Do You Have To Give Away Your Car For A Title Loan?
Getting a title loan is incredibly easy with Missouri Title Loans, Inc., but some people mistakenly believe you have to give away car just to get approved. That’s not true at all!
You don’t have to give away your car to apply for a title loan. Instead, you’ll need to bring it in for a quick physical inspection to determine how much you qualify to borrow, up to a maximum of $15,000! Afterwards, you get to keep your car even if your loan is approved.
This quick article will clear up any misconceptions about giving away your car to apply for a loan. As you read through, you’ll understand when and why to bring your vehicle in for an inspection, along with the other requirements you must fulfill.
Can You Keep Your Car With A Title Loan?
No, you do not have to give away your car to apply for or receive a title loan. Instead, you get to keep your car, even if your loan application is approved and you receive the money.
One important thing to remember about title loans is that you are using your lien-free car title as collateral to secure the money you borrow. You aren’t using the physical vehicle to do that.
As such, you can drive away with the vehicle after completing your application. You can continue commuting to work and running your daily errands without problems!
That’s one of many reasons why title loans are a popular option among borrowers. Aside from being quick and easy to apply for, these loans are convenient and do not disrupt your daily life.
How Long Does The Car Inspection Take?
Even though you do not have to give your car away to get a title loan, you will need to bring it in for a physical inspection.
That inspection will only take a few moments to complete and will take place during your in-person meeting with a loan representative.
Overall, that meeting must happen so the representative can verify your documents, inspect your car, and help you complete your application.
So, don’t worry. The inspection won’t take too much of your time ’ be over before you know it!
Why Do You Have To Get Your Car Inspected For A Title Loan?
Getting your car physically inspected is a crucial part of the title loan application process.
Through one of these loans, you can get up to $15,000. However, the precise amount you qualify to borrow will depend on how much your car is worth.
So, even if you fulfill all the requirements to get the loan, a representative must still assess your vehicle to determine its value.
Your car’s dollar value and other factors like your ability to repay a potential loan will affect how much you qualify to borrow.
In simple terms, your application cannot proceed without the car inspection.
How Will My Car’s Value Be Determined?
There are two factors that will determine how much your car is worth.
The representative who inspects it will consider the following:
- The physical condition of your car. A car that’s well-maintained and free from problems, inside and out, is generally worth more than one in terrible shape.
- The market value for your car’s make, model, and year. The loan representative will refer to a nationally recognized price guide to understand how much your car is worth.
By considering both the physical condition of your car and the current market value, the representative can calculate how much you qualify to borrow.
Soon after the inspection and your application are completed, the representative will let you know if you qualify to borrow money and how much you can get.
What Are The Other Requirements For A Title Loan?
As you can see, the car inspection is an important part of the loan application process, even though you won’t have to give your car away.
Still, you must remember that it’s not the only requirement for a title loan.
Here are the relaxed requirements you must fulfill to qualify for one of these loans;
- You must be at least 18 years old to apply.
- You must have a lien-free or ‘clear’ title for your car. That means the title shows that you own the vehicle outright without any outstanding loans or judgments against it.
- You must have a valid driver’s license or another state-issued ID.
Once you have these three things ready and your car prepared for an inspection, you can start applying anytime!
Get Your Title Loan Now!
Take the first step to apply for a title loan now with Missouri Title Loans, Inc. You won’t have to give away car, submit the online form with your details to find out if you’re approved.
Soon after that, a loan representative from a nearby store location will call to set a time and place to meet. It’s that simple!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.