by westchicago

    When you find yourself in need of some extra money, it can be difficult to get. Luckily, if you own your car, you can use it as collateral to get loan funds.

    This is known widely as a title loan and they help millions of people every year get the money they need for unforeseen financial situations.

    How To Apply For A Title Loan?

    It’s important to note that most lenders don’t offer a flat-rate loan. Rather, the amount of loan funds that you’ll be approved to borrow will depend on a variety of factors.

    The most notable are the condition and age of your vehicle as well as the income you produce each month. You should keep this in mind throughout the application process.

    When you decide to take a title loan out against your vehicle near you in Chicago, IL, you need to consider its age and condition.

    If you have a fairly new vehicle, you can expect to receive more loan funds than if your vehicle is fairly older or in bad physical condition.

    In regards to income, you can expect to get a higher loan amount if you have a stable job where you make a high income.

    Those who make a low income or have an unstable job history are less likely to be approved for a title loan.

    Bad Credit Is Okay

    Due to the nature of this type of loan, there is typically no credit check required. Since you’re using your vehicle as collateral for the Chicago loan, you likely won’t have to disclose your credit history including your credit score.

    This is one of the biggest reasons that make title loans so popular. Those with less than perfect credit can use the equity they have in their vehicle to obtain the money they need right now.

    If you’ve been turned down by a bank or credit card, then you should consider getting a loan against your car. This can provide you with the money you want without the hassle of being turned down due to bad credit.

    The best part is that, once you pay off your title loan, you can continue to get another one. It’s an endless method of borrowing money when you need it most.

    Determining Your Loan Terms

    When you borrow money against your car title you’ll want to get the best loan terms possible. A title loan can be constructed with flexible repayment options and low-interest rates to ensure the availability of it for the user.

    Most lenders will look at your unique financial situation and construct a repayment schedule that works best to fit your needs.

    When it comes to title loans, there are no hidden fees. Rather, these are straight forward loans that give you a specified repayment amount and term that you can easily follow.

    When you set up your loan terms with the lender’s representative, they will work with you to craft a unique repayment program that is more than feasible for your individual situation.

    The intent is to get you the money you need quickly in and near Chicago, IL while setting up a repayment schedule that works for you.

    What’s The Application Process?

    Due to the simplicity of taking a loan against your car, you won’t have to gather tons of financial documents or waste hours filling out an application. Lenders typically accept applications in three different ways. These include:

    • On The Phone
    • Online

    Regardless of how you choose to apply for a title loan, there are always representatives standing by. They can answer any questions you have regarding the application process or title loans in general.

    It’s highly advisable to ask for help when something isn’t too clear. That way, you fully understand how a car title loan works and what you’re applying for.

    Borrow Money Against Your Car Title Today!

    If you’re convinced that a car title loan is a perfect solution for your individual financial situation, then it’s time to apply for your loan.

    Before you do so, you’ll need to have four pieces of information to show the title lender.

    These include:

    Proof Of Income – Have your last two pay stubs ready to go.

    Government-Issued Identification – This could be your driver’s license that shows you’re at least 18 years old.

    Car Insurance Policy – You need to have an active car insurance policy to get a loan.

    Car Title – You’ll need a lien-free car title to initiate the application process.

    When you have these four documents ready to go, you can hop online, go to your local lender’s office, or simply give them a call.

    This information will be used to verify your age, your ownership of the vehicle, and your current financial income. With this information, your application process can get started so you can get your loan funds as quickly as possible.

    Expect A Physical Inspection Of Your Vehicle

    It’s important to realize that a car inspection will be performed at some point throughout the application process. Depending on the lender, this may be an in-person inspection or assessing pictures you take of the vehicle.

    Either way, you should expect to have an evaluation of the condition of your car before the loan is approved. This is simply to ensure that there is no major damage to your vehicle that could hinder its resell value.

    Car title loans are a convenient and fast way to get the loan funds you need when life throws you curveballs.

    Understanding how the loan process works can make it seem simpler and put your mind at ease. Next time you need emergency funds, consider getting a Chicago car title loan through us.

    About westchicago