Unexpected expenses can put pressure on your budget, especially when you need to handle an urgent car repair, home expense, medical bill, or another financial emergency.
If you own a paid-off vehicle, Kansas City title loans may provide one option for accessing emergency funds using your vehicle title as collateral.
Missouri Title Loans, Inc. allows qualified borrowers to apply for up to $15,000 based in part on the value of their vehicle. You can start the application online and then complete the required steps with a local loan representative.
Before applying, however, it is important to understand how title loans work, what you need, how your vehicle affects the loan amount, and what you should consider before borrowing.
Here are six things to know when considering title loans in Kansas City, Missouri.
Six Things to Know When Considering Title Loans in Kansas City
1. You’ll Need Three Items To Qualify
First things first – are Kansas City title loans right for you? If you face a financial emergency, don’t have any savings, and can’t find another resource for cash, you may be in the right place.
After identifying your financial need, you can qualify for Kansas City title loans by holding a Missouri I.D. and owning your vehicle outright. The car, truck, or van must also not have any legal liens on it.
You can see if your car has any liens by checking out its title. There should be a designated section that either lists the lienholders or says there are none. The latter is called a lien-free title, and you’ll need this document to qualify for the loan.
If you own a lien-free car but don’t have it on hand, be sure it’s in your possession at the time you apply. If we can’t check out your car, you can’t qualify for a title loan.
So, the three items you’ll need are:
- A lien-free title to your vehicle
- A state-issued ID
- Your vehicle itself for inspection
2. You Can Keep Driving Your Vehicle
One of the most common questions about Kansas City title loans is whether the lender takes possession of your vehicle.
With Missouri Title Loans, Inc., you can continue driving your vehicle while repaying your loan according to the terms of your agreement.
Your title is used as collateral, but you do not simply hand over your vehicle when the loan is approved.
This can be important if you rely on your car to:
- Commute to work
- Take children to school
- Attend appointments
- Buy groceries
- Run errands
- Handle everyday transportation
However, because your vehicle secures the loan, you should carefully review the repayment terms and understand the consequences of failing to repay before accepting the loan.
3. Kansas City Title Loans May Provide Up to $15,000
Qualified borrowers may be able to receive up to $15,000 with a Missouri title loan.
That does not mean every applicant will qualify for the maximum amount.
The amount available depends in part on the value of the vehicle being used as collateral. During the application process, the vehicle is inspected and evaluated.
Factors that may affect your vehicle's value include:
- Age
- Make
- Model
- Mileage
- Overall condition
For example, two applicants may own completely different vehicles with different market values. Because the vehicle helps secure the loan, their available loan amounts could also be different.
Your actual loan amount will be determined after the required application information and vehicle evaluation have been reviewed.
4. The Title Loan Process Begins Online
You can find out if you’re approved for Kansas City title loans in just a few minutes. Fill out our online form with your basic details and some information about your car to instantly find out if you're eligible.
After this, you’ll get a call from us to confirm your loan details, arrange a meeting, and decide the loan amount. During this call, you can ask any questions and learn more about the process.
5. You’ll Need To Have A Vehicle Inspection
The call will be from a local loan representative. They’ll arrange a time to meet with you in person to complete the application paperwork and inspect your vehicle. The car inspection is an integral part of your application and in determining how much money you qualify for.
You can choose to have the rep come to you or to meet at our office. In Kansas City, we are located at 5058 NE Antioch Road, Kansas City, MO 64119. We also have offices in over 15 locations across the state.
The in-person meeting is short and sweet and usually completed in half an hour.
6. Same-Day or Next-Business-Day Funding May Be Available
Financial emergencies often involve expenses that cannot be postponed for several weeks.
If your application is completed and approved, funding may be available the same business day or the following business day, depending on when the transaction is completed and any required verification.
Funding should never be considered guaranteed until your application has been reviewed and approved.
Before accepting the loan, take time to review:
- The amount you are borrowing
- Interest and applicable fees
- Payment amounts
- Payment due dates
- Total repayment cost
- The consequences of missed payments
- Any other terms in your loan agreement
Getting access to money quickly can be helpful during an emergency, but understanding what the loan will cost is just as important.
Ready To Pay Your Bills? Fill Out Our Online Form Now!
Ignoring the pile of bills on the kitchen table won’t make them disappear. If you’re facing urgent and expensive costs and need a financial hand, consider Kansas City title loans. At Missouri Title Loans, Inc., we make qualifying easy. All you’ll need is your car, its lien-free title, an I.D., and an hour or two of your time.
Fill out the online document to get the process started and breathe a sigh of relief. After your documents and car are inspected and approved, you’ll have your title loan in hand. What are you waiting for? In a few hours, you could have your car, your money, and your peace of mind!
Kansas City Title Loan FAQs
What is a Kansas City title loan?
A title loan is a secured loan that allows a qualified borrower to use a lien-free vehicle title as collateral. The vehicle's value is one factor used to determine the amount that may be available.
What do I need for a title loan in Kansas City?
Core requirements include a state-issued photo ID, a lien-free vehicle title in your name, and the vehicle for inspection. Additional application information may also be required.
How much can I borrow with a title loan?
Qualified borrowers may be able to receive up to $15,000. Your actual amount depends in part on the value and condition of your vehicle and the completed application review.
Does my car have to be paid off?
Yes. Your vehicle must have a lien-free title. If you still owe money to an auto lender and there is an active lien on your title, it would not meet the lien-free title requirement.
Can I keep driving my car after getting a title loan?
Yes. You can continue driving your vehicle while repaying the loan according to your agreement.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
