What To Know About Getting A Title Loan Online vs A Title Loan Store

May 2, 2022 | Mason Roberts

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With Mississippi Title Loans, Inc., you can borrow anywhere between $300 and $2,500, depending on the value of your car, van, or truck, to fund your emergency. But it can be challenging to understand the differences (if any) between getting a title loan online or from a brick-and-mortar storefront.

Luckily, we are here to clear up your misunderstandings! You may be pleased to know that there aren't many differences between the two, as you'll soon find out in the following sections.

Title Loan Requirements

One of the biggest similarities is the requirements. No matter where you get a title loan, you only need to supply the following three items:

  • State-issued photographic identification — We suggest using your driver's license here. However, feel free to utilize any of the following methods:
    • United States of America passport
    • United States of America student ID card
    • United States of America non-driver photo ID card
    • United States of America passport card
    • United States of America military ID card
    • United States of America military dependent's ID card
  • Lien-free title to your vehicle — Otherwise called a clear title, we use it to confirm you don't have any outstanding judgments or liens against your truck, van, or car. If you can't provide us with a lien-free title, we sadly can't offer you a title loan.
  • Your vehicle for inspection — The exact dollar amount you can borrow rests on the value of your vehicle. Therefore, we inspect it to determine whether you qualify for the loan. We consider the following factors here:
    • Vehicle age — You are probably aware that vehicles lose around 60% of their value in their first five years. Therefore, the older your car, the less it's worth unless you have a vintage model.
    • Odometer reading — A high mileage indicates excessive wear and tear. Depending on the exact figure, it could significantly decrease your vehicle's worth.
    • Vehicle make and model — If you own a luxury brand (Tesla, Cadillac, Lexus, etc.), your car will always be worth more than everyday vehicles made by standard brands like Nissan, Kia, and Toyota. The former also hold their value better, meaning age may not play such a massive role.
    • Vehicle condition — Both mechanical and cosmetic condition applies here. If you've neglected to change the oil regularly and your car has a multitude of dings, scrapes, and dents, its value will be considerably less than a similar vehicle in good condition.

The Process of Getting a Title Loan Online vs. a Store

The main thing you need to know about getting a title loan online versus a title loan place is how the process slightly changes. We'll give you a step-by-step tutorial of each method to make the difference clear:

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Online Title Loan Process

  1. Complete the online form found on this website.
  2. Pick up the phone when one of our loan representatives gives you a call. They walk you through the process (as we're doing here), tell you about the required items, and answer any questions you may have. At this stage, you will set a meeting place that suits you, such as your home or workplace.
  3. Wait for the loan representative to arrive at your destination and ensure your documents and vehicle are ready to be examined.
  4. Sit with our title loan agent while they perform a quick vehicle inspection and analyze your documents to confirm the amount you qualify for.
  5. If you're happy with the figure, you'll sign a few documents.
  6. Finally, you receive the money you need on the very same day or the next bank working day.

Title Loan Place Process

  1. The process begins in exactly the same way as the title loan online method. Fill out our online form. It should only take about five minutes since we ask solely for simple information.
  2. One of our title loan associates calls you as soon as they receive your inquiry. They talk you through everything before asking you when you can come into the store.
  3. Head into your local Mississippi Title Loans, Inc. with all the required items. As you can tell, this is the most significant difference. With this method, you travel to our store, whereas we come to you when you get a title loan online.
  4. Sit down with a loan representative who assesses your documents and vehicle to determine whether you qualify for approval.
  5. If you are approved, you will receive the amount you qualify for on the same or the next day.

Submit Your Title Loan Inquiry With Us Right Now!

Regardless of whether you choose to go to a title loan place or stick to the online method, it's an easy way to borrow money when you need it most. Start the process by filling in our short inquiry form and following the steps according to your chosen method.

 

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

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