What You Should Know Borrowing On A Title Loan For The First Time
Borrowing on a title loan can be a tremendous help in times when you need a little extra cash. But you should understand the process and know what to expect before you sign on the dotted line.
A title loan allows you to borrow against the title of your vehicle. And if that is an option you would like to consider, Mississippi Title Loans, Inc. will guide you through the simple process and get you an answer on approval in almost no time.
Title loans provide emergency funds when you need them the most. To apply, you need a lien-free title to your vehicle, a license or state-issued ID, and you must be at least 18 years old.
So, let's talk about what you should know when you're borrowing on a title loan for the first time.
What Are The Basic Requirements for Borrowing?
There aren't a lot of requirements to get a title loan. You only need a few items to show the loan agent and you'll need to meet with an inspector to look over your vehicle. The most important requirement is the title. You need this to qualify. More importantly, the title must be clear with no outstanding liens against it and in your name.
If your name is not on the title, you must go to the DMV and request a title transfer. If the title is in yours and someone else's name, that's ok. You'll simply need to have the other party sign for the loan, as well.
You must be a minimum of 18 years old to apply for a title loan. You will need to show proof of identification in the form of a state-issued ID or a driver's license. Finally, you must allow an inspecting agent to look over the vehicle to determine its value. The value will help them to figure out the amount you're allowed to borrow.
How Much Can I Borrow?
Mississippi Title Loans, Inc. is held to the state statutes that govern how much we are allowed to loan against a vehicle title. In Mississippi, you can borrow up to $2,500 against your title.
Keep in mind that $2,500 is the maximum. You won't necessarily be approved for that amount. Your approval is also determined by the value and condition of your vehicle, as well as the amount you can afford to repay. Remember, title loans should only be used for financial emergencies and you should never borrow more than you need.
What If My Credit Is Bad?
Bad credit or even no credit doesn’t matter as much with a title loan as it does for a traditional loan. Title loans are backed by the equity in the vehicle you own the title to. They are collateral-based secured loans.
We don't do a deep dive into your credit. So even with bad or no credit history, you can still be approved for a title loan. All credit types are welcome to apply.
Our Title Loan Process
You can start your loan request online, over the phone, or at one of our store locations. Choose what's best for you.
To start your title loan request online, go to our homepage and fill out the inquiry form. That will send an inquiry to your nearest store location and one of our knowledgeable representatives will contact you shortly after receiving it.
When the loan representative calls, you can ask any questions you have about the loan terms and the process. At that time, the agent will likely confirm the information you provided on the form and set up a time to meet. Pick a time that works for you. You can work with your loan specialist to decide where you want to meet up. You can go into your nearest store location or have us come to you.
That meeting is when you'll present your ID and the title for review. The inspecting agent will also do a quick inspection of your vehicle to determine its value and see what condition the car is in.
The In-Person Meeting
You don't need a lot of time for the in-person meeting. You should have your answer for approval by the end of the meet-up. If you're approved and you accept, you'll sign a couple of documents and arrange to have your cash that day or the next business day.
Get Started Today!
There's not a lot you need to know before borrowing on your first title loan but you should know what to expect. Now you do.
Mississippi Title Loans, Inc. offers title loans online and in-store. If you're ready to find out how much you could get approved for, head to the homepage now to fill in the information needed to start your inquiry. We'll be calling you shortly.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.