5 Myths Dispelled About Car Title Loans In Delaware

February 5, 2021 | Emma Frost

car title loan facts

 

Fact: it’s boring to read about loans. The long financial terms, and the rather dreary way they’re presented, aren’t exactly the best bedtime reading—unless you have insomnia, and need a way to fall asleep in less than five minutes.

But it’s also important to know your options. Even if you don’t need money right now, there may come a time when you have to raise emergency cash. What will you do if you don’t have a lot of savings or a very rich friend who can wire you money the same day you ask for it?

Here’s another fact: you can borrow from $300 to $15,000 with a title loan, and you can get the money on the same day you apply for it.

Not many people know about title loans—and the lack of information or even the misinformation prevents them from availing of this financial safety net. Here are some myths and facts about title loans.

Car Title Loans in Delaware: 5 Myths and Facts

Myth: I Need To Have A High Credit Score To Get A Loan

You’ll be surprised to hear that you can get a title loan regardless of your credit score. Even if you’ve had bankruptcies, bounced checks, or other credit issues, you are still a good candidate for car title loans in Delaware.

Unlike bank loans that put a lot of weight on credit score, the only criteria for a title loan are that you are the owner of a vehicle with a lien-free title.

In layman’s terms, your vehicle is under your name, fully paid, and does not have any outstanding loans or judgments against it.

If the vehicle is not in your name, you will have to make the trip to the DMV to have it transferred before you even apply for the loan.

Myth: I Have To Give Up My Car To Get A Title Loan

Many people think they have to surrender the car the moment they apply for a loan. That’s not true! You can still keep and use your car after taking out a title loan, as long as you follow the agreed payment schedule.

Myth: Only Cars Can Be Used To Get A Title Loan

Any vehicle can be used to get a title loan – cars, trucks, motorcycles, SUVs, and RVs. And in case you’re wondering: they don’t even have to be brand-new vehicles or luxury models. If it’s in good working condition, you can use it as collateral for a title loan.

 

car title loans in Delaware myths

 

However, the loan amount you qualify for does depend on your vehicle make, model, and condition. This will be determined during your vehicle inspection.

Myth: I Have To Wait A Long Time Before I Can Get The Money

Do thirty minutes sound a long time? That’s how long processing a title loan takes—and that includes the vehicle inspection.

Compare that to the time it takes to go to a bank, wait in line, explain everything to a bank loan officer, and gather all the documents you need to complete the application. You’ll be lucky to be done in three days, much less 30 minutes.

Myth: It’s Hard To Get A Title Loan

Well, that isn’t the case if you come straight to us at Delaware Title Loans. We make sure you won’t have any trouble at all getting through our process. Here’s how we do that:

  • Personalized customer service. Do you have any questions about title loans? From the beginning, one of our representatives will personally reach out to you to explain the process and answer any questions you may have.
  • Online support. While you can go straight to one of our locations, you can do an initial online query. And unlike customer service hotlines, where you wait forever until you talk to a real person, just submit the form and one of our people will call you back.
  • Streamlined process. We have one of the most efficient loan processes in the country.

In fact, our process is so simple, you can just follow this short guide to see for yourself just how easy it is:

  1. Go to our website and fill out the online form. All information is confidential and will only be used to contact you.
  2. Wait for a loan representative from the nearest title loan location in Delaware to give you a call to walk you through the process. Feel free to ask questions – we are here to help!
  3. Bring your driver’s license or state-issued ID, your lien-free title to your vehicle, and your vehicle to the store and have a face-to-face meeting with one of our loan representatives.
  4. A title loan representative will examine your ID and title and then do a quick inspection of your vehicle. This assessment will determine if you qualify for the loan and the amount you can borrow. If the loan is approved, you will receive the amount you qualify for on the same day.

It is a quick, painless process—and one of the easiest ways to get emergency cash. Don’t let some myths coming from people with a lack of complete understanding of title loans keep you away. These loans can help if you are in a real pinch and don’t know what to do. So check out our title loans in Delaware Title Loans today.