Important Factors To Remember About A Title Loan

A title loan can become a quick and convenient way to get some emergency cash. But, there are a few important factors about loans, cars, and lenders that you would have to remember. 

Keep on reading to find out if going for a car title loan would be possible and worth it in your specific case. 

4 Important Factors To Remember About A Title Loan

1. Your Title Has To Be Lien-Free

Only those who own their car outright can take out a title loan. This means that if you’re still making payments on the vehicle, you will get declined by the lender.

Do bear in mind that there also shouldn’t be any other outstanding debts attached to the car.

2. Your Title Should Have Your Name On It

For you to apply for a loan, the title to the vehicle should be in your name.

If your name is not the only one mentioned on the document, you would have to pay attention to the conjunction used. If case there is an ‘or’ between the names, you would be allowed to take out a loan without getting the other person’s permission. But if there is an ‘and’, you may have to get the second individual to sign a few papers to verify that he or she is not against using the car as collateral.

3. The Worth Of Your Vehicle Has To Be High Enough

You can easily get a rough estimate of how much your car is worth by using an online car value estimator. You would be asked to insert your vehicle’s year, make, model, and mileage, as well as evaluate the overall condition of the car.

Remember that a lot of owners tend to think that their car is in good condition while in reality, it’s quite poor. So, try to be a tough critic, if you want to get a result that is the closest to reality.

After you have figured out the value of your car, you would have to calculate how much you’d be able to get with a title loan. Typically, lenders can offer up to 50% of the car’s value.

It might not be worth going for a title loan if your car is worth $2,000 or less or if it’s in poor condition. In the first case, you might not be able to get the loan amount that you're counting on, and in the second scenario, your application might simply be declined.

4. You Have To Pick A Trustworthy Lender

There are plenty of scammers out there who would try to take advantage of unsuspecting title loan borrowers. You should be extra careful when signing any terms and agreements as some might include unexpected fees. 

When choosing a lender, you would have to make sure that the company is registered in your state and that its website is secure. Reputable lenders also have physical stores where the company representatives would be happy to answer all of your questions.

Why Choose Nevada Title and Payday Loans, Inc.?

Nevada Title and Payday Loans, Inc. is a reputable financial service provider that has been helping people from across Nevada get the money that they urgently need.

Here are a few reasons why plenty of people decided to take out a title loan from this company:

• You could qualify for up to $15,000 on your vehicle.
• You can keep driving your car as you normally would while repaying the loan.
• The professional staff is committed to providing you with the best customer service.
• The approval process might take as little as 30 minutes.
• There are plenty of store locations throughout Nevada. The closest one can be just a short drive from your house.

How To Take Out A Title Loan

To apply for a title loan offered by Nevada Title and Payday Loans, Inc., you would have to:

1. Fill out a short online request form.
2. Receive a call from a title loan representative (the expert will tell you more about the process and the items required).
3. Drive to the nearest store location with your ID and lien-free title.
4. Get your car inspected.
5. Find out if you qualify and for how much.
6. Sign the final papers and receive your money the same, or the next bank day.

Apply For A Title Loan Today!

There are a few important factors to remember about a title loan. You should have a lien-free title in your name and your vehicle’s value should be high enough to help you cover the unexpected emergency. If you can easily tick all these boxes, then opt for a title loan offered by Nevada Title and Payday Loans, Inc.

The company welcomes different types of credit and it might take only 30 minutes for you to get approved. To get started, fill out the inquiry form right now. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.