Before joining the thousands of people who have benefited from Nevada title loans, it’s important to understand the terminology that comes along with them. By knowing the definition of a vehicle title loan and its most commonly 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
From money-related terms to getting your lien-free title in hand, this glossary guide explains key terms so you are well-prepared and knowledgeable about loan options in your area. Let’s dive into the title loan definitions.
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
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
Nevada Title and Payday Loans, Inc. accepts loan applications from all credit types. Learn more about how to improve bad credit to strengthen your borrowing options.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.
Before applying, make sure you have:
- State-issued photo ID (driver’s license)
- Lien-free vehicle title
- Your car available for inspection
Fill out the online form to start the process. A representative will contact you, review your documents, inspect your car, determine your loan amount, and provide an approval decision. Once approved, you can receive your cash the 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.
