured loan. A car title loan can be a great way to get the financial assistance you need, without having to wait around for your funding1.
How to Get My Title Loan Amount Soon?
The process is fast and efficient, because we know what it’s like to be in a financial bind. We are proud to have helped so many people throughout our time in business, and we want to help you next1!
After you are approved we can get you your money as soon as the next business day3. From there you can pick up your money in one of the following ways:
- Electronic deposit
- Picked up at Any Participating Money Transfer Location
How Can I Get My Car Title Loan Amount Even Sooner?
Even though the car title loan process can be extremely swift and straightforward, there are still even more things you can do to help the process go along even quicker. If you have your documents and information ready to go right when you first inquire, this can help speed up the car title loan process.
What documents do you need when you inquire about a title loan? The basic documents your car title loan representative will ask for are:
- Government issued photo ID – An official form of ID is required in the documentation for a car title loan. You will need to provide a driver’s license, passport, or a state issued ID.
- Proof of income – A verification of your income is required for you to get a car title loan. A proof of income could be a paystub, a bank statement if you are self-employed, disability, social security, and more. Learn more about proof of income here.
- Proof of residency – We will also need to verify your address. You can prove your residency by providing a lease, utility bill, or basically any other important piece of mail that has both your name and your address on it.
- Qualifying vehicle title – A qualifying vehicle title means that the vehicle is clear of other liens and has your name on it. You will find out early in the car title loan process if your vehicle title is qualifying.
- Several photos of your car – Instead of driving your car all the way out to us for us to inspect, you can just send us a few photos of the front, back, and sides of your car. You can even take them from your cell phone or mobile device and text them at 1-818-521-2470.
Can I Get More than One Title Loan?
When in the midst of a financial emergency, you may need a substantial loan to handle costly expenses. But if you qualify for a title loan and get the max, can you inquire for more than one max title loan?
How Many Max Title Loans Can I Get?
It is possible to obtain more than one title loan. However, you will need to possess more than one car. Only one lien is allowed per asset, so it is not possible to have more than one max title loan per vehicle.
If you have more than one car, and both cars have a sufficient amount of equity, it is entirely possible for you to obtain more than one max title loan.1 But how much equity is currently in your car?
What is the Max I Could Get with a Title Loan?
If you are considering taking out a loan to deal with an expense bill, you may wonder if you can take out more than one max title loan. But rather than trying to obtain two max title loans, and having liens placed on both of your vehicles, consider simply taking out one!
It’s entirely possible for an eligible borrower to obtain one max title loan that covers their entire hospital bill or house repair bill. If your car is worth enough money, you could get a sizeable loan that allows you to avoid paying two extra bills a month.
The max amount you could obtain with a title loan depends on the loan company you conduct business with. Every title loan lender offers different terms and varying loan amounts. If you need a certain amount of financial support, inquire with an agent to find out the max title loan amount you could obtain.
What Questions Should I Ask a Title Loan Agent?
Aside from asking what the max loan amount is for a title loan, what other questions should a potential borrower ask a title loan agent? When obtaining any type of loan, it’s important to consider the following:
The interest amount is essentially the money you will pay to borrow funding. Rates can vary, so it’s advised that you ask a title loan agent about the interest rate as well as the annual percentage rate (APR).
Monthly Payment Amount
The monthly payment amount will greatly affect an eligible borrower’s budget and lifestyle. Before making a formal financial decision, ask a title loan agent for an estimate of how much you could be expected to pay monthly.
The repayment length will affect your monthly payment amount, as shorter repayment terms could lead to higher payments. Ask a title loan agent about how much time you could be able to get for repayment.
It’s very important that you ask a loan agent about extra fees before signing up for a title loan. Inquire about hidden fees and if there are penalties for paying a max title loan back early.
Advantages of Car Title Loans
Car title loans have several perks that many competitors and other types of financial institutions can’t compete with. Car title loans can benefit anyone but can greatly improve the lives of those with a credit history that is less than stellar.
Here are a few other reasons that should sway you and many other customers to choose car title loans:
Free Application Process – Application process is incredibly simple and free. Can be filled-out online, in-store, or over the phone. Unlike traditional lenders, the application process also limits the amount of documentation needed and sticks to the basics: identification, vehicle title, and proofs of residency and income.
Swift Approval – Once you’ve entered in all of your information for the application, your service representative will work fast, and unlike another financial institution, you could get your funding as fast as the next business day!3
Payments & Scheduling– Car title loans work with customers to come with a payment schedule that will benefit both parties. Your ability to make punctual payments after securing the money you need is of the utmost importance, so much so, that you can pay your title loan back: mail, in-store, and online. Isn’t technology great?
Want to Repay a Title Loan Fast?
