How To Get Your First Title Loan In Laurel, Mississippi
Personal loans can seem very intimidating, especially if you have never applied for one before, or were denied a loan the first few times. However, getting a title loan in Laurel, Mississippi is a lot easier than you think.
In this beginner’s guide to title loans, we’ll give you everything you need to breeze through your application.
How To Get A Laurel, Mississippi Title Loan
1. Know The Title Loan Basics
There are two general kinds of loans: unsecured loans and secured loans.
Unsecured loans are granted based on “creditworthiness” or your proven capacity to pay off a loan. This is based on your credit score, income and employment, and personal assets like bank accounts or properties. To get unsecured loans, you need a credit score of about 610 to 640.
Secured loans don’t have as many credit requirements. Instead, you offer collateral as a guarantee or security for the loan—and in this case, it’s your vehicle title. The benefits of title loans are:
- Easier qualifications. You can apply even if you have a low credit score or no credit history.
- Simpler application process. You don’t have to gather documents like financial statements or proof of employment or be interviewed about your financial history.
- You can still use your car. The vehicle title is only used as a guarantee. You can enjoy full use of your car as long as you’re making the loan payments.
2. Check Your Vehicle Title
Some people think that the most important criterion for a title loan is the value of the vehicle. Actually, it’s not. You can use practically any kind of car or truck as collateral. The real “deal-breaker” is the vehicle title.
The Title Must Be Registered Under Your Name
In order to get a title loan in Laurel, Mississippi, the vehicle title must first and foremost be registered under your name.
That’s a legal requirement for any kind of secured loan. It prevents people from taking a title and then using it for collateral. That’s why we’re very strict about making sure that the name on the vehicle title matches the name on the ID card that is presented.
The Title Must Be Lien-Free
In layman’s terms, a lien is a legal claim on the vehicle. For example, a bank can place a lien on the vehicle if you are still paying for your car loan, a government can place a tax lien until you meet your taxes, or the court can place a judgment lien because of a lawsuit. Lenders also place a lien on any vehicle that is used as collateral.
So, to get a title loan, you should already own the vehicle outright, and your title shouldn’t be currently used as collateral or have any court judgments against it.
3. Calculate The Loan Amount You Need
You can borrow from $300 to $2,500 with a title loan in Laurel, Mississippi. However, even if you qualify for the highest amount, don’t borrow more than what you need or can afford. Consider your other financial obligations, and how you will adjust your budget.
This is part of being a responsible borrower and will help prevent financial stress in the future. Since this is the first loan you’re going to take, it’s good to “start on the right foot”. Borrowing money and paying it off on time can actually improve your credit score and establish the right financial habits.
4. Find The Lender
Mississippi Title Loans, Inc. is one of the most trusted providers of title loans in Laurel, Mississippi. We have branches all around the state and have built a reputation for our efficient application process and quality of service.
We make getting a title loan very fast, very simple, and very convenient. You don’t waste time waiting in line or gathering a lot of documents. And at every step of the way, you’re personally assisted by our friendly loan representatives. You can ask questions anytime, and you get clear answers in layman’s terms.
Even if it’s your first time getting a title loan in Laurel, Mississippi, you’ll feel confident and at ease.
5. Apply For A Loan
With Mississippi Title Loans, Inc. you can apply for a loan right now. Just fill out the online form, and a loan representative from our nearest branch will call you to personally explain the loan and its requirements.
When you’re ready, go to the branch with the following: the lien-free vehicle title, a government-issued ID, and the vehicle inspection. A loan representative will verify the documents and check the vehicle to determine the loan amount you qualify for.
Then, he or she will walk you through the final paperwork, and you’re done! Once you’re approved, you receive the money the same day or the next business day.
It’s the fastest way to get a Laurel, Mississippi title loan. Go to the form and start your application!
Your First Title Loan Is Almost In Your Hands!
As you can see, getting a title loan in Laurel, Mississippi is totally feasible. Once you understand the basics and your title is secured in your name, you are ready to get started. Look no further than Mississippi Title Loans, Inc. for your first title loan!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.