Max Cash Title Loans : A Complete Guide
Looking for the best deal on fast and convenient emergency funding? Look no further than your friends at Max Cash Title Loans, the #1 Nationwide Title Loans Referral Service!
Max Cash Title Loans is a free service that connects people with their best option for title loans. A title loan can be a quick and easy way to get short-term emergency money when no other options are available. If you are tired of getting denied for traditional bank loans because of past bankruptcy, poor credit, or other unfortunate financial circumstances, an online title loan may be the perfect financial solution for you.
Learn more about Title Loans here. The more information you have the better prepared you will be for financial success! Max Cash wants to help you achieve your financial goals, so we have created this complete guide to title loans, that way you have the facts upfront.
If you have more questions, feel free to contact a knowledgeable car title loan representative at Max Cash Title Loans!
Frequently Asked Questions About Title Loans
Max Cash Title Loans wants you to have all the answers you are looking for. Below are some most frequently asked questions about car title loans. Click through the different sections and find the answers you need.
Still have more questions? Feel free to call Max Cash Title Loans at (833) 303-0020 or check out our convenient FAQ Page for even more answers.
What is a Title Loan?
Title Loans are a unique kind of funding that uses a qualifying vehicle title as collateral to secure an emergency short-term loan. Meant to be the option available when there are no other funding options out there, title loans are convenient because they cater to people from a wide variety of financial backgrounds. People with good credit, poor credit, or even no credit can all be approved for a title loan easily.
If you are looking for the best way to find a title loan, you want to start with Max Cash Title Loans. We have been in the title loan industry for over a decade, so we know what it takes to find the best deal. Call (833) 303-0020 now to learn how you can get your money today.
What is Title Loan Collateral?
For title loans, the collateral used to make the funding secure is the borrower’s qualified vehicle title. The car’s title must also be in the name of the borrower.
Regarding a car title being in the borrower’s name, there are a few ways this can happen. If the vehicle belongs solely to the title loan borrower, then the title should be in only their name. But sometimes there may be multiple names on a vehicle title, meaning that the car officially belongs to multiple people. In this case, it is important to take a close look at the wording on the vehicle’s title. If the word “OR” is between the multiple names on a car’s title, then it may be acceptable for just one of the individuals listed to use that title as collateral for an auto title loan. If the word “AND” is between the multiple names on a car’s title, then both parties listed will be required to consent to using the car title as collateral for a single loan.
It is important to note that only one auto title loan may be active using any one vehicle at a time. This means that it is not possible to take out multiple car title loans at the same time, attempting to use the same car as collateral for each loan.
What if I Can’t Find my Car Title, or What if My Name Isn’t on it?
The title to the vehicle is an important part of title loans. But if you are having trouble finding your car title, Max Cash Title Loans may still be able to help you out. While the name of the borrower is required to be on the vehicle title for a car title loan, there are a few ways Max Cash Title Loans can assist you if this is not the case.
In the case of a lost vehicle title, your local DMV may be able to assist you in getting a replacement car title. It may cost a fee, but the DMV is usually able to assist in getting you access to a proper car title with your name on it in the circumstance that you have lost yours.
If your name is not on the vehicle title, but the car belongs to you, the DMV may be able to help you out with this one as well. When someone purchases a previously owned vehicle, a new title is issued with the name of the previous owner removed, which is replaced by the new owner of the vehicle. You may have to complete the process and get your new title that lists you as the proper owner of your vehicle. If you have questions about how this process works, we are here to answer any questions you have, just call us at (833) 303-0020!
What Kinds of Cars are Acceptable for Title Loans?
Whether you have a new car or an old car, an auto title loan may still be a viable option for you. While the equity in the vehicle affects how much money title loan lenders are willing to lend out, that is not the only factor considered. So, no matter what kind of car you have, car title loans could still be a good choice.
How Can I Get a Title Loan?
The title loan process is fast, simple, and convenient. Get started online or in-person, whatever works best for you. So you can be prepared, we have explained the entire process here. As always, if you have any other questions you can always contact us by phone at (833) 303-0020
Getting a Title Loan – Step One: Fill Out an Inquiry Form
The first step of the title loan process is to fill out a simple inquiry form. Since title loan qualifications are very inclusive, there is not a huge amount of paperwork to fill out to get approval. You can fill out your inquiry form online, or you can also come to a participating store and fill out your information with the help of one of your friendly loan representatives.
