More Frequently Asked Questions About Car Title Loans
Q: Do I need to own my vehicle in order to receive a car title loan
?
A: Yes, the vehicle must be in your name and your title must have no outstanding liens or encumbrance on it.
Q: What if I live with someone else? How do I prove my residency?
A: To prove residency, bring a recent utilities bill along with a piece of mail addressed to you at your current residence. This can help verify your place of residence.
Q: Are their mileage limits on car title loans?
A: There are no mileage limits on car title loans, but the value of your vehicle will be assessed in accordance to mileage and overall vehicle condition.
Q: What if Im not currently employed? Am I still eligible to receive a car title loan?
A: Some car title loan companies do help those who are unemployed in certain situations. These circumstances are evaluated on a case-by-case basis and are also dictated by the laws set forth in that state. Car title lending laws vary among all 50 states so its important to familiarize yourself with the laws pertinent to where you live.
Q: What if Im late or cannot pay my car title loan on time?
A: If you are late paying your loan or cannot make payment, it is best to contact your lender immediately. Communication is extremely important. Most lenders are willing to work with borrowers if the lines of communication stay open.
Q: What are payment schedules like?
A: Title loan payment schedules vary from company to company, but typically monthly payments are required. Talk to your title loan officer to find out payment plan options and to determine which one is right for you.
Q: Can I still receive a loan if I have bad credit?
A: Yes. Your credit history is not taken into account when you are being assessed for a loan. This is why its very important to provide solid references during the application process.