Steps to Take to Ensure Your Loan Process is Quick and Easy
Everybody always needs a little cash from time to time. When unexpected emergencies or bills pop up, it’s nice to have a resource that will give you the cash you need when you need it. The beauty of car title loans is that you can spend them on anything. They are perhaps the most flexible and expedient type of loan available on the market today. In order to ensure that your upcoming car title loan process goes quickly and easily, here are the five things to do when applying for one.
Step #1 – Clean and Clear Car Title and ID
Car title loans aren’t done on your income or your credit score, which is one of the reasons why they are so popular with borrowers. It drastically cuts down on the amount of time to get an approved loan. All you need to do is show proof of a clean and clear car title with no liens on it. Beyond that, the only other thing that will need is your photo ID or driver’s license.
Step #2 – Choose a Location
There will be no shortage of title loan companies in your area. In fact, Kansas City title loans are available all throughout the metro area. Choosing one is a matter of figuring out which location is going to be most convenient for you. You’ll either want to go with the location that is close to work or your home. This will help with your commute time when you eventually need to go in and pay off the loan.
Step #3 – Fill Out an Application
Some basic paperwork is going to be required in order for you to get a car title loan. It will all be pretty boilerplate stuff: name, address, information about the car, etc. Fortunately, this process is much quicker with a car title lender than it is with a traditional bank. You can even fill out everything online through the car title lender’s website in order to save time when you get to their store. All of your information will be securely stored on the car title loan company’s database.
Step #4 – Identify Your Loan Amount
When you apply for a car title loan, one of the pitfalls that borrowers fall into is that they take more than what they actually need. For instance, just because you are approved for a $5000 car title loan doesn’t mean that you should take the full amount. Remember, whatever you borrow you will have to pay back with interest. Identify the amount that you actually need and keep that number in mind when you are given your borrowing limit. Do not overextend yourself or it could cost you on the backend.
Step #4 – Understand Your Loan Terms
Once your application paperwork is in with supporting documentation, the title loan company will quickly inspect the car to make sure that everything matches up. Not long after that, you should receive approval and be given a loan amount limit. The amount of money you borrow will ultimately determine what you end up paying back. It is important to know the interest rate of the loan, the amount you’re expected to pay back, and the date in which it is due. Defaulting or being late on your payment will lead to penalties and additional interest. It is important that you fully understand your loan terms before signing off on anything. Remember, the title of your car is being used as collateral. Fully defaulting on a loan will mean that you lose possession of it.
Step #5 – Sign-Off and Leave with Cash
Once you’ve decided on a loan amount, all that’s left is the sign off on it, take your cash, and leave in the car that you came in. It’s really that easy. When everything is all said and done, the entire process should take around 20 minutes or less.
Apply for Your Car Title Loan Today!
As we’ve detailed, car title loans really come in handy when you need a cash injection on short notice. They can help you take care of overdue bills, medical expenses, or tuition for school. It’s really up to you how you want to spend it. The best way to get started with your search is by performing a search for “car title loan companies near me.” That should bring up a list of locations that are close and convenient for you.