Regarding the title loan inquiry form, you will be asked for the following information:
Contact Info – First and Last Name, Phone Number, Email Address
Address – Including your State, City, and Zip Code
Vehicle Info – Vehicle Year, Vehicle Model, Vehicle Make, Vehicle Mileage
A Couple of Questions – What is your Monthly Income? Do you Own your Vehicle?
Upon completing your inquiry form with Max Cash Title Loans, a knowledgeable loan representative will review your information promptly. If you complete your information form during the day, there is a good chance we may be able to get in contact and help you the very same day, if not the next business day. If you complete your information in the middle of the night, we will get to your inquiry first thing in the morning. Feel free to send your information whenever you like!
That’s it! The inquiry form should take 5 minutes of less to complete, and then after that you should know almost instantly if you could be approved!
Getting a Title Loan – Step Two: Connect with Your Lender
Max Cash Title Loans will pull from our extended list of qualified lenders and give you options as to which one may be best for you. When it comes to title loan approval, vehicle equity and ability to repay are two of the biggest factors. If a vehicle has high equity, loan amounts are likely to be higher than with vehicles with extremely low equity.
After you have been connected with your lender, they will most likely ask for a few pieces of documentation. To be best prepared, you may want to gather these documents beforehand so you can send them over immediately when the lenders request them. You will need a government issued photo ID, proof of income, proof of residency, a few references, a few photos of your vehicle and the vehicle title with your name on it.
After you have provided your required documentation to your lender, they may begin drawing up your title loan contract for you to sign. Before you sign your title loan contract, it is important to read it over and ask questions about anything you are uncertain about. You may also feel free to reach out to your Max Cash Title Loans loan representative and ask any further questions you may have. When we say we’re there for you every step of the way, we mean it!
Getting a Title Loan – Step Three: Get your Money!
After you sign your car title loan contract, it is time to receive your money! When you sign your car title loan contract, your title loan lender will also be added to your vehicle title as a lienholder. But do not worry, your car stays with you to keep driving like normal while you pay back your loan.
Want to know what an auto title loan contact looks like? If you have any questions about what you see, feel free to call us and ask at (833) 303-0020
When it is time to pickup your car title loan money, you have a few options. You may receive your auto title loan money through:
Standard check in the mail
There are also several convenient ways to make your car title loan payments when it is time. To send in your monthly auto title loan payments you can choose autopay, which will take your installment directly from your bank account. Or, you may also pay online. Also, most lenders have mobile apps, which means you can make your title loan payment straight from your smart phone!
Title Loan Laws
Title Loan laws vary from state to state. Some states, such as New York, have very strict laws regarding title loans, while most other states have much more inclusive laws. Max Cash Title Loans has compiled a complete list of states where the laws allow title loans, where you can check to see what title loan legality is like in your state.
However, it is important to note that title loan laws are changing with the times, so just because a car title loan isn’t allowed in your state now doesn’t mean that they may not be available in the near future. Don’t get discouraged if you can’t get a title loan in your state right now, Max Cash Title Loans may still be able to help you! Reach out to us at (833) 303-0020 to talk about auto title loans in your state.
Title Loan Repossession Laws
When it comes to defaulting on a title loan, there are varying laws in states throughout the country defining how a lender can go about repossessing a vehicle. Some states regulate that a lender must give an individual a certain amount of time in notice, indicating that the lender intends to repossess the vehicle, before they are legally allowed to repo a car due to delinquent auto title loan payments.
Other states don’t have as many laws and regulations regarding repossession, and in these places, lenders are legally allowed to repossess a vehicle as soon as title loan payments become delinquent. Talk to your lender about the repossession laws in your state before you sign your car title loan contract, they will be able to answer any questions you have.
Title Loan Regulation Laws
Since car title loans are regulated on a state level, the laws can be different depending on where you live in the United States. According to the Consumer Federation of America, individual states determine if:
Car title loans are legally permitted
Terms of the auto title loans
Laws regulating repossession, such as when the borrower cannot make their loan payments or pay the loan back in full.
Since title loan interest rates are also regulated on a state-by-state level, this means that some states have caps on what kind of APR lenders are allowed to charge, and others do not. Max Cash Title Loans works with only the lenders with the most competitive rates, so you don’t have to worry about dealing with sketchy lenders in states that have no APR cap.
Title Loans Process: Online vs. In-store
Max Cash Title Loans was built with your convenience in mind, which is why we offer both online and in-person options. If you would like to complete your title loan process from home, there is an online option that may work for you. If you would like to come to a physical location and speak with a person directly, that is also an option available to you. Max Cash Title Loans wants you to do whatever you feel most comfortable with, whatever that is, we are here for you!
