When Should I Apply For A Loan Against My Car Title? Is It Worth It?

Are you asking yourself “is it worth it to apply for a loan against my car title”? Depending on your situation and the state of your vehicle, applying for a loan with your car title could be the option you are looking for in a financial emergency and make it worth applying for.

Ask Yourself These Questions Before You Apply For A Car Title Loan

The best way to figure out when it’s an appropriate time to apply for a vehicle title loan is to ask yourself the following questions:

1. Is The Problem Time-Sensitive?

Title loans are short-term loans meant to be used for unexpected and time-sensitive expenses that you would otherwise have the funds for if you give it a little extra time. For this reason, title loans are usually seen as a last resort, hence why they are viewed as a source of emergency cash. The type of time-sensitive and unexpected expenses that title loans are used for are the following:

  • Home repair
  • Auto repair
  • Emergency Room Visits
  • Medical Bills
  • Utility Bills
  • Unexpected Important Travel (i.e. work-related travel)
  • Rent

These kinds of expenses may leave you no time to get funds in more traditional routes, like waiting for your next couple of paydays. If you find yourself with unexpected expenses and minimal resources to get quick cash, a car title loan may be worth taking advantage of.

2. Have I Exhausted All Other Means?

As stated above, when you apply for a loan, especially a car title loan, it is usually left as a last resort. Before opting to apply for a title loan, you will want to see if you can get the money you need from other resources.

Examples of other financial resources to consider are:

  1. Existing Credit Cards- Do you have an existing credit card that you can charge the above-mentioned expenses? If you have already maxed out your credit card limit, can you call and ask if your credit line can be raised?
  2. Friends And Family- Have you considered or tried asking friends and family to lend you the money you need. Nearly everyone has experienced a financial emergency that requires one to ask for help. You may find that your friends and family can relate to your situation and are willing to offer you financial help when you need it.

man borrowing money instead of applying for a loan against his title

If neither of these resources is available to you, and you have very little time to come up with the funds you need, then choosing to get a loan against one’s car title may be the option you are looking for.

3. Is My Car Condition Appropriate To Get A Loan Against My Car Title?

Another important factor to whether it is worth it to apply for a loan against your car title will depend on the state of your vehicle.

If you are looking to apply for a loan with your car title, it is important to decide whether the state of your vehicle will allow you to get the emergency cash you require.

When getting a car title loan, the title loan provider will have someone inspect your vehicle to determine the amount they are willing to loan you. The individual who inspects your car will look at both the interior and exterior of the car for damage and repair needs, as well as the mileage, year, make, and model.

With this in mind, it may not be worth it to get a car title loan if your vehicle is in poor condition and you don’t feel you will get the funds you need in the process.

4. How Much Of A Loan Can I Get?

If your situation calls for the use of title loan services but you aren’t sure about the state of your vehicle and how much you would get, you won’t need to make any unnecessary trips to find out!

Thankfully, with Missouri Title Loans, Inc. there is no charge for you to apply for your title loan online in Missouri and have your vehicle inspected. Not only that, but you won’t have to waste time traveling to one of our multiple store locations to have the vehicle inspected.

When you apply for a loan with Missouri Title Loans, Inc., we’ll send one of our representatives to you. Without having to leave the confines of your home you can submit an online application form and have a representative come to you to find out how much you qualify for.

All you need to apply is:

  • Drivers license or state-issued I.D.
  • Lien-free vehicle title
  • The vehicle for inspection

With these three items ready to present, a representative from Missouri Title Loans, Inc. will come to you to inspect your vehicle and potentially offer you up to $15,000 in a title loan. Once all is said and done, and you'll hand in your title only – you will be able to keep your vehicle for the duration of the loan.

woman got a loan against her car title online

Apply Today

Find out if you can get approved for the funds you need and apply for a loan with Missouri Title Loans, Inc. online today! All you need is to fill out a short application form on our website.

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

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.