What Do I Need to Know Before I Get Title Loans in Newark, DE?
Getting title loans in Newark, DE, may be an easy option to help you face a financial emergency. When an urgent need arises, a Newark title loan may provide a path forward. Before pursuing a loan, you should be familiar with the following topics:
- Loan lingo
- Purpose of title loans
- Application process
- Loan terms
- And more items we’ll cover in this article
Through this guide, you’ll discover why title loans in Newark, DE, are a practical option for many borrowers.
How To Get Title Loans in Newark, DE
1. Important Terms To Know
Loan terms and the fine print can be intimidating, so let's review these commonly used terms before pursuing title loans in Newark, DE.
- Lien: a hold a lender has on property that hasn’t been paid off yet
- Amortization period: the length of the loan
- Installments: this is when a loan is paid off monthly or weekly over time
- Collateral: when you offer an asset as security to prove you’ll repay a loan
- Secured loan: requires collateral
2. Title Loans Should Be Used For Emergencies
As mentioned, title loans aren’t for every situation. If you’re facing an unexpected cost and have emergency funds or extra cash lying around, this should be your first approach.
For those who are short on financial resources, title loans may cover urgent costs like:
- Home maintenance
- Replacing an essential home appliance
- Secondary car repairs
- Medical procedures or medicine
- Funeral arrangements
- Emergency travel
- Overdue rent, mortgage payments, or utility bills
3. Title Loans Are Only For Lien-Free Vehicles
You’ll have to own your car outright to meet the title loan criteria, and this is proven through your car’s lien-free title.
If you bought your car in cash, you would have received the lien-free title upon the sale. If you recently paid off the car, the lender should release the lien and provide you with the title. You can also request electronic and paper copies of your title at your local DMV.
4. Our Title Loan Process Is Quick And Easy
Applying for a loan can take hours, days, or even weeks at banks and credit unions. However, Delaware Title Loans, Inc. has shortened the process so that our borrowers quickly get the cash they need. Our title loan process can take as little as 30 minutes, saving you time and energy.
After inquiring online, you’ll meet with a representative so they can inspect your car and go over your documents. If you qualify, you can receive your cash that same day or the next work day!
5. You Don’t Need Good Credit To Qualify
Another difference between big banks and Delaware Title Loans, Inc. is that we don’t require fair or existing credit to get title loans in Newark, DE.
We understand that many people are still building credit and deserve a way to borrow money when they need it most. Thankfully, all you need to qualify are the following things:
- Driver’s License or State Issued I.D.
- Lien-Free Title to Your Vehicle
- Your Vehicle for Inspection
6. If You Qualify For The Loan, You Can Keep Your Car
Offering collateral may scare certain people because they think their assets will be immediately seized. Delaware Title Loans, Inc. knows you need your car, which is you keep it and use it as usual so long as you repay the loan as agreed upon.
7. You Can Complete The Process From Home
You can get started with title loans in Newark, DE, right from home, adding convenience to an already-easy process. For those who enjoy the office feel, you’re also welcome to complete the process at one of our many locations as an alternative.
All you’ll do is complete our online form, chat with a representative over the phone, and arrange a time and place to meet – it could even be your home.
Is A Title Loan Right for You?
Title loans can provide anywhere from $300-$15,000 to those with a paid-off, lien-free vehicle title who need cash to cover an urgent expense. The loan amount will depend on your needs and the condition of your vehicle.
If you need to pay a vital bill as soon as possible and have your lien-free car title to use as collateral, a Newark title loan may be an option.
Get Started Today!
You’ve learned all you need about title loans in Newark, DE, and now it’s time to decide. Do you have a paid-off, lien-free title? Could you use extra cash within the next week to cover an emergency cost?
If you answered “yes” to those two questions, a Newark title loan already seems to be a viable option for you. Get started on our homepage to learn more and take a step towards your cash today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.