Online Title Loan Process
One of the most convenient things about title loans is that they are available online. No need to go into a stuffy bank and wait around for an associate to help you. Having an online title loan process also means that you can begin at whatever time works best for you, even if it is late at night!
Start the title loan process online by filling out a brief online application form. From there, you will know practically instantly if you may be able to get funding. After Max Cash Title Loans has reviewed your initial information, we can connect you with the most qualified lender that will be able to help you best.
Once connected with a lender, you may then send in your documents electronically. You can choose between, email, fax, or even taking pictures of your documents and sending them via text on your smartphone!
After your lender has received your electronic documents, you may then sign your car title loan contract online. Don’t worry about having to drive to a specific location just to sign a contract, complete your car title loan process online at home at whatever time that works best for your schedule.
The final step of the online car title loan process is to receive your money. With immediate electronic deposit or transfer, you can have access to your money instantaneously. From there, spend your money on the things you need most, and rest assured that your finances are taken care of.
In-Store Title Loan Process
Not everybody feels comfortable with technology, and that is completely fine! Max Cash Title Loans is here to cater to you now matter how familiar you are with internet and computers. If you would like to come in-person to complete your car title loan process, Max Cash Title Loans is here for you. If you live in Arizona, you may come to the Max Cash Title Loans offices and speak with a knowledgeable loan agent directly.
When you come in the Max Cash Title Loans location during operating hours, we’ll be there to greet you and answer any questions you may have. We can also help you complete your initial inquiry form, and even show you where to find the year, make, model, and mileage of your vehicle!
You can also turn in your documents in-store as well. If you don’t want to send your documents electronically yourself, and you don’t feel comfortable sending them in the mail, Max Cash Title Loans can help you out. You may drop off your documents in-person if you like and we can handle sending them to your lender.
When it is time to receive your car title loan money, you also have the option to sign your contract and pick up your money in-person. Lenders typically have participating stores all over the country, so all you have to do is pick the one closest to you and complete your business there. When you want to pick up your money, you may either go to the same participating store, or you may go to any MoneyGram location that is most convenient for you. MoneyGram’s can often be found in popular areas such as Wal-Mart stores, so chances are there is one close in your neighborhood.
How to Find the Best Deal on Title Loans
Starting over a decade ago, Max Cash Title Loans is in the business of helping others. Over the years we have been able to acquire an extended list of certified lenders, so we know what it takes to make a top-tier title loan provider. Max Cash Title Loans only works with lenders who are honest, transparent, and able to give you the best deal possible.1 5
If you are looking to refinance a current title loan, Max Cash Title Loans also may be able to assist you. If you are currently having trouble keeping up with your car title loan payments, Max Cash Title Loans may be able to help you find a better lender who can give you more convenient rates!1 5
Don’t hesitate to take advantage of the free services at Max Cash Title Loans. There is also no obligation to commit, if you decide at any time during the inquiry process to not continue, you can walk away free of charge! There’s nothing to lose, so why not talk to the title loan experts at Max Cash Title Loans today? Fill out this brief inquiry form or call us at (833) 303-0020 for a virtually instant quote.5
How Does the Title Loans Process Work?
Since Max Cash Title Loans is not a direct lender, we do not dispense your money directly. What we do is take care of all the heavy lifting of researching the best lenders with the most favorable rates and weeding out all the useless lenders who will just waste your time. The best part of going with the experts at Max Cash Title Loans is that our services are completely FREE!
The Max Cash Title Loans Process is simple:
Send in Your Information – Fill out a brief inquiry form and find out right away if you are approved
Connect with Your Lender – After looking at your information, Max Cash Title Loans will connect you with the best lender suited for your personal financial situation.
Get Your Money Fast – Sign your car title loan contract and get your money right away.
It’s that easy! Max Cash Title Loans wants to help you stabilize your finances, so we aim to give you all the tools you need to succeed. Get started on the Max Cash Title Loans process now so you can have the financial peace of mind you deserve.
What Can a Title Loan Be Used For?
The purpose of a car title loan is meant to be for emergency short-term funding when no other options are available for you to get the money you need.
A car title loan can be used for anything you need, not necessarily anything you want. While it is unacceptable to take out a car title loan in order to go on a frivolous vacation to the Bahamas, it is acceptable to take out a car title loan if you have to pay for necessary bills such as housing, utilities, or groceries. Below is a list of potential uses for title loans. However, this list does not end here. Speak with your qualified Max Cash Title Loan representative to discuss all the different ways a title loan may benefit you.
