Your car broke down on the way to work. What are you going to do? If you don’t have an emergency fund, you may need a loan to cover the cost of the car repairs. Cash loans on car titles, also known as auto title loans, allow you to borrow money using the equity in your vehicle as collateral. Cash loans on car titles allow you to get money quickly–sometimes in as little as 30 minutes. Read on to find answers to common questions about auto title loans.
How do cash loans on car titles work?
To apply for an auto title loan, you’ll need a copy of your car title and your driver’s license. Other documentation may be required as well. The lender will take the value of your vehicle and subtract what is owed against it to determine how much equity you have in the vehicle. Then they will tell you how much they are willing to lend against your vehicle.
You can apply for an auto title loan online, but you may need to come into the office to sign the final paperwork and pick up your check. Once you have the check, you can cash it immediately.
How quickly can you get the money?
If you apply in person, you can often get the money in 30 minutes or less. You’ll be off and running in no time.
Can you still drive your car?
Absolutely! The lender understands that you need to use your car in order to keep your job–and you have to keep your job in order to pay back the lender. You can drive your car just as you normally would while you are paying off your auto title loan.
Can I get an auto title loan with bad credit?
Most auto title loan lenders will lend to borrowers with bad credit. However, you may find that your interest rate is higher if you do not have very good credit.
Can I get a cash loan on my car title if I am unemployed?
To get a cash loan on your car title, you must have equity in your vehicle and some sort of income coming in to be able to pay off the loan. Your unemployment benefits count as income for the purpose of qualifying for a loan.
Do you need an auto title loan in Arizona? Contact Tio Rico to apply for a loan today.