Is An Auto Title Loan Right For You?

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If you're in need of a personal loan and you have a vehicle with a clean title, one option you may want to explore is that of taking out an auto title loan. For many, an auto title loan can be the solution needed to get cash quickly and without having to go through a traditional bank. Before you begin applying for auto title loans, however, there are some things you need to know.

What Is an Auto Title Loan?

An auto title loan is one that is secured using your vehicle's title as collateral. In return, you can generally borrow up to the current value of your car as a form of personal loan. Auto title loans typically don't require extensive credit checks, and approval is often instant. This makes auto title loans a popular option for those who need quick cash and don't want to go through the hassle of a credit check. Funds are often disbursed as quickly as the same day, as well.

Am I Eligible For an Auto Title Loan?

The most important eligibility requirement to keep in mind when looking into auto title loans is that your vehicle must be completely paid off and in your name. It cannot have any lien holders on it. If this is true and if you're at least 18 years of age, you can most likely get approved for an auto title loan. Some lenders will also require you to submit proof of income, such as a pay stub.

What Else Do I Need to Know?

In general, auto title loans are a viable option for those who need money quickly, as well as for those who may not be able to get approved for a personal loan due to poor credit. It is important to understand that interest rates on these loans can be higher than that of a traditional loan. And, of course, you're putting up your vehicle title as collateral for the loan, so you need to make sure you can pay it back according to your loan terms or you'll risk having your car repossessed. 

If you're interested in taking out an auto title loan for any reason, be sure to explore the lending options in your area. From there, review your loan terms before you sign off and there's a good chance you could get the cash you need as soon as the same or next day.

For more information on auto title loans, contact a lender near you.

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