Some things people use title loans for are:
Unexpected Medical Bills
Unforeseen Home Repairs
Necessary Travel Costs
Housing such as Mortgage Payments or Rent Payments
Monthly Bills such as Utilities
Home Necessities such as Groceries or Sanitary Items
Learn more about title loans, and what they can be used for in the informative Max Cash Title Loans blog! Want to learn even more? Call Max Cash Title Loans today at (833) 303-0020 and speak with a knowledgeable title loan agent!
What Counts as Emergency Funding for a Title Loan?
Car title loans are meant to help you out of financial emergencies, like when unexpected bills or other unforeseen expenses pop up. Sometimes life can throw us unexpected curveballs, and it can be stressful when those “curveballs” consist of expenses you cannot afford. That is where Max Cash Title Loans comes in. Don’t waste your time searching through all the different title loan lenders available, trying to figure out which ones are quality and which ones aren’t, let title loans near me do that work for you!
But what exactly is emergency funding with a title loan? Emergency funding means money you need for necessities. Things like paying for housing, paying for food for you and your family, or paying bills are all considered necessities. When you apply for a car title loan, your lender may inquire as to what the funding is being used for, so you want to make sure you don’t plan on taking out a title loan to buy frivolous items that you don’t really need.
We all need a little help sometimes, which is why it can be convenient to turn to a car title loans when you want fast, straightforward funding. When you are in the middle of a financial crisis, the last thing you have time for is researching lenders, filling out lengthy applications, attending long boring in-person meetings, or meeting a laundry list of unreasonable expectations. Car title loans does not require you to have perfect credit, or any credit at all for that matter. We know that when financial emergencies happen you need money fast. That is why we streamlined our process, so it is designed to get you your money as quickly as possible.
What are the Requirements for Title Loans?
Since car title loans are so inclusive, you do not have to worry meeting a long list of unattainable requirements in order to get approved. When lenders approve applicants for title loans, they look at the equity in the vehicle being used as collateral and the borrower’s ability to repay the loan.
Car Title Loans Requirements
While the title to the vehicle used as collateral for an auto title loan must be free for the title loan lender to add themselves on as a lienholder, there are a few ways this can happen. If you still owe money on your car, you title loan lender may be able to lend you enough money to pay off your car, therefore freeing up the title for the lender. This can be convenient if you want to pay off any money you owe on your vehicle and get a car title loan. If you cannot find your title car title loans can give you more information about working with your local DMV so you can get a replacement title.
Past Bankruptcy OK
Car title loans are able to help a wide variety of people, even though who have fallen victim to bankruptcy. After declaring bankruptcy, it can be extremely difficult to find loan funding because lenders view those who have bankruptcy in their past to be a very high lending risk. But the people at Max Cash Title Loans know that just because someone has declared bankruptcy doesn’t mean that they don’t deserve a second chance financially. The Max Cash Title Loans network of lenders includes those who are able to lend money out to those who are considered a “risk” by traditional lenders. This availability makes title loans an attainable option for individuals who have declared bankruptcy in their past. Something important to note is that it is not possible to get a title loan while you are currently going through the bankruptcy process. Max Cash Title Loans wants to set you up for success, not failure, and it would not be a wise decision to take out a loan while you have plans to declare bankruptcy.
In order to get a title loan, ability repay the loan is required. But more than just a traditional pay stub is acceptable as proof of income when it comes to title loans. If you are self-employed, you can show a copy of your last month’s bank statement, or even certain tax documents in some cases. Government issued funding such as disability, are also usually accepted to prove income. Other kinds of income such as Unemployment are typically not accepted as proof of income for title loans, but be sure to speak directly with your car title loan lender, because there may be extenuating circumstances that apply to you.
For years, people throughout the United States have turned to title loans for when they need emergency funding. Max Cash Title Loans believes in inclusivity, which is why we work seven days a week to make sure title loans are available to people when they need them most.
What Documents Do I Need to Get a Title Loan?
When it comes to getting approved for a title loan, there are few pieces of documentation the lender will need first. The documents required for title loans are quite common, and you may even have them laying around your house right now! Here are the documents you will most likely need to provide to your title loan lender:
Government Issued Photo ID – A government issued photo ID is something such as a Driver’s License, State ID, or a FOID card. The important features are that the identification has your picture on it, and that it was issued by the government.
