Title Loans: Everything You Need to Know
December 12, 2019 | Mason Roberts
When it comes to getting a loan quickly for an unforeseen financial situation, one of the best types are vehicle title loans. A vehicle title loan is a loan in which car owners can take out a loan using their vehicle as collateral to borrow funds up to $15,000 at Nevada Title & Payday Loans. Unlike other types of loans that require days before approval and receiving your funds, title loans are fast and easy. You can even receive a vehicle title loan in Nevada without a checking account, making it more accessible. The process comes with its own specific benefits and guidelines. For one, vehicle title loans do not impact your credit and do not require you to have a high credit score or any credit score at all.
Important Nevada Title Loans Facts
If you are trying to improve your score, then you do not need to worry about losing up to 5 points on your credit score due to applying for a loan. Hard checks can not only lower your rating but can stick to your account for years. At Nevada Title and Payday Loans, Inc., customers can rest easy knowing that their credit score will not be damaged due to their application. You will also typically have a minimum of 30 days to repay the loan, though the exact duration depends on your agreement. Other things you should know before applying for a vehicle title loan include:
- You must have full ownership of your vehicle
- The car is yours during the loan period
- Loan fees and interest can differ
- Loan amounts depend on your vehicle
- You do not need a driver's license, but you do need a valid photo ID
- You only need 3 pieces of information
Car Title Loans Require Full Ownership
One of the most common questions when it comes to getting a vehicle title loan is ownership. Can you get one if you are renting or if the car is not under your name? The answer to these questions is no. To qualify for a title loan in Nevada, you must have complete ownership of the vehicle. That means you cannot have any liens or payments left on the car. You also cannot have judgments pertaining to your vehicle. For example, if you have recently lost a lawsuit or court decision that applied a judgment lien on the car, then you cannot apply for a title loan. In the event that you are completely unable to repay your loan, the loan provider then has the option to proceed with the repossession process.
You can Drive with a Title Loan in Nevada
A common misconception is that you cannot operate your vehicle if you do take out a loan on it. This is untrue. The loan provider will retain the car title but not the vehicle itself. During the time you have taken out the loan and are making payments, you get to keep and drive your car.
Loans Fees and Interest Can Differ
While searching online, you may find averages and different prices for fees and interests depending on where you look. The only way to be certain as to what the fees and interest of your title loan will be is to contact the provider. At Nevada Title and Payday Loans, Inc., customers can get a loan agreement that will clearly state their specific fees and interest amount. The whole process from arrival, to approval, to getting your cash can take as little as 30 minutes.
Amounts are based on Your Vehicle
Since you do not need a credit history to get approval for a title loan, your loan amount is not based on credit history. Following an inspection of your car, we can then provide an agreement that takes into account factors like pricing in a national pricing guide and the condition of the vehicle. However, this does not take a long time so you do not need to worry about delays due to waiting times for inspection.
You Do Not Need a Driver’s License
Another benefit of choosing a title loan in Nevada is that you do not need a driver’s license. However, you will require some form of valid photo ID. Passports and state ID cards are examples of valid photo identification.
You Only Need Three Things
Alongside a valid photo ID, Nevada residents looking to get a title loan only need the title of their vehicle and the vehicle itself to apply and qualify for a title loan. If you find yourself in a situation where you need fast cash, then a Nevada title loan can get you the funds and time you need.
Apply for a Title Loan or In-Person Today
Not every title loan provider has a convenient option to apply online. At Nevada Title and Payday Loans, Inc., you can easily fill out your application online or go in person to quickly process your application. After filling out an application online using basic information, you will be contacted by a representative that will help you through the rest of the process. When it comes time to repay your loan, you can even conveniently pay online. Whether you have bad credit, no credit, or are lacking a checking account, Nevada Title and Payday Loans, Inc. can help you get the money you need!