Before inquiring about getting a title loan, you would naturally want to find out about all the pros and cons of fast title loans before applying. 

Such a loan can become a quick way to get access to urgent cash in an emergency situation. But to make an informed decision about whether or not that’s the right option for your particular case, you would have to learn more about how title loans work.

Below you will find out everything you need to know.

How Do Fast Title Loans Work?

A title loan is typically a short-term loan that uses your vehicle as collateral. If you do get qualified, you will receive a part of your car’s value (usually, between 25% and 50%).

You would be required to bring the title to your vehicle to the lender’s store. The lender will place a lien on the title and keep it until you manage to pay off the loan.

In the absolute majority of cases, you will get to keep your car while you’re repaying the sum. Do bear in mind, however, that you might lose the car if you fail to pay off the loan on time.

What Are the Benefits Of Fast Title Loans?

There are two main reasons why you might want to opt for title loans when dealing with a financial emergency:

You may get up to $15,000 - With many types of loans, you won’t be able to qualify for a large sum. Lenders can typically offer only up to $500, if you opt for payday loans, for example. But with title loans, the amount would depend on the value of your car and your ability to repay the sum.

If you have a relatively new vehicle in excellent condition, you might be able to receive up to $15,000 which would be enough to take care of practically any financial emergency.

You’ll get the money fast - If you have found yourself in a situation where every hour counts, you would certainly want to get your hands on the money as soon as possible. And that’s exactly what will happen if you get approved for a title loan offered by Delaware Title Loans, Inc.

You might receive the cash the next bank day or, in some cases, the day the loan agreement gets signed!

Things You Might Not Like About Fast Title Loans

You might not want to go for a title loan if:

You don’t have a car - You simply won’t be able to even apply for a car title loan, if you don’t have a car that you can put up as collateral. 

You don’t own the vehicle outright - Lenders will turn you down if your title is not lien-free or not in your name. The vehicle has to be fully paid off and the title must have your name on it.

You want to spend the money on trivial purchases or funding a business - It is not recommended to opt for title loans if you need some extra cash to invest in a business or for a shopping spree. The money can, however, be used to handle such emergencies as unexpected house repairs and medical bills.

Can You Get A Title Loan With Bad Credit?

Delaware Title Loans, Inc. does not require borrowers to have perfect credit in order to qualify. In fact, the lender is ready to consider different types of credit.

So, even if your score is bad or non-existent, this should not stop you from applying.

FAQs About Title Loans

What Documents Will I Need To Qualify?

You would be asked to provide your state-issued ID or driver’s license and a lien-free title to the vehicle. Of course, you would also have to bring your car for inspection.

Is A Physical Inspection Of The Vehicle Necessary?

Yes, the verification agent will be able to determine whether or not you qualify and for how much only after inspecting the car in person. But the good news is that you wouldn’t necessarily have to drive to the store to get the vehicle examined. A Delaware Title Loans, Inc. representative can come to you!

How Long Can It Take To Get Approved?

From the moment you meet with the verification agent, it might take just 30 minutes to get approved.

Get The Much-Needed Cash Today!

Now you know the pros and cons of fast title loans. If you have a car and you own it outright, a loan can become a convenient way to get access to a part of your vehicle’s value in the shortest timeframe.

With Delaware Title Loans, Inc., you might be able to qualify for up to $15,000 and receive the money the same or the next business day. Ready to get started? Then gather the required documents and fill out the online inquiry form.  

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