Proof of Income – To prove income, a document such as a pay stub, bank account statement if you are self-employed, or even certain tax documents are acceptable. Other kinds of government-issued income such as disability may also be acceptable.
Proof of Residence – Proving place of residence means providing something like a lease agreement, utility bill, or even a mortgage statement. The purpose of this documentation is to confirm the place where you live is compliant with title loans.
Vehicle Title – A free-and-clear vehicle title with your name on it is required for a title loan. However, if your car is not lien-free, or if you still owe a bit of money on your car, your lender still may be able to help you. They may also be able to help if you cannot find your title.
Photos of the Vehicle – Several photos of the vehicle taken from multiple angles are required for title loans. Instead of doing a formal vehicle inspection, most lender just ask for a few photos to verify the condition of the car. You can even take these pictures on your phone and text them to your lender!
Here are a few sample photos of what some of your car title loan pictures may look like.
One of the title loan documentation photos should the Vehicle Identification Number, also known as the VIN. A VIN is a series of 17 characters, both digits and capital letters, that uniquely identify each and every vehicle. The VIN of your vehicle should be located on the car itself, as well as on the Car Insurance Card, Car Insurance Policy, and the Vehicle Title and Registration.
Three references – Some title loan companies require a few references with your overall title loan application. References for a title loan are a way for the lender to confirm that you are a good choice for lending money.
Proof of Insurance – The vehicle used as collateral for a title loan needs to be insured. Vehicles that are uninsured provide a great risk to title loan lenders, so they make a point of making sure the cars people plan on using for a title loan are properly insured.
Social Security Information – To help prove individual identity, car title loan lenders will ask for your social security number. If you do not have a social security number, you may also use an Individual Tax Identification Numbers, also knows as an ITIN.
To make the car title loan process even faster, you may want to gather these documents before you initially inquire about a car title loans. That way you can get your money even quicker. In some cases, Max Cash Title Loans has been able to connect people who had their documents ready with emergency funding in as little as a half hour!
What are the Interest Rates on Title Loans?
Interest Rates on a title loan are determined by the Annual Percentage Rate, or APR. The standard APR of title loans are competitive industry-wide, and can fluctuate depending on what state you live in. For example, different states have varying laws regarding interest rate caps, which means that car title loan interest rates can be higher in some states than they are in others.
Since interest rates are a certain percentage charged against the current balance of a loan, the overall amount paid can change from month-to-month. Typically, if you pay more than the minimum amount due on your loan bill each month, the overall balance against which the interest is charged will go down. Therefore, the amount charged for interest also becomes less and less. This is just one of the reasons why you are encouraged to pay more than the minimum amount on loans, if you can of course, each month.
Learn more about title loan interest rates here, or if you have further questions, please feel free to check out the car title loan Frequently Asked Questions Informational page.
How do Interest Rates on Auto Title Loans Work?
Since interest rates on title loans vary depending on where you live, it may seem difficult to calculate what your interest payments will look like. However, the more you know about interest rates, the easier it will be to understand how they work in the situation of you and your loan.
Interest rates on car title loan can be high, but Max Cash Title Loans works hard to find you the best deal. With all the options in our extended network of accredited lenders, Max Cash Title Loans wants to connect you to a car title loan with the very lowers interest rates possible.
What are the Different Kinds of Interest Rates of Car Title Loans?
Did you know that there is more than one type of interest? Yes, there are different kinds of interest that are applied to different types of loans. Here is more information about the different types of interest rates.
Simple Interest – Simple Interest is the most basic kind of interest, hence the name. A loan with simple interest does not change over time and can be calculated using a simple formula: Principle x Rate x Term = Simple Interest.
Compound Interest – Compound Interest is slightly more complex than simple interest. Rather than simply applying interest towards the principle, compound interest applies interest towards the principle, as well as past interest. That means the interest is determined by a combination of the overall principle amount of the loan and the amount money paid in interest. Compound interest are usually used on types of funding such as credit cards.
Amortized Interest – Amortized Interest is a unique kind of interest because it fluctuates (usually going down) during the life of the loan. Since amortized interest loans can be a bit more complex than other types of loans, the actual amount of interest paid depends on a several factors such as how on-time the borrower is with making payments, as well as the principle amount of the loan.
Fixed Interest – Fixed Interest are interest rates that are solid and do not change throughout the life of the loan. Typically used on long-term funding, fixed interest rates can make it easier to create a consistent budget, since the borrowers knows exactly what the interest will be each month.
