If you live in the suburb of Aberdeen in Olympia, Washington, and are struggling to make ends meet, there is a solution for you. Title Loans, serviced by LoanMart in Aberdeen can be a great way to get the essential funding you need fast!1
How Can I Use My Vehicle’s Equity to Get a Loan?
If you aren’t well versed with loans, you may not know how auto title loans work. Title loans are called by many different names, such as:
Regardless of the name, title loans are installment loans that are secured through the market value of the vehicle, otherwise known as the equity. This means that your car must have a certain amount of equity to qualify for funding, since the car title will be used as collateral. The use of collateral for a loan offers many different advantages, since it becomes a secured loan.
Some of the most prominent advantages to borrowers are:
- Credit Does Not Always Matter: Those with may receive approval for a title loan since collateral secures the loan. While you may not be confident with your credit, it may not stop you from being approved.1
- More Funding: If you are offering collateral that has a high market value, it is possible that you could get more funds.
What is a Lien on a Title Loan in Aberdeen, Washington?
During the loan approval process, you may hear the terms lien or lienholder being used. When obtaining a title loan, a lien will be placed on your car title by the lender, who then becomes the lienholder.
A lien is simply the legal right to an asset, so if a borrower fails to repay a title loan, the lender could still reclaim the borrowed funds. Once you’ve repaid the loan in full, the lien is removed, and your car title is returned!
I Need My Car to Get Around, Can I Still Get a Title Loan?
One of the biggest concerns you may about title loans is if you will need to surrender your vehicle in order to obtain a loan. While this is a valid concern, you won’t need to surrender your vehicle when you acquire a title loan serviced by LoanMart!1 During the repayment process, you can continue to drive your car while you make timely payments.
Does My Car Have Enough Equity for a Title Loan in Aberdeen, Washington?
One key factor in getting a title loan in Aberdeen, Washington, is that the vehicle being used as collateral must be worth a to qualify as collateral.
While most potential borrowers do not know the exact value of their car, some factors that contribute to the cars value include:
- Current Mileage on the Vehicle
- Any Accident Reports on the Vehicle
- Any Cosmetic or Surface Damage
- The Make and Model of the Car
What Kinds of Vehicles are Commonly Accepted for a Title Loan in Aberdeen?
It’s a common misconception that only new cars are accepted for a title loan, since even old cars could have plenty of equity.
Some common vehicle makes and models that usually qualify for a title loan include1:
- Chevy Silverado
- Honda Accord
- Honda Civic
- Toyota Corolla
- Toyota Camry
- Chevy Malibu
- Hyundai Genesis
- Volkswagen Beetle
- Ford Prius
- Ford Expedition
Get Your Title Loan Funding
If you’ve made the leap to tackle your financial stress, there’s no time to wait around! You could be approved for funding in just one business day!1
For residents in Aberdeen that choose title loans serviced by LoanMart, the approval process can be broken down into three simple steps:
- Get Started Online: The first step to getting your funds is filling out a short questionnaire online. This can take just minutes to complete, as you only need to provide basic personal information and details on your car.
- Submit the Right Documents: In addition to the initial loan form, a loan agent will ask you to turn in a few documents:
- Proof of Income or Alternative Income
- Evidence of Current Residency
- Government Issued Photo ID
- Car Title in Your Name
- Four References
- Get Your Money: Once you’ve received loan approval, the last step is to get your funds! For residents in Aberdeen, Washington, there are a few different methods:
- Direct Deposit
- Check in the Mail
- Pick Up Your Funds at a Participating Money Transfer Location Near You
Ready to pay back title loans? Check out the map below for MoneyGram locations nearby: