Vehicle Title Loan Terminology And Definitions To Learn

Before you join the thousands of people who have benefited from Nevada title loans, you’ll need to know the title loan terminology that comes along with it. By knowing the definition of vehicle title loan along with its most used terms, you’ll be able to:

• Understand the ins and outs of title loans in NV
• Learn how to apply for car title loans
• Decide if a title loan is right for you
• And more…

From money-related terms to getting your lien-free title in hand, this glossary guide will give you the layman’s terms and definitions so you are well-prepared and knowledgeable about the loan options in your area. Let’s take a look at the title loan definition and related terms now.

The Top Title Loan Terms And Definitions

Here is the title loan terminology you should know before deciding if these emergency cash loans are the right funding option for you.

Title Loan

The definition of a title loan is a secured loan that uses your vehicle as collateral so you can borrow cash over the short term. At Nevada Title and Payday Loans, Inc., you get to keep and use your car as usual with our vehicle title loans. 

Online Title Loans

Online title loans are just like regular quick cash title loans, whereas they are short-term collateral loans, but you can complete the request from home, without visiting a Nevada title loans store to submit your application.

Auto Equity Loan

This is another term for a car title loan or vehicle title loan.

Car Title Loan Basics

Certificate Of Title

Your title is generally issued by your state DMV office and proves ownership of your vehicle. It’s also referred to as a car title, auto title, or vehicle title.

DMV

DMV stands for the Department of Motor Vehicles.

Pink Slip

This is another word for car title.

Lien-Free

If you own your car lien-free, you have paid it off and it is legally yours.

Clean/Clear Title

A clean or clear title means the title is lien-free, or that you own it outright.

Interest

Interest refers to the rates a lender charges the borrower for the loan. It’s usually listed as monthly or annual.

Disclosures

Disclosures give information about a transaction with a customer. Loan disclosures typically include the offers, details, fees, and the fine print of your loan terms.

Lien Holder

In title loan terminology, liens are holds on your property. A lien-holder, in this case, has the legal right to a vehicle because you still owe them payments on the loan.

Loan-To-Value Ratio

The LVR is the percentage difference between your car and your loan amount.

Term Length

This is the length of your loan.

Grace Period

This is a period when borrowers' payments are due but not yet considered late.

Repo

Short for repossessing, this is when your asset is claimed as collateral by a lender if you fail to pay back a secured loan.

Terms Associated With Credit

Creditworthiness

Creditworthiness is often interchanged with your credit score, as it indicates, your ability to repay a debt or loan.

Bad Credit/Good Credit

Credit scores give lenders an indication of your ability to repay a loan. Nevada Title and Payday Loans, Inc. is unique because we do not require good (670+) credit to apply for and accept loan requests from credit holders.

FICO Score

Your FICO score measures your credit risk to create your credit score.

Vehicle Value-Specific Terms

Kelley Blue Book

This is a book that lists the current retail and wholesale value of vehicles. It’s updated once a week.

Black Book

The Black Book is a guide for pricing new or used cars. It is similar to the Kelley Blue Book.

Market Value

Market value is how much your car could be sold for considering its history, mileage, age, etc.

Odometer

Your car’s odometer measures the distance/mileage traveled. This affects the market value and, in turn, your title loan amount.

Vehicle Condition

Your title loan amount will be determined by the condition of your vehicle. The condition includes the mileage, year, make and model, and exterior/interior state of the car.

Equity In A Car

Equity is how much of your car’s value you have paid off.

Getting Your NV Title Loan

Now that you’ve got your title loan terminology down and know the title loan definition, let’s learn how to access your Nevada loan options with a car title loan.

First, be sure you have the requirements to apply, your state-issued photo I.D., such as your license, is up to date, your lien-free title is accessible, and your car is present for a quick inspection.

After you gather those required items to avoid any delays, fill out the online form on our website to get started. A representative will call you immediately after to go over your documents and guidance.

Then, decide where you’d like to meet the rep. This could be at your home, our office, or anywhere you prefer. There, we’ll look over your documents, inspect your vehicle, determine your loan amount, and give you your loan approval decision.

If everything is approved, you’ll get your cash that same night or the next day.

Get Up To $15,000 Cash With Nevada Title Loans By Tomorrow

Are you behind on bills or worried about an urgent cost? Nevada Title and Payday Loans, Inc. provides Nevada title loans for individuals facing financial emergencies. Knowing the title loan terminology and definition of title loan is half of the work, so you’re only a couple of steps away from claiming your cash loan.

If you need cash fast and own your car outright, start your quick cash title loan request now and get up to $15,000 by tomorrow—apply today! 

 

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