Variable Interest – Variable Interest are interest rates that vary each month. The purpose of variable interest rates is that the fluctuate, which means that some months the interest charged will be higher and some months the interest can be lower. This may be a good option for those who have a more flexible budget, since they may benefit from lower interest changes some months (but need to be prepared for the higher charges other months).
Prime Interest – Prime Interest refers to interest for individuals deemed extremely low risk by most lenders. If lenders can have the peace of mind that a particular borrower is proven to be responsible and trustworthy regarding paying back loans, they may be more included to grant more favorable principle amount or interest rates.
Discount Interest – Discount Interest are for when the Federal Reserve Bank grants a short-term loan to an institution of finances. Discount Interest rates are determined based on a specific kind of cash flow analysis, which is why this type of interest is reserved for financial institutions.
Simple Interest, Amortized Interest, Fixed Interest, and Variable Interest are the most common types of interest used for car title loans. Max Cash Title Loans takes all of this information, as well as data about your personal finances, to find the best suited lender with the most favorable interest rate types that fit your unique financial situation.
How to Calculate Car Title Loan Interest Rate
Looking to calculate interest rate on your car title loan? Most types of interest can be calculated using a formula, but you may also use the Max Cash Title Loans Car Title Loan Calculator to help determine what your payments may be each month.
Calculating Simple Interest – Since simple interest is the most basic type of interest, calculating it is quite, well, simple! To calculate simple interest, all you have to do is multiply the principle by the rate and term. So, if you borrowed $100 with 10% interest, after one year you would have ended up paying $110. This is because $100 x 10% = $10, making the principle ($100) + interest charged ($10) = $110 total.
Calculating Compound Interest – Compound interest doesn’t have to be hard to calculate when you break it down. Let’s take that same hypothetical $100 and calculate the compound interest at 10% for a duration of 2 years. After the first year you would pay $110, but the second year, interest would also be applied towards the $110 paid the first year bringing the interest amount owed to $21 in total.
Calculating Other Types of Interest – Other types of interest, such as variable interest, may change each month, making specific calculations difficult to determine. If you have specific questions about your interest rates, you can always call your lender and have them walk you through your interest payments.
How to get a Better Interest Rate on Your Title Loan
If at any time you happen to find your title loan interest rates too much to handle, please reach out, because Max Cash Title Loans would be more than happy to try to help you find a solution. Sometimes refinancing can be a great way to get a better interest rates on an existing loan.
Max Cash Title Loans also has connections with lenders with unique benefits such as lowering interest rates. That means the interest rate has the potential to drop every month of timely payments, and could end up being 50% less than when the loan originally started.
What is the Difference Between Title Loans, Payday Loans, or Auto Pawns?
Car title loans, payday loans, and even auto pawns are common ways people seek out emergency funding. While these forms of funding may seem similar, it is important to understand their differences so you can make the best financial decision for yourself. Some loans may have specific kinds of benefits you will not be able to find anywhere else. Let’s take a closer look at the difference between title loans, payday loans, and auto pawns:
An auto title loan is a form of secured funding that uses a car title as collateral. With title loans the rates are competitive and the terms are made with convenience in mind, and you also get to keep your car as you keep up with your monthly payments.
Payday loans are funding options that are meant to be paid back using money from the borrowers next paycheck. Much like title loans, payday loans also have a very inclusive approval rate which means that most anybody can typically be approved. Payday loans also come with notoriously high interest rates, which means that if the loan is not paid back within an extremely brief amount of time, the total amount owed will begin to rise at a rapid rate. So, if you cannot pay back your loan in full within about one week, a payday loan may not be a good option for you.
Auto pawns are when an owner of a vehicle physically pawns it in exchange for money. This can sometimes be an appealing option for some people who need immediate funds. With auto pawns, the process typically starts with bringing a car to a pawn shop and speaking with an associate, who will then look at the car and give a price. This can sometimes be frustrating because you may need more money than the pawn shop is willing to give. Furthermore, with auto pawns the car stays in the possession of the pawn shop until the money is repaid. This can be extremely inconvenient for those who use their car regularly. If you need your car for your everyday use and commute, an auto pawn may not be the choice for you.
Taking a closer look at how payday loans work and how auto pawns work may give you some insight at so whether these might be funding options you want to pursue. However, if you do not want to stress about making your monthly payments, and want to keep use of your car, you may want to consider a title loan. Unlike auto pawns, title loans allow you to keep your car to use like normal as you pay back the loan. Unlike payday loans, title loans do come with a reasonable amount of time to pay, so you can breathe easy knowing your monthly payments will not gobble up all your income.
The more you know about your different funding options, the better decisions you will be able to make for yourself. Max Cash Title Loans always wants to equip you with the tools you need to succeed, so if you have any additional questions about your potential funding options, please call us at (833) 303-0020
What are the Benefits of car title loans?
When everyday people need fast, emergency funding, they often turn to car title loans. A car title loans can be a convenient funding option for many people since qualifications are so inclusive. Check out just a few of the reasons why title loans may be a great funding options, and why Max Cash Title Loans is the best place to start:
How Fast Can I Get my Title Loan Money?
One of the best things about title loans is that the process is EXTREMELY fast. In fact, Max Cash Title Loans has been able to help people get the money they need in as little as a half an hour!
When you are approved for a car title loan, all you need to do is turn in your documents and your lender can draw up your contract for you to sign. So really the sooner you turn in your documents upon approval, the faster you can get your money.
The fastest way to receive your car title loan money is most likely direct deposit. During a direct deposit, the money is immediately in your account as soon as the title lender disburses your money. Other options such as receiving a check in the mail or picking up your title loan funds at MoneyGram are also available, but keep in mind that these options may slightly delay you getting you title loan money immediately.
What if I Can’t Pay my Car Title Loan Back?
If you find that you are unable to make your car title loan payments it is important to speak with your lender right away. If you tell your lender you are having trouble keeping up with your car title loan payments, they can often help you out. Car title loan terms are usually pretty flexible, so it is likely that your lender can adjust your payback terms and extend them. That way you can have more time to pay back your car title loan, and your payments can become smaller and more manageable on a month-to-month basis.
If you forget to communicate with your car title loan lender and don’t make your car title loan payments, your lender will still try to work with you, so it’s never too late to ask for help! In the circumstance of repeated neglected payments, repossession may occur as a last resort.
Car title loan lenders do not want to repossess cars, so they will work with you to avoid this happening. When cars are repossessed, the auto title loan lender is responsible for the surveillance and storage of the vehicle which can end up costing them money. When car title loan lenders repossess cars, they have them taken to a secure lot that is fenced and kept under lock and key. Making sure these vehicles are stored properly and kept safe can get costly, so most lenders would rather avoid the repossession process. Obviously, these lenders do not want to lose money, so they are often willing to work with individuals who have had their vehicles repossessed.
If you find yourself in a situation where your car has been repossessed due to repeated delinquent car title loan payments, see what your lender can do to help you. Once you have paid back your past due payments and are current with your car title loan payments, then your car can be released back into your possession. From there you can continue using your car like normal again as you make your car title loan payments.
Since repossessions is only used as a last resort, it is best practice to contact your lender as soon as you feel you may begin to have trouble paying back your car title loan. Your lender may be able to aid you with extended terms, or they may even be able to help you refinance altogether. Refinancing a title loan can be a convenient way to get more money, and also potentially get better rates. If your rates are more favorable, this could help keep your monthly installments a stress-free payment.
Is it Easy to Refinance a Car Title Loan?
The short answer is, yes! If you currently have a car title loans and are looking to refinance, it is usually an extremely simple process. Since the lender already has your information, there are a few steps you can skip so you start off ahead in the car title loans process.
Refinancing a title loan may also be a great way to get a better rate. Since you have already established a trust worthy relationship with your lender, they may be more likely to lend you more money at a more favorable interest rate. Here is what happens when you want to refinance your car title loan:
Title Loan Refinance Step One: Contact the Lender and Get Approved
Instead of filling out an initial inquiry form, simply contact your lender and notify them that you would like to refinance your loan. From there, the lender will probably ask you to confirm that all the information on your initial inquiry form is still accurate.
If you would like to use a different car as collateral for your car title loan refinance, your lender will then most likely ask you to re-fill out your initial inquiry form with the updated information from the new vehicle. Next, they will let you know if the vehicle is approved!
Title Loan Refinance Step Two: Confirm your Documentation
After the lender has approved the title loan vehicle for refinancing, it is then time to confirm your documentation. Has anything changed since you originally took out your title loan? If your address or income has changed you will need to re-submit a proof of residency and/or proof of income. Do not worry if you just moved recently and do not have any mail/billing addresses to provide, things like a mortgage statement or a lease are acceptable forms of documentation to prove residency.
