Getting Car Equity Loans In Mississippi With Bad Credit

Bad credit can impede getting loans, but not so with car equity loans in Mississippi. Car equity loans for bad credit allow borrowers with less than stellar credit to still get approved for emergency cash because they use a lien-free car title as collateral to secure the loan.

In this guide from Mississippi Title Loans, Inc., we will explain bad credit car loans in Mississippi and how you can get car title loans with poor credit. You can use this guide to help determine if getting auto equity loans for low credit scores is the right option for your financial crisis.

What Are Car Equity Loans?

A car equity loan allows Mississippi residents to borrow money based on the value of their vehicle. Borrowers who have fully paid off their car and have a lien-free car title without outstanding debts or judgments can use their vehicle title as collateral to secure the loan.

Otherwise known as car title loans, auto equity loans allow you to access the equity in your car to borrow money for a financial emergency. You can borrow up to $2,500 in emergency funds, with the amount you qualify for depending on the value of your vehicle. A loan representative will inspect your vehicle and determine its value based on its age, make, model, condition, and mileage.

Why Can You Get Car Equity Loans For Bad Credit?

Loans that are secured don’t require good credit, as the collateral provided is an incentive for the borrower to repay the loan. Lenders are always trying to mitigate the risks they undertake, and security is a great way to accomplish that goal. Instead of relying on your say-so, you are veritably putting your money where your mouth is by putting up your car as collateral.

In the case of car equity loans for bad credit, you are putting your lien-free car title as collateral to secure the loan. This means the loan lender is secure in the knowledge that you will put up your car if you default on your loan. Having this security means you can get car title loans with poor credit or no credit, as the loan lender is safe if you fail to make the payments.

When Should You Get Bad Credit Car Loans In Mississippi?

If you have poor credit, you should rein in your spending, focus on your debt, and try to improve your credit for the long term. However, life isn’t always so simple. You may need to get bad credit car loans in Mississippi when facing a financial emergency that emerges out of nowhere.

 In the following situations, you might consider getting auto equity loans for low credit scores:

• Emergency home or auto repairs
• Costly medical bills
• Lapsed bills, rent, or utility
• Unexpected travel costs
• Veterinarian bills

If a bill or service is likely to get more expensive over time, you might consider getting a loan to fund your costs. The emergency cash you can get by securing car equity loans with bad credit will allow you to pay for urgent costs swiftly to avoid late fees, service disruptions, eviction, and other downsides of missing payments.

The Requirements For Car Equity Loans For Bad Credit

As discussed above, good credit is not a requirement for car title loans. You can get approved for auto equity loans for low credit scores as long as you meet the other requirements.

At Mississippi Title Loans, Inc., we have minimal requirements for borrowers to meet to make the approval process simple. You only need a few items to verify your identity, age, car title, and vehicle value. You can have these items verified in person and get same-day approval for title loans.

The following are the required items for car equity loans in Mississippi:

• Your driver’s license or state-issued ID – It’s essential for us to confirm your identity and that you are over 18 years old. If you don’t have a driver's license, you can use a passport, non-driver’s license, military ID, or student ID.
• Your lien-free vehicle title in your name—You must have a lien-free vehicle title to take out a loan. If applicable, pay your debts to your lienholder and have the lien removed before you apply. The car title must also be in your name; you can have the name changed after paying a small fee at a local DMV office.
• Your car itself for a quick inspection – Your car’s value determines the amount you qualify for, so a representative will need to evaluate it in person before approving you.

How To Get Car Title Loans With Poor Credit

To take out an auto equity loan with us, start with our quick online form. Completing it will send your basic information to a loan representative at our nearest location, who will call you shortly after. At this point, you can share your credit situation, and the loan representative will outline your next steps.

They will review your basic information and schedule a meeting with you. You can request a location that works for you, such as your home or workplace, or choose a convenient store location near you. Whichever you choose, make sure you have the aforementioned required items when you head to the meeting.

A loan representative will review your items and inspect your vehicle, checking the VIN and title. If everything checks out, they’ll determine if you qualify for approval. If so, you’ll get the amount of money you are eligible for, up to $2,500, that day or the following business day.

Alternative Borrowing Options For Bad Credit Borrowers

In today’s economy, with the cost of groceries, goods, and housing increasing, it’s harder to pay off your car fully. You may go years of making payments on your car, and a financial emergency can arise while you still haven’t fully paid off your vehicle. In this case, you won’t be able to borrow money through auto equity loans, but there are other loan options for bad credit borrowers.

The following are some other bad credit loans offered by Mississippi Title Loans, Inc.:

• Payday loans: This unsecured loan allows you to borrow money from a future paycheck. You can borrow up to $400, and most borrowers will repay their loan amount with their next paycheck. It’s a short-term loan, so you can borrow payday loans with bad credit or no credit.
• Signature installment loans: This is another unsecured loan. You can borrow up to $1,250 in emergency cash and repay the loan in fixed installment payments. Good credit is not required, as it is a short-term loan.

Apply for Car Equity Loans In Mississippi – Get Approved For Up To $2,500 Today!

If you have bad credit and need fast cash, don’t wait and try securing car equity loans with bad credit today. Mississippi Title Loans, Inc. has a simple approval process for bad credit borrowers who need a car title loan today; we allow for same-day approval to get borrowers their cash in as little as one business day.

Don’t wait to get the financial help you need and fill out our online inquiry form today! One of our loan representatives will call you soon to guide you through the process of getting car title loans with poor credit.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.