Can You Get A Loan On A Title Of Car And Still Drive It?
Getting a loan on title of car is called a car title loan. With this type of loan, you use the title of your car as collateral for cash. Most people don’t understand how title loans work and what the terms and conditions are. For instance, can you get a loan on title of car and still drive it?
The majority of title loan companies will allow you to drive the car you use as collateral for the loan. Your car will be taken for a quick vehicle inspection, to assess the value of the car and how much you qualify for, but in most cases, your car is returned to you.
In short, you can get a title loan and still drive your car without incident. But like any financial agreement, it’s wise to read the terms and conditions thoroughly before you sign.
Let’s discuss the details of whether or not you can still drive a car you’re using for a title loan.
Do You Keep Your Car When You Take Out Your Title Loan?
With any reputable lender across the states, you can keep your car when you take out a title loan. Unreputable lenders may ask you to sign a contract giving up possession of your car during the repayment period. It is in your best interest to research any lender you consider borrowing from to make sure they are a reputable firm and have no ill intentions.
Another concern to keep in mind when considering a loan on title of car is the lender will have the right to assume your vehicle when repayment is not made. While this is rare, it does prompt caution from would-be borrowers.
Always make sure you have a plan in place to repay the loan. You can do so by actively budgeting your money and making smarter financial decisions. This will help ensure you can cover your loan payments each month.
How Do Title Loans Work?
Starting the title loan process would begin with filling out an application from a trusted lender who has a positive reputation. At this point, you’ll need to make sure you have a valid form of ID, proof of income, and the title to your vehicle. These things are necessary to get a loan on title of car.
Once you’ve requested the loan, you’ll need to schedule a meeting with a loan representative to take a look at your car and assess its value. This determines how much money you’ll qualify for. More valuable cars, of course, will give you access to higher loan amounts.
It’s certainly worth the time to research the value of your vehicle so that you know you’re getting a fair assessment. Once approved, the lender will deposit the amount into your bank account.
In exchange, they will keep the title of the vehicle during the repayment period. You are free and clear to drive your car as much as you need during this time.
The best part about this setup is by using your car as collateral, lenders are more willing to work with borrowers that have poor credit.
When Can You Not Apply For A Car Loan?
In some situations, your car might not be eligible to use for a title loan. For instance, the title of the vehicle will need to be in your name when requesting a title loan. If your car title is not in your name you will not be eligible. If transferring the car title into your name is an option, you can go to the DMV to do so before requesting your title loan.
Another important condition when getting a title loan is that your car is lien-free. In other words, you own the car outright with no other loans taken out against its value.
Some lenders might still be willing to work with you as long as the value of the car still exceeds the loan amount, but it’s more important to handle your current debt rather than incurring more in this case.
How Carolina Title Loans, Inc. Can Help You
If you’re looking for a reputable title loan company to offer competitive rates and deliver the quick emergency cash you need, then look no further than Carolina Title Loans, Inc. You can submit a request online, meet with a representative, and get fast approval for a loan on title of car today.
If you qualify, you’ll get the money the same day or the next business day. When it comes to South Carolina residents who need quick money Carolina Title Loans, Inc. can help!
Call Today To Get Started!
Title loans are an option when dealing with a financial emergency. If you need the cash sooner rather than later, Carolina Title Loans, Inc. is available to offer a quick loan on title of car, even for people with bad credit.
Sometimes, a little extra money is all you need while revamping a budget to get you back on track. So, if you’re looking for a title loan to pay off an important bill or deal with an urgent matter, get started with Carolina Title Loans, Inc. 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.