If you are using a different vehicle for your title loan refinance, you will need to re-submit updated photos of the vehicle, as well as provide the current vehicle title with your name on it. If the vehicle is different from the one used as title loan collateral originally, the lender will remove themselves as a lienholder on the old title and add themselves to the current car title being used as collateral. If you are using the same vehicle for your title loan refinance, but significant changes have occurred with the vehicle (such as accidents, alterations, improvements, etc.) you should take updated photos of the car in its current state and provide those for your title loan lender.
Title Loan Refinance Step Three: Get your Title Loan Money!
After your updated documentation has been approved, your title loan lender will draw up a new updated contract to sign. Even though your contract may be similar to the contract you signed with your first title loan, it is still important to read your car title loan refinance contract over before you sign it. Make sure that everything still makes sense and ask questions if they do not. Your lender, or your title loan representative at Max Cash Title Loans should be able to answer any extenuating questions you have!
Once you have signed your contract, it’s time to get your money! Pick between wire transfer, direct deposit, check in the mail, or MoneyGram pickup to receive your refinanced car title loan money.
How Will a Title Loan Affect a Credit Score?
One of the convenient things about title loans is that credit is not a huge contributing factor when it comes to approval. So, no matter what type of credit you have, good credit, poor credit, or no credit, a title loan could still be a financial option for you!
Before you venture into getting a title loan, you may be wondering about the effect this type of quick cash might have on your credit. Something important to note is that a lender will only do a hard credit check at the end of the title loan process when it is absolutely necessary.
A hard credit check is an official inquiry into your financial history and shows up on your credit report. A large amount of hard credit checks in a short amount of time has the ability to have a negative impact on credit, so be mindful about how many times you apply for loans or credit cards.
A soft credit check is a quick glance into your personal credit and does not show up on your credit report. You may do a soft credit check yourself if you would like to inquire about your own credit score status.
What is a Good Credit Score for Title Loans?
If you don’t regularly check your credit score, you definitely should be. It is a myth that checking your credit score often can have a negative effect. In fact, the opposite is true! People that check their credit score habitually tend to have higher scores. If you have a bank account or a credit card, you can usually do a soft check of your credit score for free whenever you like!
Take a look at the chart below and see where your credit score falls.
Title Loan Approval Possible?
300 – 600
601 – 780
781 – 850
What Makes up a Credit Score?
Want to stay informed about credit scores? Max Cash Title Loans is here to help! Knowing how credit scores work can be an important aspect of staying on top of your personal finances. To get to know more about your credit score, you will want to understand the different components that make up your overall score.
Typically, credit scores are calculated by pulling data from a few different categories. These categories include payment history, length of credit history, amounts owed, new credit, and types of credit used.
Payment History (35%) – Payment history data contributes to about 35% of your overall credit score. Referring to the timeliness of payments for various bills, or other financial responsibilities, payment history shows just how important it is to adhere to indicated due dates. If you have trouble staying on top of your bills, you may want to consider opting for autopay. With bills such as most car title loans, autopay is an option. This convenient payment option can take away the stress of having to remember when your bills are due, because the money owed is taken out of your bank account automatically! That way you can make sure your payment history is in tip-top shape.
Amounts Owed (30%) – Amounts owed data contributes to about 30% of your overall credit score. This category refers to the various balances you have; these can be credit card balances, vehicle title loans, mortgages, etc. If you are in a serious amount of debt, this category may be what is bringing your credit score down. However, if you stay on top of your payments and keep chipping away at those balances, your amounts owed still eventually begin to decline.
Length of Credit History (15%) – Length of credit history contributes to about 15% of your overall credit score. Do you remember when you opened your first bank account, or paid your first credit card bill in your name? This was most likely the beginning of your credit history. The longer you have had different credit accounts opened and active, the more this financial category will begin to positively affect your credit.
New Credit (10%) – New credit contributes to about 10% of your overall credit score. Every time you are approved for a new loan or credit card, you acquire new credit. However, you want to be mindful of every time you apply for a new loan, like a car title loan, or credit card. If you happen to get denied, your credit will most likely be negatively impacted. While acquiring new credit can be helpful when you are in need of extra funding, you only want to look into this option if is necessary and you are financially prepared.
Types of Credit Used (10%) – Lastly, types of credit used contributes to about 10% of your overall credit score. This refers to the various types of credit you may currently have, this can be different loans such as an auto title loan, credit cards, or other appropriate bills. If you have low to no balances on your various types of credit, this category is not likely to affect your overall credit score in a major way. However, if you have numerous types of loans out in your name, or many credit cards that carry balances, this category may begin to affect your score more.