Knowing what is a car title loan and how to use it can be helpful if you find yourself in an emergency situation and need cash fast or don’t have a high enough credit score to qualify for bank loans.
A car title loan in Delaware is simply a short-term loan option that can help you borrow the money you need quickly, regardless of your credit score.
Before you decide to request a title loan, it’s important that you fully understand what this loan type is and what it requires from you. Let’s get deeper into this.
Explaining About A Car Title Loan
A car title loan is a short-term secured loan type that can help you borrow money if you need it quickly or don’t meet the requirements for traditional loan types. As a secured loan, an essential part of understanding what is a car title loan is understanding that it uses your vehicle’s title as collateral, which means you must own your vehicle outright in order to qualify.
Due to the simple requirements, car title loans can be an option for many people. For example, individuals who do not qualify for traditional bank loans due to their credit history can seek out title loans instead.
Likewise, individuals who are in an emergency situation and do not have the time to undergo the traditional bank loan process can consider title loans. This means that if you find yourself in one of these situations or a similar situation, a car title loan is worth your consideration. However, you’ll first want to make sure you meet the requirements for a car title loan.
What Do I Need To Apply For A Car Title Loan?
Just like any other loan type, there are certain requirements you would meet in order to qualify for car title loans. All Delaware Title Loans, Inc. locations have the same requirements. You will need the following three items:
- Your driver’s license or state-issued ID.
- A lien-free title to your vehicle in your name.
- Your vehicle for inspection.
What Does Lien-Free Mean?
The title of your vehicle is one of the main requirements to qualify for a car title loan. It proves that you own your vehicle. This title must be lien-free, meaning that it’s without any outstanding debts against it. If your title is not lien-free, it cannot be used to qualify for a car title loan since you do not fully own the vehicle yet.
What If The Title Is Not In My Name?
In addition to being lien-free, the title must be in your name. If the title is not in your name, it means you don’t own the vehicle in the first place. You will need to get the title transferred to your name if you want to use it to apply for a car title loan.
Can I Qualify If I Have Bad Credit?
Many individuals consider car title loans because their credit score is not high enough to qualify for traditional bank loans. Luckily, individuals with all credit types can qualify for car title loans. Whether you have good credit, bad credit, or no credit, you can still qualify for a car title loan through Delaware Title Loans, Inc., as long as you have the three requirements described above.
How Long Does The Process Take?
The expediency of the approval process at Delaware Title Loans, Inc. is reflected in the fast and convenient application times. The in-person process can take as little as 30 minutes to complete. This will allow you to receive your money either on the same day or the next business day.
How Much Can I Get With A Car Title Loan?
How much you can get from a car title loan ultimately depends on the value of your vehicle.
At Delaware Title Loans, Inc. we offer a maximum loan amount of $15,000. However, the actual value of your loan will depend on the value of your vehicle.
This means that you are not guaranteed to get the maximum loan amount since the value of your vehicle is used to determine how much you qualify for.
What Does The Loan Process Look Like?
The title loan process is quite simple here at Delaware Title Loans, Inc. All you need to do to qualify for a title loan is to:
- Fill out and submit the online title loan form.
- Wait for a loan representative to give you a call in a few minutes.
- Set up an appointment at a location of your choice during this phone call.
- Meet our loan representative at the time of your appointment. They will review your documents and inspect your vehicle.
- If approved, you can get your money on the same day or the next business day.
Qualify For A Car Title Loan Today!
Now that you have a solid understanding of what is a car title loan, you can decide whether this loan option is one that works for you when you face any financial emergency.
If this loan type sounds like a tool you’d like to utilize, get started today by filling out and submitting the Delaware title loan inquiry form and our loan representative will guide you through the rest of the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
