The Beginner’s Guide To Getting Your First Title Loan: Auto Title Loans Explained
Before you can truly understand auto title loans explained, there’s a lot that you’ll need to consider. Fortunately, our experts are on hand to outline some of the integral features of these lending opportunities to help you make an informed decision. After all, auto title loans explained shouldn’t be too difficult, and this short guide should outline some of the main things you should ideally know.
What Are They? Auto Title Loans Explained
If taking out a first title loan feels a little worrying, don’t stress. It’s not unnatural to be unsure about this. Still, auto title loans explained by a professional business can help you clarify if this is a good option for you. It could be worth considering as an option if you find yourself in need of finance. Some common reasons for requiring quick finance include hospital bills, home repairs, and emergency travel.
A title loan is, at its simplest, a form of loan that is secured against the value of a vehicle’s title.
How Do They Work?
Overall, these lending options tend to be often much simpler to obtain than regular loans, especially for individuals with poor credit, since there’s a higher chance of the loan being approved, making it easy to get your first title loan.
Of course, it’s worth remembering that not every title loan will be approved. As such, for those who find themselves in need of funds quickly for an emergency bill or the like, having other backup plans in place could be a good option.
They are also relatively short-term forms of loan. Therefore, when you take out one of these plans (if approved), you can begin making repayments relatively soon. Moreover, the loan will usually be paid off in several months.
Now, one of the main benefits that are often associated with auto title loans is that you get to keep your vehicle and drive it as normal while you pay off the loan. Hence, if an individual has to raise funds quickly but can’t afford to be left without a vehicle (e.g., for the daily commute to work), a lending option secured by the value of the vehicle title might be a possible option.
What Are The Requirements For An Auto Title Loan?
There are several different required documents that will be required during the application process. These may vary by provider, naturally. Nonetheless, some common forms of documentation to supply while inquiring about these particular plans include the following:
- Identification: either an ID issued by the state or your driver’s license
- A lien-free title to the vehicle, showing you as the registered owner (ie. nothing outstanding)
You will also be asked to present your car for a check before a loan can be given to you. Hopefully, this shouldn’t take much time, but we must make sure that we are offering a suitable sum of money for the loan according to the vehicle’s value.
Although there is no way to guarantee that an individual will be approved for a loan, it’s also worth remembering that these options are less reliant on credit checks. After all, the loan is secured against the vehicle’s value anyway. Therefore, for people who have a poor credit history, such lending options may be a more viable opportunity.
How To Apply With Mississippi Title Loans, Inc.
Think that auto title loans could be the most effective option for a specific scenario? If so, applying for an auto title loan through Mississippi Title Loans, Inc. is incredibly straightforward. The process goes like this:
- Fill out a short online inquiry form to give us some basic information.
- Enjoy a phone call with your friendly local Mississippi Title Loans, Inc. representative.
- Meet your representative, either somewhere that’s comfortable for you or in-store.
- Bring your ID, vehicle, and vehicle title.
- Wait for the reps to complete an assessment of your car.
- If approved, the money should arrive in your bank on or by the following working day.
Auto title loans are available ranging in value anywhere between $300 and $2,500. The exact figure that’s available will often depend on requirements and the value of the car itself. Even applicants with a poor credit schedule are welcome to apply. However, applications that fall short of the criteria may be turned away.
Final Thoughts
Many people fail to recognize what an auto title loan is and how it works. However, this shouldn’t have to be the case. Accordingly, our experts here at Mississippi Title Loans, Inc. are on hand to help. After all, taking these out for the first time can feel daunting, and comes with several important things to consider. Luckily, these options are relatively simple to understand with the right approach.
To find out more about taking out a first title loan, contact the experts at Mississippi Title Loans, Inc. today. We understand what it takes to provide top-rated solutions. Thus, our teams do everything to make your application process as seamless as possible.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.