Our goal is to help you out of a hard financial situation. We want you to be able to pay off your loan just as much as you do. We even encourage you to pay it off early if you’re able to. This is why we’ve put together some tips on how to repay a title loan fast- maybe even sooner than you thought possible.
Our car title loans are almost as flexible as we are. Most importantly, while you are repaying your loan with us, you can keep driving your car. We also never charge fees if you choose to pay off your loan early.
The decision is up to each customer. We won’t charge you for making additional payments or more than the minimum required; you are welcome to make bigger payments each month in order to repay your auto title loan faster.
When you pay more than what was scheduled, just make sure you call us and tell us to put the additional money to the principal and not toward the next payment.
Why repay a loan ahead of schedule? The biggest benefit is that you will save money in the long-run. This is because you won’t have to pay as much in interest over time.
Here are a few tips on how to find a little extra money each month in order to try to repay title loans fast by making bigger or additional monthly payments:
- Make Your Own Payment Schedule
We will give you a repayment schedule, but feel free to make your own schedule if you want to pay off your loan faster. Then, stick to it.
- Round Your Monthly Payment Up
If you want to make more than the minimum payment each month, but aren’t sure how much more you should start with, you could try rounding the amount up. For example, if your minimum monthly payment was $164.23, you would round it up and pay an even $200. Or if it was closer to the nearest hundred, round up an extra $50. (So, round a minimum of $202.33 to an even $250.) Over time this will add up. It will save you money on interest and shorten your loan term.
- Make Sacrifices
You knew this was coming. Try to think of any extra expenses in your budget that you could cut out; at least for the term of your loan. Try swapping a gym membership for workouts you can do at home for a while. Maybe get rid of your cable package and settle for only watching Hulu or Netflix for a couple of months. Try to eat at home. Invite friends over instead of going out. The money you save making these small switches can add up. Use these savings to go toward paying off your loan.
Most of the time, people justify personal expenses even if they can be cut back so get a trusted friend to go over your expenses with. Having an objective opinion helps with seeing the financial problems and optional areas you could change. Also remember, if you are hiding the loan from someone you love, maybe that’s the very thing to consider changing.
- Make Money on the Side When You Can
If you have spare time, there are a number of ways to pick up some extra money for paying your loan. Each time you get paid or make a sale with these options, put it toward your loan right away. Small earnings here and there can really add up and chip away at your loan. Here are our recommendations:
- Drive for Uber or Lyft
- Test search engines, online stores, games and videos on sites like Inbox Dollars and Swagbucks
- Sell your photography on Shutterstock or iStockphoto and receive a percentage of their revenue
- Sell your things or clothes you don’t need with websites and apps like Letgo, Decluttr or Poshmark
- Rent rooms in your house or apartment on AirBnB
- Take paid online surveys.
- If you’re creative, sell crafts or art on Etsy
- If you’re handy, see what repairs your friends and family need done. Ask if they’ll pay you to fix or do stuff they need.
- Find all kinds of freelance work on sites like Upwork.
- Follow The Penny Hoarder blog for tons of ideas to make and save money
- If you love dogs, sign up with Rover to make extra money walking and taking care of dogs!
- If you have more time, you can build your own business and get work with a site like Fiverr.
- Avoid Late Fees
With most loans, missing payment deadlines will really cost you extra. Set up automatic payments with a lender through your bank account if you have one so that you never miss a due date. If you don’t have a bank account, set up due date reminders on your web calendar or on your smartphone. Don’t pay the price of forgetting a payment.
- Make at Least One Extra Payment a Year
If you can’t make extra payments all the time, at least try to make one a year. Consider putting your tax return money or a work bonus toward your loan as an extra payment to save on interest. This will also help you eliminate the temptation to spend it on something else before you get a chance to make your monthly payment.
- Calculate Your Payoff Date
Use your repayment schedule to do some simple math to find out what date you will make your last payment on your auto title loan. Each time you make extra payments, recalculate it. Having this date in mind won’t change your loan amount, but it can help with motivation to pay your loan early when you watch the date get sooner each time you make an extra payment.
You will have access to your account information through the login on the main site. This will keep you up to date with where you are with your payments and amounts still due on the loan.
We even have a mobile app! You can have the ease of knowing about your loan at any time 24 hours a day 7 days a week! Download it from the App Store on your smartphones.
How to Inquire for Title Loans Online?
If you’re in need of a little bit of extra financial security, get the most out of your car with a car title loan.
Online title loans offer the benefits of traditional title loans with a hassle-free process that can be completed almost entirely online! There’s no need to schedule an appointment or speak to a loan agent in person when you could easily start an inquiry online or over the phone.
The title loan approval process usually requires no more than a few simple steps, and once approved, you could look forward to receiving your title loan money in as little as one business day.3
If you think title loans are a good idea for you, establish contact with a loan agent today by: