Why It’s Okay To Have Bad Credit When Applying For A Car Title Loan
If you have poor credit, you might be worried you can’t get a car title loan when you need help right now with your emergency expenses. It is a legitimate concern, seeing as though having bad credit can stop you from getting most types of loans from a bank. However, if you come see us at Missouri Title Loans, Inc. for your title loan, you’ll see that we will still consider you even if you have bad credit! Keep reading to learn why credit doesn’t automatically stop you from getting this loan.
Learn Why Bad Credit Doesn't Automatically Disqualify You
The reason bad credit doesn’t automatically stop you from getting this loan is because this loan is a secured loan. This means that you are putting up your own personal property as collateral to secure the money we lend you. When it comes to a title loan, you are using your vehicle’s lien-free title to secure the loan. Since we already have this security that you’ll repay us, we don’t have to rely heavily on your credit score.
Another factor many may not realize is that we don't report to any of the major credit bureaus about your loan. Your car title loan doesn't go against your debt-to-income ratio and doesn't figure into your credit score. That means your credit score, which you may be trying to rebuild, isn't affected. This is a good thing to remember because this means your loan won’t be able to help you rebuild your credit. If this was your reason to get this loan, you’ll have to look at other options.
Does This Mean Credit Plays No Role?
One thing to know about your credit is, while it seems it plays no role, that isn’t always the case. We ask that you don’t go into this process thinking that we won’t ever have to check your credit. There will always be a chance where we might have to look at your credit before we can determine if you qualify for approval. This is especially the case if we determine we can lend you a large amount of money. And speaking of how much we can lend, you can get anything up to $15,000.
What Do I Need To Get A Title Loan?
As we said above, we don’t rely heavily on your credit score. This means you should know what we do need to see if you qualify. One thing to know is that banks and other financial institutions may ask for a lot of documentation to get you approved even for a small loan. They may ask for a credit report, your last tax filing, and other recent proof of income. We here at Missouri Title Loan don't do that. In fact, you only need three things to apply no matter what your credit status is.
Those applying for a car title loan with us need to have a driver's license or state-issued ID, a vehicle that's completely paid off and in their name, and a clear title to that vehicle also in their name. These items allow us to determine how much we could lend you and if you qualify for approval. First, the ID allows us to determine that you are a legal adult because we can’t give a minor a loan. The title is for the collateral and the vehicle is used to help us determine how much you could get.
If Bad Credit Doesn’t Stop Me, What Does The Process Look Like?
Since bad credit doesn’t automatically stop you from getting a car title loan, you should know what the actual process looks like. You should know that we here at Missouri Title Loans, Inc. is one of the few companies that allow for an online title loan application. This means you can head to our website and fill out the online application to begin the process. You will still need to set up a meeting either at our nearest Missouri title loan office location or somewhere else more convenient for you.
This is so you can meet us in person so we can inspect your vehicle and assess your ID and title, but everything else can be done electronically – even repayment! From there, we will decide if you qualify for approval and determine how much we can lend to you. If you do qualify for approval, we will go over the loan terms and help you finish signing the paperwork. From there, you are finished with the car title loan process! You can get the money either later that day or the next bank business day.
Don’t Let Your Credit Stand In Your Way Of A Title Loan!
As you can see, you don’t have to let your bad credit stand in your way if you need a car title loan. Come see us at Missouri Title Loans, Inc. and we will be glad to tell you your chances of getting the loan and how much we can lend you! And there is absolutely no obligation to take out the loan, so you are truly free to just come in and learn about it until you make your decision! So if you need help with your emergency expenses, fill out the online application on our website right now!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.