Myths About Vehicle Title Loans (Yes, You Can Still Drive Your Car!)
Vehicle title loans can help you quickly raise money for emergency expenses. The process through us at Mississippi Title Loans, Inc. is quick, and you can apply even if you have bad credit. Despite all of these benefits, some people are hesitant to take on a title loan because of myths they’ve heard or read online.
These are usually based on something someone may have told them or vague warnings they read on the Internet. Don’t let misconceptions and myths about vehicle title loans stop you. You have to do your own real research to find the right answers. Check out these common myths and the truth about our vehicle title loans.
7 Common Myths About Vehicle Title Loans And What's Really True
1. You Have To Give Up Using Your Car
Some people think that after the loan is approved, they have to surrender the car until they’re able to pay it off. That’s not how vehicle title loans work with us. Instead, we will place a lien on the title during the duration of the loan. We also hold onto your title while you repay the vehicle title loans in full.
A lien is a legal right or claim over a property until the debt is paid off. Even with this lien on your title and us holding onto your title, we will not hold onto your vehicle. The vehicle itself isn’t the collateral, the title is. So you can definitely use your car during the loan, as long as you meet the payment terms.
2. You Need To Have A High Credit Score
Needing higher credit is a myth based on how banks require a FICO score of 610 to 640 for any personal loans. Some may even ask for a score of 690 for certain types of loans. However, vehicle title loans work differently. Even if you have bad credit, or have not yet been able to establish a credit history, you are still welcome to apply with us.
3. You Need To Be Employed
Needing to be employed is a myth that also comes from the banks’ traditional loan criteria. They will look at your employment history and ask all sorts of questions about how long you’ve worked at your current job and if it’s a regular or contractual position. They may even ask you to show proof of your income.
We do not do that here when you come to Mississippi Title Loans, Inc. for the loan. You can apply for vehicle title loans as long as you have a source of funds to pay off the loan. In fact, we don’t even ask for proof of income when you come to see us. Just make sure you do have a sure way to repay the loan on time.
4. You Can Only Use New Vehicles
When it comes to your vehicle, you are allowed to use cars, pick-up trucks, SUVs, or minivans of any age. However, keep in mind that the condition of the vehicle will affect how much you could get if you are approved. An older car that has been well maintained and has relatively low mileage can still qualify for a high amount. We will assess your vehicle when we meet to determine its condition.
5. As Long As You Have The Title, You Can Take Out A Loan
Just because you may have a vehicle title, doesn’t mean you can automatically use it as collateral with us. We require that your title is lien-free and in your name in order for you to qualify for vehicle title loans. The title must be registered under your name before you can use it as collateral. If it is not, you have to go to the DMV to have it transferred.
6. It’s Hard To Apply
With Mississippi Title Loans, Inc., applying for vehicle title loans is easy and fast. Just fill out an online form and one of our loan representatives from the nearest location will call you. Then you can either go to the store or have us come to you to submit documents and get a vehicle inspection. If you get approved, you get the money the same day or the next business day.
7. You Have To Wait A Long Time To Get Your Money
A lender who drags out the payment process is likely not a trustworthy lender. At Mississippi Title Loans, Inc., we release the vehicle title loans money the same day or the next day after we determine you are approved for the loan. That’s why it’s important to go to a lender you can trust!
Find Out More About Vehicle Title Loans Now!
As you can see, a lot of the myths that have probably stopped you in the past are just that – myths. We make sure the process is simple and quick here. So if you are going through an emergency and need quick cash, come to Mississippi Title Loans, Inc. for car title loans. Fill out the online form to get started now.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.