Myths About Vehicle Title Loans (Yes, You Can Still Drive Your Car!)
Vehicle title loans are a quick and reliable way to secure funds for emergency expenses. At Mississippi Title Loans, Inc., we ensure the process is simple, even for those with bad credit. However, misinformation can prevent people from exploring this option.
In this article, we will debunk 7 common myths about vehicle title loans so you can make an informed decision.
Debunking Title Loan Myths
1. You Have To Give Up Using Your Car
Many believe they’ll lose access to their car after securing a title loan. That’s not how our title loans work! The loan is secured by your vehicle’s title, not the car itself. While we will hold the title and place a lien on it, you keep driving your car as long as you meet the payment terms.
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 use your car during the loan, as long as you meet the payment terms.
2. You Need To Have A High Credit Score
Worried about bad credit? Unlike traditional loans, car title loans don’t rely on your credit score for loan approval. 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 Must Be Employed
Employment isn’t a loan requirement. As long as you have a reliable way to repay the loan, such as a pension or other income source, you can qualify with lenders like us.
You can apply for vehicle title loans at Mississippi Title Loans, Inc., as long as you have a source of income/funds to pay off the loan. In fact, we typically don’t ask for proof of income when you come to see us for a loan. Just make sure you 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. Borrowers who have 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 Car 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 for our fast title loans. We require that your title is lien-free and in your name for you to qualify for auto title loans. The title registration must also be listed in your name before you can use it as collateral for car title loans. If it is not, you have to go to the DMV to have it transferred.
6. It’s Hard To Apply For Car Title Loans
With Mississippi Title Loans, Inc., applying for 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 to lend you a hand. Then you can go to the store to submit your required documents and get a vehicle inspection to determine your vehicle’s value. If you get approved for Mississippi title loans and agree to the terms and rates, simply sign the loan agreement to get the money as soon as 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 lenders you can trust when you need a loan!
Quick, Hassle-Free Applications
Applying for fast title loans in MS has never been easier. Fill out an online form, submit documents, and get your funds the same or next business day.
Get Started On Your Mississippi Title Loans Today!
Don’t let title loan myths hold you back. If you need quick cash for an emergency, trust that Mississippi Title Loans, Inc. is here to help with a quick and easy process.
So, if you are going through an emergency and need fast cash, fill out our form today to get started!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.