How To Get Your Car Ready For An Auto Title Loan

Auto title loans are becoming increasingly popular across the US, as a way of getting emergency money when required. 

An auto title loan is a short-term loan where a person pledges their car as collateral. This way, there is less focus on the borrower’s credit score, although a credit check may still be necessary. 

In this article, we’re going to take a look at how you can prepare your car and yourself for an auto title loan if you need fast cash. 

Understanding Auto Title Loans

As we’ve established above, an auto title loan requires you to pledge your car as collateral to borrow money from a lender.

There are a few things to understand about auto title loans before applying.

First, an auto title loan can be one of the quickest ways of getting emergency money when you need it most, as the application process can often take only 30 minutes to complete. 

With this type of loan, the processing time is also faster than other types of loans, meaning you’re likely to get those emergency funds as soon as the same day or the following business day. 

Getting Car Repairs Done Before Your Car Is Valued

When seeking an auto title loan, the value of your vehicle will play a big role in how much you can receive. 

This means it’s imperative to ensure your car runs as smoothly as possible, so you can receive the amount you need to borrow. 

Repairs could mean anything simple from touching up the paint on your rear bumper to patching up a ripped car seat, both of which could make a difference when your car is valued. 

So, it’s definitely a good idea to consider what repairs could be done to boost its value. 

Getting Your Car Valued To Ascertain Affordability

The next step in preparing your car for an auto title loan is getting your car valued. In most cases, lenders are willing to loan you between 25 and 50% of your car value. Therefore, it might be a good idea to get your car valued by a few mechanics or professionals before applying for an auto title loan, just to get a good idea of where it’s estimated at. 

This means you can have a realistic expectation of how much your car is worth, and therefore how much you will be able to borrow and how affordable it will be to repay. 

Gathering Your Documentation Before You Begin

Applying for auto title loans will require a few simple documents to qualify. These include a lien-free vehicle title to prove ownership, a government-issued ID to prove you are the named owner of the car, and possibly other important documents such as proof of vehicle insurance. 

With these documents to hand, you’ll have the requirements needed to apply and be approved for a title loan. 

Researching And Affordability Calculators

If you’ve done all of the above, it’s now time to research auto title loan rates and affordability. 

One of the best ways to do this is online, through comparison sites and affordability calculators. With these, you will be able to see whether you can afford the loan you want, and whether the terms of the loan meet your requirements.

This will ensure you know which lender to apply with, and with which you have the most chance of getting approval, which is essential to know. 

How Missouri Title Loans, Inc. Can Help

One of the title loan lenders you may come across in your search is Missouri Title Loans, Inc. To request a loan, use the online form to apply, making the whole process even easier and more efficient. Once this form has been submitted, a representative will call you to answer any questions you may have and to set up a meeting to assess and value your car. They will also take a look at your documents before making a decision on approval. This can take as little as 30 minutes. If approved, you can get the money you need that same day or the next business day.

Tips For Preparing Your Car For An Auto Title Loan

So, as we’ve seen above, there are a few ways in which you can get yourself and your car ready for auto title loans, including preparing your documentation and doing any quick and cheap repairs that need to be done before getting your car valued. 

Missouri Title Loans, Inc. is a great way of borrowing money quickly and seamlessly, ensuring you can get your funds as soon as possible in the event of a financial emergency. 

So, if you’re looking for a hassle-free auto title loan, submit your loan inquiry 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.