Many people who are considering applying for a title loan will have similar questions, and whether you´re thinking of securing the loan with your car or motorcycle the answers to those questions are the same. Here we´ve answered a few basic questions that you may find of help, however your title loan provider will be able to answer on an individual level, and will assist you with more complex queries, or areas that may not be covered here.
How Does The Whole Process Work?
Once decided that you wish to apply for a title loan you´ll need to have documentation ready. Your car or motorcycle title, government issued ID and any documents that are specific to the type of loan you require. Once these are presented to your title vendor there´ll be a swift appraisal and the cash can be with you in less than an hour, in many cases.
What About Bad Credit?
All credit types are accepted by most car title loan companies. Perfect credit is not in anyway essential for securing a loan on your vehicle, and when applying, your credit score is not affected.
Do I Need a Bank Account?
You do not need a bank account to be approved for a car or motorcycle title loan.
How is the Loan Paid Back?
Each vendor will offer many methods for you to choose from when it comes to repaying your title loan, and while each one may differ a little, regular methods such as wire, cash and c/c are available.
Do I Keep My Vehicle While Paying Back the Loan?
Yes. Once you´ve provided the title to your vehicle, secured your loan and have the cash you require, your car or motorcycle stays with you the whole time. Your vehicle title is returned to you as soon as the loan amount is paid back.
Each individual loan application will be processed by your chosen vendor slightly differently, however regardless of your credit history and whether you have a bank account or not, as long as you have a car or motorcycle title in your name, you may apply.
