Should I Get A Secured Loan With My Car Title?

Those who experience a sudden financial emergency know how difficult it can be to find your way back to financial peace of mind. No matter your income or how much you have in savings, a financial emergency can hurt your bank account. One option to consider is secured loans with vehicle equity, also known as a title loan.

In this article from Mississippi Title Loans, Inc., we'll discuss why a secured loan with a car title may be right for you — and how you can use it to get financial relief today. We will also provide real-life examples of how car title loans in Mississippi can benefit those facing urgent expenses.

What Are Car Title Secured Loans?

Car title loans are loans designed as short-term relief for temporary but pressing financial emergencies. Such emergencies include last-minute travel, home or vehicle repairs, or emergency room visits — all of which come with steep price tags and typically come out of nowhere.

With this type of secured loan with a car title, you use your lien-free vehicle title as loan collateral in exchange for money. Don’t worry though, when you apply for a title loan through a lender like Mississippi Title Loans, Inc., you get to keep your car and drive it as usual for the duration of a loan. Collateral-based loans like title loans allow you to borrow regardless of your credit score. 

With just a few simple requirements, you can qualify for a title loan between $300 and $2,500 in as little as 30 minutes – based on your vehicle’s value and condition. The value of your vehicle is determined with a quick inspection during the in-person portion of the loan process.

The Requirements For Car Title Loans In Mississippi

One big plus of getting an auto title loan through Mississippi Title Loans, Inc. is there are very few requirements to qualify. We keep our requirements simple to allow borrowers to get approved easily and quickly when faced with pressing expenses. The last thing you'll want is a long, drawn-out approval process for auto title loans when you need to pay off your costs quickly. 

In addition to being at least 18 years old, these are the required items you need to get quick title loan approval:

• A driver’s license or another form of state-issued ID proving your identity 
• Your vehicle for a quick inspection to determine your car’s worth and how much you may qualify to borrow
• The lien-free title to your vehicle in your name to use as collateral to secure the loan and prove car ownership

If your car’s title is not in your name, you must visit a Mississippi DMV office to have it transferred into your name before applying for a title loan. You must also confirm that your title is free of any outstanding liens or judgments before you submit your loan request.

Getting A Secured Title Loan Without A Credit Check

Unlike other types of loans, you do not need a checking account to qualify for a secured loan with your car title — or submit proof of income, such as a pay stub. For many lenders, your credit score is the deciding factor for loan approval, but with a title loan, the vehicle title being used as collateral is used to secure the loan. 

At Mississippi Title Loans, Inc., we are committed to helping borrowers who need a title loan get one. That is why we welcome all types of credit, good, bad, or non-existent, to apply. You can get title loans without a credit check to help the process go smoother. 

Additionally, we do not report the loan to credit agencies. Your personal information is kept confidential according to our strict privacy policy. That means you don’t have to worry about this secured loan with a car title affecting your credit.

Real-Life Situations Where Auto Title Loans Can Help You

Collateral-based loans like title loans can help you when faced with a financial emergency you cannot afford. An unexpected life change can affect your income and make it hard for you to afford daily expenses. For example, you could lose your job and lack the money to pay for rent. Rather than risking losing your apartment, you can get an auto title loan to help you until you get new employment.

Emergency situations can also arise that you cannot prepare for. An example would be suffering a car accident. Let's say you get rear-ended on Hardy Street in Hattiesburg. You can suffer a spinal cord injury and have to pay to repair the back of your car. When you cannot afford medical bills and auto repairs, a secured loan with your car title can get you the cash you need.

How To Get Approved For A Secured Loan With A Car Title

We want to make the title loan process as easy as we can for our customers. That’s why we offer both title loans and online title loans so you have the option to choose one that best fits your needs. They are similar in their processes, as you can begin both from home with our online inquiry form, but one is completed in-store and one at a location convenient to you, such as your home or office. 

The following are the steps involved in quick title loan approval with Mississippi Title Loans, Inc.:

• Fill out our online inquiry form with your name, email address, phone number, zip code, and vehicle details
• Answer a phone call from a loan agent to discuss title loans, requirements, and the process
• Gather your required items and head to the closest Mississippi store location near you
• Allow a loan agent to verify your required items and inspect your vehicle
• Fill out paperwork to complete the approval process
• Receive your title loan cash the same day or the next business day

FAQs

Are there alternatives to secured loans with a car title?

If you have not fully paid off your vehicle, there are other financing options for your emergency. You can borrow from a future paycheck with a payday loan or agree to repay a loan in installment payments with a signature installment loan.

How much can you borrow with car title loans in Mississippi?

Secured loans with a car title allow you to borrow up to $2,500. As mentioned previously, your loan amount will depend on the value of your vehicle. We will assess your vehicle's value during an inspection to check its age, make, model, condition, and mileage.

Where can you get car title loans in Mississippi?

Mississippi Title Loans, Inc. has 27 store locations across the state, including in cities like Columbia, Jackson, Hattiesburg, Jackson, and Tupelo. You can visit us on weekdays between 10 AM to 6 PM.

Apply For A Secured Loan With A Car Title - Borrow Up To $2,500 Today!

Mississppi Title Loans, Inc. has a simple and speedy approval process for auto title loans that allows you to get quick access to funds to use for urgent expenses. If you're facing an unexpected financial emergency, we can help you get a secured loan with a car title today. Our loan representatives can walk you through the process with detailed instructions over the phone and in person.

Need fast cash today? Fill out our online contact form today to get approved for auto title loans in Mississippi the same day you apply!

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