What are the Requirements for an Auto Title Loan?

Looking to get an auto title loan? Here’s what you need to know before getting that car title loan.

What You’ll Need to Get an Auto Title Loan

auto title loanA car title loan often makes sense for people who have bad credit. It allows you to get a loan without paying the high interest rates that typically come with other types of loans. It’s certainly cheaper to a pay day loan, which will cost you a very large amount of money if it’s not paid back quickly.

But what do you need to get a car title loan? Here are the general requirements.

One of the most important requirements is that you need to have the title of the car. This means that you will need to own the car outright. If you still owe money on your car, the bank or the lender associated with the loan will still have the title. This means that you won’t be able to get an auto title loan. The same is true if there is more than one person on the car title. You’ll need to own the vehicle outright on its own in order to get an auto title loan.

The vehicle can also not have any other loans against it if you hope to get a car title loan. If the car was recently under lien from another lender, but that debt has since been paid off, you will need to show documentation that proves this. These documents can usually be acquired from the other lender.

You will also be expected to provide some sort of financial documents. While you usually don’t need to have full time employment to get a car title loan, you will need to show that you have the ability to pay back the loan. There typically is no credit check with an auto title loan since you are putting the vehicle up as collateral.

Identification is also required. You need to show proof of ID as well as proof of residence in order to get a car title loan. You will need to show proof of insurance as well.

A car title loan is generally an easier loan to get than many other loans. This is because you are putting your vehicle up as collateral. However, there are still requirements that you will need to keep in mind if you hope to get an auto title loan.

The faster you are able to provide the documents needed, the faster you will be able to get your loan, so it makes sense for you to know what the requirements are. This will allow you to have everything ready when you go in to apply for the auto title loan.

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Why Getting a Car Title Loan is better than a Payday Loan

car title loansIf you are looking for fast cash, you may be tempted to get a payday loan. After all, you’ve likely seen these services advertised in the past and the general idea sounds like a good one. However, if you need money quickly, you may want to consider borrowing against your vehicle instead.

Why? There are a number of reasons.

Advantages of a Car Title Loan over a Payday Loan

One of the main reasons to avoid payday loans is that these loans cost you a very large amount of money.

For example, many payday loan companies charge around $20 to borrow $100 for a two-week period. This may not seem like much at first, but it adds up to over 500% interest over the course of a year.

As you can see, if you’re not able to pay one of these loans back quickly, you’re going to end up paying a very large amount of money. Sure, you’ll be able to get cash quickly, but it will certainly cost you.

 Watch Video: What’s the real costs of a Payday loan?

Another option for fast cash is a car title loan. A car title loan is a loan where you borrow against the value of your car. To get a car title loan, you need to own your car outright.

A car title loan is a secured loan, which means that you usually don’t need a credit check to get one. It also means that you’ll be able to get the cash you need quite quickly. In most cases, you’ll only need to wait a day or two before you receive the money from a car title loan.

A big advantage to a car title loan is that the interest rate that you will pay will be significantly lower than the interest charged on a payday loan.

The actual rate that you will be charged will depend on your particular situation and the lender that you are working with, but it will certainly be lower than the incredibly high rates that are charged on payday loans.

Car Title Loan Tips

If you are looking for a car title loan, it’s important that you work with a reputable company. Not only will a reputable company be easier to deal with, but it will also be more likely to offer you a lower interest rate.

You’ll also want to ensure that the company you are working with reports to the major credit bureaus. Getting a car title loan and paying it back on time can help you improve your credit rating. However, in order to do so, it’s very important that you don’t miss any payments.

Finally, you don’t have to worry about losing access to your car when you get a car title loan. As long as you make your payments, you can use your vehicle in the same manner that you always have. You don’t have to worry about changing your lifestyle just to get an affordable loan.

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Use the equity in your car to borrow money now.

Many of us have cars.  And many of us find ourselves in a situation where we need money quickly.  There are a few choices:

  1. Go to a bank.  However if, for whatever reason you find your credit score is a bit lower than what the bank is comfortable with this may not be an option.
  2. Go to a pay day loan type company.  We highly recommend against this option.  The pay back times are very short and the fees are extremely high if you are not able to pay back in the short times agreed on.
  3. is owned by Prudent Financial.  BWYC is a company that specializes in helping people borrow using the equity in their car.  If you need money for a short time, you can pay off the loan early.  And all your positive loan payments are reported to the credit bureau, which goes towards your total credit history and can eventually lead to a better credit rating. Prudent Financial has been lending money to people with lower credit scores since 1984.  Their rates for lower credit lending are the lowest in the GTA. Need some money quickly and still want reasonable rates and pay back periods?   Call or click to   and Think Smart.  Think Prudent.

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